Currencies
- EUR/USD: This pair has entered the resistance zone of 1.1053-1.1085 on a 4 hour time frame. The next support is near the 1.0657 level and the resistance is 1.1378.
- USD/JPY: The pair has violated its its support zone 120.83-120.57 on a 4 hour time frame. The near term support is at 119.55 and the resistance is at 122.82
- GBP/USD: The pair is trading in a downward channel on a 4 hour time frame.The next resistance is near 1.5332 and the support is 1.4888.
Indicators
Indices
- Asian markets closed lower by adding losses on top of yesterday. The Nikkei index is the worst performer during the session and it closed lower with a loss of 1.68%. The index is up by 0.71% during the past 5 sessions.
- European markets are trading higher during the early hours of trading. The FTSE MIB index is trading higher with a gain of 2.07%. The index is down by nearly 3.79% over the past five sessions.
- The US futures are trading higher ahead of the CPI data. The S&P500 index was the best performer on the last trading day with a gain of 0.48%.
Top News
- The Australian HPI q/q came in at 2.0% while the previous reading was at 2.1%.
- The Swiss PPI m/m data came in at 0.4% while the forecast was for 0.1%.
- The UK CPI y/y data matched the forecast of 0.1%.
Market Sentiment
- Crude Oil: The black gold trading below its downward trend line on a 4 hour time frame. The next support is near the 31.13 and the resistance is 39.50.
- Gold: The precious metal is trading below its 50 and 100 day moving averages on a 4 hour time frame. The next resistance is at 1079 and the support is at 1057.
- The VIX index dropped 6.81% 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
USD – CPI m/m |
USD – Core CPI m/m
13:30 GMT
CAD – Manufacturing Sales m/m
16:45 GMT
CAD – BOC Gov Poloz Speaks
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