Currencies
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The pair is trading in an upward channel on a 4 hour time frame. The next support is near the 1.1183 level and the resistance is at 1.1495.
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USD/JPY: The pair has broken is trading below its downward trend line on a 4 hour time frame. The near term support is at 106 and the resistance is at 110.74.
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GBP/USD: The pair is trading below its 50 (1.4203) and 100 (1.4230) day moving average on a 4 hour time frame. The next resistance is at 1.4467 and the support is 1.3896.
Indicators
The pair is trading in an upward channel on a 4 hour time frame. The next support is near the 1.1183 level and the resistance is at 1.1495.
USD/JPY: The pair has broken is trading below its downward trend line on a 4 hour time frame. The near term support is at 106 and the resistance is at 110.74.
GBP/USD: The pair is trading below its 50 (1.4203) and 100 (1.4230) day moving average on a 4 hour time frame. The next resistance is at 1.4467 and the support is 1.3896.
Indices
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Asian markets closed mostly higher by erasing some of their losses from yesterday. The Nikkei index was the best performer during the session and it closed higher with a gain of 1.13%.
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European futures are trading higher during the early hours of trading. The DAX index is trading higher with a gain of 0.63%.
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The US markets are trading higher ahead of the Import prices m/m data. The S&P500 index was the worst performer on the last trading day with a loss of 0.27%.
Top News
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The Australian NAB Business confidence data came in at 6.0 while the previous reading was at 3.
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The German Final CPI m/m data came in at 0.8% matching the forecast.
Market Sentiment
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Crude Oil: The black gold is trading above the 100 day (38.81) on a 4 hour time frame. The next support is near the 36.06 and the resistance is 42.91.
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Gold: The precious metal has broken its 50 day moving average (1231.06) towards the upside on a 4 hour time frame. The next resistance is at 1270 and the support is at 1179.
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The VIX index popped by 5.86% during the last session.
by Naeem Aslam