Daily Briefing- First Trading Day In A Positive Territory For Asia

• EUR/USD- the pair is moving in a sideway pattern on a 30 minute time frame. The RSI shows that the bias is towards the upside.
• USD/JPY- the pair is moving towards its next resistance level on a 30 minute time frame. The RSI shows bias could be to the downside.
• GBP/USD- the pair has bounced from its support zone on a 30 minute time frame as predicated. The price is trading below the 50day and 100 day moving average which represents a full control by the bears.

Indicators

Indices

• Asian Markets closed strongly up on the first trading of the month. The Hang Seng index gained nearly 1.78% and was the best performing index during the Asian session.
• European stocks are also trading up during the early hours of trading today. The FTSE MIB is the best performing index and it is up by almost 0.83%.
• US Indices closed mixed on Friday. The Nasdaq was the best performer, which closed with a gain of 0.03%

• The officials in Ireland have confirmed today that they are aiming to re-collect the money from failing banks which the government provided during the European stability mechanism.
• The billionaire investor George Soros said that there may be a need to write down of further sovereign debt for Greece.
• Croatia has become a new member of the EU nation, midnight yesterday.

• Stops are the cornerstone of the risk management

• Gold has bounced from its support zone 1150-1180 which was provided in our 29th of June. The next major resistance for precious metal could be at 1316.
• Oil- The black has formed a symmetrical triangle on a 4 hour time frame and the bias could be to the upside.
• VIX- Volatility index dropped by -2.03% on Thursday.

News Agenda For Today
08:30 GMT

GBP – Manufacturing PMI
14:00 GMT

USD – ISM Manufacturing PMI

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