Currencies
- EUR/USD: The pair has broken its downward trend line with a major move towards the upside on a 30 minute time frame. The next support is at 1.22 and the next resistance is at 1.2530.
- USD/JPY: The pair is trading above its upward trend line on a 30 minute time frame. The next support is at 117 and resistance at 120.0
- GBP/USD: The pair is moving in a rectangular pattern and mostly consolidating within this on a 30 minute time frame. The resistance is near the 1.5816 and the support is at 1.5582
Indices
- Asian Markets closed mostly higher on their final trading of the week by adding to their gains from yesterday. The Shanghai Composite was the best performing index during the session and it closed higher with a gain of 1.33%. The index is up nearly by 11.69% in the past 5 days.
- European stock markets are trading higher during the early hours of trading. The IBEX 35 index is the best performing index during the session and it is trading higher with a gain of 0.32%. The index is down by almost 1.00%% in the past 5 days.
- US Indices futures are trading higher ahead of the US NFP data. Most indices closed lower yesterday and the S&P 500 index was the wort performer with a loss of 0.11%.
TOP News
- The Japanese leading indicator data came in at 104 missing the forecast of 104.2.
- The German factory orders were extremely robust with a reading of 2.5% while the forecast was for 0.6%.
Things to Remember
Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is consolidating mostly on a 30 minute frame ahead of the US NFP data which is due today. The support of 1180 for the uptrend to continue. The next resistance is near the 1240.
- Crude Oil: The black gold is trading with in the Bollinger® band on a 30 minute time frame and the volatility is extremely low after some major volatile days. The near term support is at the $60 mark while the resistance is at 70.
- VIX: Volatility index dropped nearly 0.72% yesterday.
News Agenda For Today
14:30 GMT
CAD – Employment Change, Trade Balance, Unemployment Rate
14:30 GMT
USD – Non-Farm Employment Change, Trade Balance, Unemployment Rate
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