Currencies
- EUR/USD: The pair has broken its upward trend line on a 4 hour time frame. The next support is near the 1.1083 level and the resistance is 1.1487.
- USD/JPY: The pair has broken its downward trend line on a 4 hour time frame. The near term support is at 109.60 and the resistance is at 115.83.
- GBP/USD: The pair is trading in an upward channel on a 4 hour time frame. The next resistance is near 1.4726 and the support is 1.4369.
Indicators
Indices
- Asian markets closed mostly higher by adding to their gains from yesterday. The Shanghai index was the best performer during the session and it closed higher with a gain of 2.83%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading higher during the early hours of trading. The FTSE index is trading higher with a gain of 0.11%. The index is down by nearly 3.58% over the past five sessions.
- The US markets are trading higher ahead of Empire State manufacturing data. The Dow index was the best performer on the last trading day with a gain of 1.96%.
Top News5
- The Chinese new loans data came in at 2510B in contrast to previous reading of 598B.
- The Chinese money supply data came in at 14.0% while the previous reading was at 135%.
Market Sentiment
- Crude Oil: The black gold has broken its downward trend line on a 4 hour time frame. The next support is near the 29.68 and the resistance is 33.46.
- Gold: The precious metal has broken the critical level of 1200 on a 4 hour time frame. The next resistance is at 1234 and the support is at 1164.
- The VIX index dropped by 9.74% during the last session.
Top Economic data
09:30 GMT
GBP – CPI y/y
10:00 GMT
EUR – German ZEW Economic Sentiment
13:30 GMT
NZD – Manufacturing Sales m/m
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