Currencies
- EUR/USD: The pair is trading in a support zone (1.3713-1.3781) on a 60 minute time frame. The next support is at 1.3747 and the next resistance is at 1.3875.
- USD/JPY: The pair has bounced from its support zone (101.43-101.20) on a 60 minute time frame. The support is at 101.43 and resistance at 103.04.
- GBP/USD: The pair is trading below the downward trend line on a 60 minute time frame. The resistance is near the 1.6820 and the support is at 1.6621.
Indicators
Indices
- Asian Markets closed mostly lower by erasing their gains from yesterday. The Hang Seng index was the best performer during the session and it closed higher with a gain of 1.60%. The index is up nearly 5.48% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The FTSE MIB index is the worst performing index during the session and it is trading lower with a loss of 1.10%. The index is down by almost 4.20% in the past 5 days.
- US Indices futures are trading lower ahead of the Janet Yellen’s speech. Most indices closed higher yesterday and the Dow index was the best performer with a gain of 0.91%.
TOP News
- The Chinese new loans data came in at 1050B while the previous reading was at 645B.
- The UK’s CPI data matched the forecast of 1.6%, while the previous reading was at 1.7%.
- The UK’s PPI input data came in at -0.6%, while the forecast was at -0.1%.
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Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is under selling pressure this morning and the support of 1300 is once again in focus . The next support is at 1280 and the resistance is at 1330has broken its resistance of 1318 this morning and it is trading firmly above the upward trend line. The next resistance is at 1340 and the support is at 1300.
- Crude Oil: The black gold has broken its support of 102.50 on a 4 hour time frame. The next support is at 102 and the resistance at 105.
- VIX: Volatility index dropped nearly by 5.40% yesterday.
News Agenda For Today
09:30 GMT
GBP – CPI y/y
10:00 GMT
13:30 GMT
CAD – Manufacturing Sales m/m
13:30 GMT
USD – Core CPI m/m
13:45 GMT
USD – FED Chair Yellen Speaks
Trend
The NZD and AUD are trending up against the USD, while the DKK and CHF are trading lower against the USD on an intra-day basis.
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