Currencies
- EUR/USD: The pair is trading above its upward trend line on a 30 minute time frame. The next resistance is at 1.3737 and the support is near the 1.3549.
- USD/JPY: The pair fell from its resistance once again on a 60 minute time frame as predicted. The resistance zone was given in our analysis on the 7th of February. The support is 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 1.6843 and support is at 1.6665.
Indicators
Indices
- Asian Markets closed higher today by building u their gains on top of yesterday. The Nikkei index was the best performer during the session and it closed higher with a gain of 3.13%. The index is up by nearly 0.85% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The IBEX index is the worst performing index during the session and it is trading lower with a loss of 0.75%. The index is down by almost 0.67% in the past 5 days.
- US Indices futures are trading lower ahead of the empire state manufacturing index data. Most indices closed higher on Friday and the S&P index was the best performer with a gain of 0.50%.
TOP News
- The Bank of Japan left their monetary policy unchanged.
- Foreign Direct investment in China spiked up to 16.1% during the month of January. We also have experienced a 3.3 % increase during the prior month.
- Italian trade balance data came in at 3.62B while the expectations were for 2.79B.
Things to Remember
- Follow the trend not your gut feeling.
Market Sentiment
- Gold: The precious metal retraced from its high of 1331 and it is trading within the Bollinger band. The next resistance is at $1360 and the next support at $1290.
- Crude Oil: The black gold has formed a symmetrical triangle on a 2 hour time frame. The resistance is at $104 and the support is at $99.
- VIX: Volatility index dropped nearly -4.03% on Friday.
News Agenda For Today
09:30 GMT
GBP – CPI y/y
10:00 GMT
EUR – GERMAN ZEW Economic Sentiment
Trend
The SEK and JPY are trending up against the USD, while the GBP and NZD 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