Currencies
- EUR/USD: The pair is trading above its upward trend line on a 4 hour time frame. The next support is near the 1.0883 level and the resistance is 1.1387.
- USD/JPY: The pair is trading below its downward trend line on a 4 hour time frame. The near term support is at 113.79 and the resistance is at 118.25.
- GBP/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next resistance is near 1.4726 and the support is 1.4369.
Indicators
Indices
- Asian markets closed mostly lower by adding to their losses on top of yesterday. The Nikkei index was the worst performer during the session and it closed lower with a loss of 2.32%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading higher during the early hours of trading. The DAX index is trading higher with a gain of 0.23%. The index is down by nearly 3.58% over the past five sessions.
- The US futures are trading lower ahead of the Yellen’s testimony data. The Nasdaq index was the worst performer on the last trading day with a loss of 0.34%.
Top News5
- The Japanese PPI y/y data came in at -3.1% while the forecast was for -2.8%.
- The French industrial production data came in at -1.6% while the previous reading was at -0.9%.
Market Sentiment
- Crude Oil: The black gold is trading below its downward trend line on a 60 minute time frame. The next support is near the 27.87 and the resistance is 34.
- Gold: The precious metal is trading above its upward trend line on a 4 hour time frame. The next resistance is at 1210 and the support is at 1180.
- The VIX index increased by 2.08% during the last session.
Top Economic data
10:30 GBP Manufacturing Production
16:00 USD Fed Chair Speaks
16:30 USD Crude Oil Inventory
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