Currencies
EUR/USD: The pair is trading below its 50 day moving average (1.1291) on a 4 hour time frame. The next support is near the 1.1058 level and the resistance is at 1.1377.
USD/JPY: The pair is retracing back to its 20 day moving averages (110.60) on a 4 hour time frame. The near term support is at 107.63 and the resistance is at 113.82
GBP/USD: The pair is trading above its 50 (1.4315) and 100 (1.4243) day moving averages on a 4 hour time frame. The next resistance is at 1.4517 and the support is 1.4007.
Asian markets closed mostly lower by adding losses on top of yesterday. The Nikkei index was the worst performer during the session and it closed lower with a loss of 0.49%.
European futures are trading higher during the early hours of trading. The FTSE MIB index is trading higher with a gain of 1.52%.
The US markets are trading higher ahead of the core durable goods order data. The Dow index was the best performer on the last trading day with a loss of 0.18%.
Top News
BP (LON:BP) is surging 3.5% after beating on underlying earnings.
Saudi Armco valued at up to 2.5 trillion, according to Prince Mohammed Bin Salman.
Market Sentiment
Crude Oil: The black gold is trading above the 50 day (42.29) moving averages on a 4 hour time frame. The next support is near the 40.87 and the resistance is 45.91.
Gold: The precious metal is consolidating in a side way pattern on a 4 hour time frame. The next resistance is at 1260 and the support is at 1210.
The VIX index popped by 6.51% during the last session.
Top Economic data
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EUR – German Ifo business Climate USD –New Homes Sales
Trends
by Naeem Aslam