Currencies
- EUR/USD: This pair has formed a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0706 level and the resistance is 1.1082.
- USD/JPY: The pair is trading above its upward trend line on a 4 hour time frame. The near term support is at 118.35 and the resistance is at 123.06.
- GBP/USD: The pair is trading above its 50 and 100 day moving average on a 4 hour time frame. The next resistance is near 1.447 and the support is 1.40.
Indicators
Indices
- Asian markets closed mostly higher after the Bank of Japan pushed their interest rate in a negative territory. The Shanghai index was still the best performer during the session and it closed higher with a gain of 3.10%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading higher during the early hours of trading. The FTSE MIB index is trading higher with a gain of 0.80%. The index is down by nearly 3.58% over the past five sessions.
- The US futures are trading lower ahead of the advance GDP q/q. The NASDAQ index was the worst performer on the last trading day with a loss of 0.87%.
Top News
- The Bank of Japan has cut the interest rate by pushing it in the negative territory for the first time ever. The rate is now -0.1%
- The Australian PPI q/q data came in at 0.3% while the previous reading was at 0.9%.
- The German retail sales m/m came in at -0.2% while the previous was for 0.4%.
Market Sentiment
- Crude Oil: The black gold is firmly trading above its upward trend line on a 60 minute time frame. The next support is near the 30 and the resistance is 37.
- Gold: The precious metal is trading above its upward trend line on a 4 hour time frame. The next resistance is at 1140 and the support is at 1100.
- The VIX index dropped by 2.99% during the last session.
Top Economic data
10:00 GMT
EUR – CPI Flash Estimate y/y
13:30 GMT
USD – Advance GDP q/q
13:30 GMT
CAD – GDP m/m
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