Currencies
- EUR/USD: The pair is above its 100 day moving average on a 60 minute time frame. The next resistance is at 1.3772 and the support is near the 1.3619.
- USD/JPY: The pair has broken out of its symmetrical triangle pattern to the downside on a 60 minute time frame. The support is at at 100.92 and resistance at 102.97.
- GBP/USD: The pair has pierced the Bollinger band on a 30 minute time frame. The resistance is near the 1.6823 and support is at 1.6452.
Indicators
Indices
- Asian Markets closed mostly up today on the final trading of the week. The Shanghai index was the best performer during the session and it closed higher with a gain of 0.42%. The index is up by nearly 3.87% in the past 5 days.
- European stock markets are trading higher during the early hours of trading. The DAX index is the best performing index during the session and it is trading higher with a gain of 0.37%. The index is down by almost 0.01% in the past 5 days.
- US Indices futures are trading up ahead of the unemployment pending home sales data. Most indices closed higher yesterday and the NASDAQ index was the best performer with a gain of 0.48%.
TOP News
- The Australian private sector credit data came in at 0.4%, while the forecast was for 0.5%.
- The German retail sales data came in at 2.5%, while the previous reading was at 1.2%.
- The French consumer spending fell off the cliff once again with the final reading of -2.1%, while the previous reading was at -0.8%.
Things to Remember
- Manage your risk not the market expectations.
Market Sentiment
- Gold: The precious metal is moving in a Elliot wave pattern on a 2 hour time frame. The near term support is at $1310 and the resistance at $1355.
- Crude Oil: The back gold has formed a very bearish symmetrical triangle pattern on a 2 hour time frame. The support is near the 100 level and resistance at 104 mark.
- VIX: Volatility index dropped nearly by -2.16% yesterday.
News Agenda For Today
10:00 GMT
EUR – CPI Flash Estimate y/y
13:30 GMT
CAD – GDP m/m
13:30 GMT
USD – Prelim GDP q/q
14:45 GMT
USD – Chicago PMI
15:00 GMT
USD – Pending Home Sales
15:30 GMT
GBP – BOE Gov Carney Speaks
Trend
The NZD and GBP are trending up against the USD, while the CHF and JPY 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