Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend line on a 30 minute time frame. The next resistance is at 1.096 and the support is at 1.0885.
- USD/JPY: The pair is trading above its 50 and 100 day moving averages on a 30 minute time frame. The next support is at 119.78 and resistance at 125.85.
- GBP/USD: The pair is consolidating on a 30 minute time frame. The resistance is near the 1.6030 and support is at 1.5368
Indicators
Indices
- Asian Markets closed mostly higher by erasing some of their losses from last week. The Nikkei index is the best performing index during the session and it closed higher with a gain of 0.25%. The index is down nearly by 2.30% 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 1.54%. The index is down by almost 3.55% in the past 5 days.
- US futures are trading higher ahead of the treasury secretary’s speech. Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 0.91%.
TOP News
- The Chinese new loans data came in at 127B while the forecast was for 1050B.
- The German PPI m/m fell short of expectations with the reading of -0.1% while the forecast was 0.0%.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is under tremendous pressure today on a 30 minute time frame. The next support is near the 1050 and the next resistance is near the 1150.
- Crude Oil: The black gold has formed a reverse head and shoulder pattern on a 30 minute time frame. The near term support is at the $48 mark and the resistance is at 57.
- VIX: Volatility index dropped nearly 1.32%% on the last trading day.
Top Economic data
12:30 GMT
CAD – Wholesale Sales 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