Currencies
Indices
- EUR/USD- the pair has broken the ascending triangle pattern on a 30 minute time frame as predicted. The RSI shows that the bias could be to the upside.
- USD/JPY- the pair is struggling to move up on a 30 minute time frame. However, the RSI shows bias could be to the upside.
- GBP/USD- the pair is trading above the upward trend line on a 30 minute time frame. The price is also trading above the 50 day and 100 day moving averages which confirm the upward trend is still in play. .
Indices
- Asian Markets closed mixed today after a weak Chinese PMI data. The Shanghai index dropped nearly 0.53% and was the best performing index during the Asian session.
- European stocks are trading up during the early hours of trading today. The IBEX is the best performing index and it is up by almost 0.98%.
- US Indices closed lower despite the S&P500 hit another record high. The Nasdaq was the worst performer yesterday and closed with a loss of -0.59%
- Chinese PMI data fell to 11 month low with a final reading of 47.7. This has increased the optimism that the government will fine tune their policies which was announced yesterday
- The French Flash Manufacturing PMI data came much stronger with final reading of 49.8 showing that the country’s business confidence has improved which is pushing the manufacturing PMI data.
- The German Flash manufacturing PMI data thrashed the expectations of 49.3 with the final reading of 50.3
- Do not let your emotions to take over your trading decision, as such will lead you in a disaster situation.
- Gold is trading deep in its resistance zone of 1340-1350 level. The price action seems strong as the price is trading above the 50 and 100 day moving average. The bias could be to the upside.
- Oil- The black gold is trading in resistance zone on a 30 minute time frame. the price has formed a reverse Head and Shoulder pattern.
- VIX- Volatility index increased by 3.01%.
0700AM GMT
EUR- French Flash Manufacturing PMI
0730AM GMT
EUR- German Flash Manufacturing PMI
1400PM GMT
USD- New Home Sales
1430PM GMT
USD- Crude Oil Inventories
2100PM GMT
NZD- Official Cash Rate
Trend
The Euro is trending up against the dollar while the JPY and the CAD reversing their trend to the upside against the dollar. However, the AUD and NZD have revered their trend to the downside against the dollar
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