Currencies
- EUR/USD: The pair is bouncing from its support zone on a 60 minute time frame from our Identified level. The next support is at 1.3781 and the next resistance is at 1.390.
- USD/JPY: The pair is trading above the upward trend line on a 60 minute time frame which confirms that the uptrend is still intact. The support is at 101.43 and resistance at 103.04.
- GBP/USD: The pair is moving in a rectangular pattern on a 60 minute time frame and this represents that there is no clear trend. The resistance is near the 1.6842 and the support is at 1.6678.
Indicators
Indices
- Asian Markets closed mostly lower by adding to their their losses. The Nikkei index was the worst performer during the session and it closed lower with a loss of 0.97%. The index is up nearly 2.30% in the past 5 days.
- European stock markets are trading higher during the early hours of trading. The FTSE MIB index is the best performing index during the session and it is trading higher with a gain of 1.09%. The index is down by almost 2.71% in the past 5 days.
- US Indices futures are trading higher ahead of the unemployment data. Most indices closed lower yesterday and the NASDAQ index was the worst performer with a loss of 0.83%.
TOP News
- The Chinese CB leading index came in at 1.2% while the previous reading was at 0.9%.
- The German IFO Business Climate index came in at 111.2 while the forecast was at 110.5.
- Mario Draghi confirmed today that the strength in the euro is calling for more easing policies.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is trading below the important level of $1300 which is a bearish sign for gold. The next resistance is at 1320 and the support is at 1240.
- Crude Oil: The black gold is trading below the 50day ad 100 day moving average on a 4 hour time frame. The next support is at 100 and the resistance at 103.50.
- VIX: Volatility index dropped nearly by 0.61% yesterday.
News Agenda For Today
08:00 GMT
EUR – German IFO Business Climate
09:00 GMT
EUR - ECB President Draghi Speaks
12:30 GMT
USD – Core Durable Goods Orders m/m
USD – Unemployment Claims
14:30 GMT
USD - Natural Gas Storage
Trend
The EUR and GBP are trending up against the USD, while the JPY and SEK are trading lower against the USD on an intra-day basis.
Disclosure & Disclaimer:
The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader. by Naeem Aslam