Currencies
- EUR/USD: This pair is trading below its downward trend line on a 4 hour time frame. The next support is near the 1.0657 level and the resistance is 1.1085.
- USD/JPY: The pair has formed a symmetrical triangle pattern on a 4 hour time frame. The near term support is at 122.57 and the resistance is at 123.65
- GBP/USD: The pair is forming a symmetrical triangle pattern on a 4 hour time frame.The next resistance is near 1.5162 and the support is 1.4952.
Indicators
Indices
- Asian markets closed lower by adding to their losses on top of yesterday. The Nikkei index is the worst performer during the session and it closed lower with a loss of 0.89%. The index is up by 0.71% during the past 5 sessions.
- European markets are trading lower during the early hours of trading. The IBEX index is trading lower with a loss of 0.56%. The index is down by nearly 3.79% over the past five sessions.
- The US futures are trading lower ahead of the whole sale inventory data. The DOW index was the worst performer yesterday with a loss of 0.92%.
Top News
- The Chinese CPI Y/Y data came in at 1.5% while the forecast was for 1.4%
- The Japanese preliminary machine tool order came much better than the previous reading of -22.9%. The number for this month came in at -17.9%.
- The German trade balance was much stronger than the forecast of 19.2B. The final reading was at 20.8
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Market Sentiment
- Crude Oil: The black gold bounced from its low of 36.50 on a 4 hour time frame. The next support is near the 36 and the resistance is 39.50.
- Gold: The precious metal is giving away its gains and it is trading below its downward trend line on a 4 hour time frame. The next resistance is at 1085 and the support is at 1054.
- The VIX index surged 11.11% during the last session.
Top Economic data
20:00 GMT
NZD – Official Cash rate | RBNZ rate statement
20:05 GMT
NZD – RBNZ Press conference
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