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 reverse head and shoulder 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 Shanghai index is the worst performer during the session and it closed lower with a loss of 1.89%. The index is up by 0.71% during the past 5 sessions.
- European markets are trading lower during the early hours of trading. The FTSE MIB index is trading lower with a loss of 1.28%. The index is down by nearly 3.79% over the past five sessions.
- The US futures are trading lower ahead of the JOLTS data. The NASDAQ index was the worst performer yesterday with a loss of 0.78%.
Top News
- The Chinese trade balance data came in at 343B while the forecast was for 395B.
- The Japanese economy watchers sentiment data has also not shown any improvement as compared to the previous reading of 48.2. The data came in at 46.1
- The UK’s Halifax HPI m/m fell to -0.2%.
Market Sentiment
- Crude Oil: The black gold is selling off and it is trading below its downward trend line 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 6.69% during the last session.
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Top Economic data
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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