Currencies- EUR/USD: The pair fell sharply after nearly touching the 1.40 level on a 4 hour time frame. The next support is at 1.3781 and the next resistance is at 1.40.
- USD/JPY: The pair has formed the double bottom which is a bullish pattern on a 60 minute time frame. The support is at 101.17 and resistance at 102.15.
- GBP/USD: The pair is trading below the downward trend line on a 60 minute time frame after making a major high yesterday. The resistance is near the 1.70 and the support is at 1.6838.
Indices
- Asian Markets closed mostly higher on the final trading of the week. The Nikkei index was the best performer during the session and it closed higher with a gain of 0.21%. The index is down nearly 1.97% in the past 5 days.
- European stock futures markets are trading lower during the early hours of trading. The FTSE 100 index is the worst performing index during the session and it is trading lower with a loss of 0.21%. The index is down by almost 0.21% in the past 5 days.
- US Indices futures are trading lower ahead of the UK’s manufacturing data. Most indices closed lower yesterday and the Nasdaq index was the worst performer with a loss of 0.41%
Top News
- The Chinese CPI data released today came well below the forecast of 2.1%. The final number was 1.8% while the previous reading was at 2.4%.
- The German trade balance also disappointed this morning and came on the weaker side with the final number of 14.8B while the forecast was for 16.9B
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Things to Remember
- Manage your risk not your expectations
Market Sentiment
- Gold: The precious metal is consolidating near the 1290 on a 4 hour time frame. The upside is capped at 1320 and the downside by the 1260 level. A break below this level could increase the selling pressure further.
- Crude Oil: The black gold has reversed its direction once again on a 4 hour time frame and this direction is towards the upside. The support is near the 98 while the resistance is at 102.
- VIX: Volatility index increased nearly by 0.22% yesterday.
News Agenda For Today
08:30 GMT
GBP – Manufacturing Production m/m
12:30 GMT
CAD – Employment Change
12:30 GMT
CAD – Unemployment Rate
14:00 GMT
USD – JOLTS Job Openings
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.