Currencies
Indices
12:30 GMT
CAD – Core CPI m/m
G20 Meetings all day.
Trend
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
- EUR/USD- the pair has formed a complex reverse Head & Shoulder pattern on a 30 minute time frame as predicted. The price is trading above the 50 day and 100 day moving averages which means that the bulls are still in control. The RSI is confirming is confirming the above argument.
- USD/JPY- the pair fell from its resistance on a 30 minute time frame as predicted. This resistance zone was given in our analysis yesterday. The RSI shows bias could be to the upside.
- GBP/USD- the pair has formed an ascending triangle pattern on a 30 minute time frame. The price is trading above the 50 day and 100 day moving averages which confirm the upward trend.
Indices
- Asian Markets closed lower yesterday by shading their gains which were made yesterday. The Shanghai index lost nearly 1.50% and was the worst performing index during the Asian session.
- European stocks are also trading lower during the early hours of trading today. The Ibex is the worst performing index and it is down by almost 0.83%.
- US Indices closed once gain in another record territory yesterday. The S&P 500 was the best performer yesterday and closed with a gain of 0.48%
- The Chinese rating firm has cut the ratings of bond issuer within the country at a record pace. Most brokerages are preparing for the first default for the onshore markets, Bloomberg reported.
- The G20 officials have gathered in Moscow and will be discussing the impact of tapering effect by the US.
- Mr. Bernanke confirmed yesterday that the Central bank is no position to make a decision if September will be the month when Fed will start their tapering.
- German finance minister confirmed today that there is possibility of further debt relief for Greece.
- Do not let your emotions to take over your trading decision, as such will lead you in a disaster situation.
- Gold is challenging the $1300 mark level once again and the price action is trading above the 50day and the 100 day moving averages which confirm that the bias could be to the upside.
- Oil- The black gold is trading deep in its resistance zone on a weekly time frame. A mean reversion could be on the card which could push the price back towards its 20 day moving average.
- VIX- Volatility index dropped by -1.67%.
12:30 GMT
CAD – Core CPI m/m
G20 Meetings all day.
Trend
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