Currencies
- EUR/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next support is near the 1.0710 level and the resistance is 1.1062.
- USD/JPY: The pair is moving in a side way pattern on a 4 hour time frame. The near term support is at 109.60 and the resistance is at 115.83.
- GBP/USD: The pair has bounced from our Identified Support zone (given on the 29th Feb) on a 4 hour time frame. The next resistance is at 1.4167 and the support is 1.3685.
Indicators
Indices
- Asian markets closed mostly higher by building gains on top of yesterday. The Nikkei index was the best performer during the session and it closed higher with a gain of 4.11%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading lower during the early hours of trading. The DAX index is trading lower with a loss of 0.29%. The index is down by nearly 3.58% over the past five sessions.
- The US markets are trading lower ahead of the ADP employment data. The NASDAQ index was the best performer on the last trading day with a gain of 2.90%.
Top News5
- The Swiss GDP data came in at 0.4% while the forecast was for 0.4%.
- Moody has lowered the Chinese outlook from stable to negative.
Market Sentiment
- Crude Oil: The black gold is trading above its upward trend line on a 4 hour time frame. The next support is near the 32.40 and the resistance is 34.91.
- Gold: The precious metal is trading above its 50 and 100 day moving average on a 4 hour time frame. The next resistance is at 1260 and the support is at 1219.
- The VIX index dropped by -13.87% during the last session.
Top Economic data
09:30 GMT
GBP – Construction PMI
13.15 GMT
USD – ADP Non Farm Employment Change
15:30 GMT
USD – Crude Oil Inventory data
Trends
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