Daily Briefing
Currencies
- EUR/USD: The pair is trading in a downward channel on a 4 hour time frame. The next resistance is at 1.1216 and the support is at 1.086.
- USD/JPY: The pair has broken out of a symmetrical triangle pattern towards the upside on a 4 hour time frame. The next support is at 120.37 and resistance at 125.85.
- GBP/USD: The pair is trading in a symmetrical triangle pattern on a 4 hour time frame. The resistance is near the 1.6030 and support is at 1.5368
Indicators
Da
Indices
- Asian Markets closed mostly higher mostly higher on the first trading of the week. The Nikkei Index is the best performing index during the session and it is closed higher with a gain of 0.68%. The index is up nearly by 1.02% in the past 5 days.
- European futures are trading higher during the early hours of trading. The FTSE MIB index is the best performing index during the session and it is trading higher with a gain of 0.04%. The index is up by almost 2.85% in the past 5 days.
- US futures are trading lower ahead of the unemployment claims data. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 0.67%.
TOP News
- Greek banks plunged for another 30 percent yesterday and the total loss is nearly 64 percent in the past 3 days.
- Gold closed near its 5 years low yesterday and crude prices also dropped below the $45 level.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is trading below its 50 and 100 day moving average on a 4 hour time frame. The next support is near the 1050 and the next resistance is near the 1100.
- Crude Oil: The black gold is trading below its downward trend line on a 30 minute time frame. The near term support is at the $43 mark and the resistance is at 47.
- VIX: Volatility index dropped nearly 3.77% on the last trading day.
Top Economic data
GBP Manufacturing PMI
9:30 BST
BOE Inflation Report/ MPC Official Bank Rate Votes/ Official Bank Rate/MPC Rate Statement
11:00 BST
BOE Gov Carney Speaks
11:45 BST
Unemployment Claims
12:30 BST
Trends
For more daily Analysis please go to https://twitter.com/AvaTradeAND our Chief Market Analyst @NaeemAslam23
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