Currencies
- EUR/USD: The pair has broken its resistance on a 30 minute time frame. The next resistance is at 1.3818 and the support is near the 1.3689.
- USD/JPY: The pair fell from its resistance zone (102.97-102.68) on a 60 minute time frame as predicted on the 7th Feb. The support is at at 100.92 and resistance at 102.97.
- GBP/USD: The pair has broken its upward trend line on a 30 minute time frame. The resistance is near the 1.6815 and support is at 1.6614.
Indicators
Indices
- Asian Markets closed mostly higher by building up their gains on top of yesterday. The Shanghai index was the best performer during the session and it closed higher with a gain of 1.31%. The index is up by nearly 1.87% 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 0.02%. The index is down by almost 1.84% in the past 5 days.
- US Indices futures are trading higher ahead of the FOMC meeting. Most indices closed higher yesterday and the NASDAQ index was the best performer with a gain of 0.68%.
TOP News
- The economic report released by the bank of Japan confirmed that the country’s economy will recover moderately.
- The economic data- All industries activity in Japan, declined to -0.1%, while the forecast was 0.2%
- The wage price index for Australia came in inline with the expectations of 0.7%, while the previous reading was 0.5%
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Things to Remember
- Manage the risk not the market expectations.
Market Sentiment
- Gold: The precious metal has formed a symmetrical triangle pattern on a 2 hour time frame. The price is above the 50 day and 100day moving average, which means that the bias could be to the upside
- Crude Oil: The back gold is trading sharply above the 50day and 100 day moving average on a 2 hour time frame which represents a bull’s strength. The support is near the 100 level and resistance at 104 mark.
- VIX: Volatility index dropped nearly -1.12% yesterday.
News Agenda For Today
09:30 GMT
GBP – Claimant Count Change
09:30 GMT
GBP – MPC Asset Purchase Facility Votes
09:30 GMT
GBP – MPC Official Bank Rate Votes
09:30 GMT
GBP – Unemployment Rate
13:30 GMT
USD – Building Permits
13:30 GMT
USD – PPI m/m
21:45 GMT
NZD – PPO Input q/q
Trend
The NZD and SEK are trending up against the USD, while the CAD and AUD 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