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 fell off the cliff yesterday and still under selling pressure 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 on the final day of the week. The Shanghai Index is the best performing index during the session and it is closed higher with a gain of 2.01%. 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 US NFP 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
- Bank of England kept the interest rate same and their forward guidance for rate hike was dovish.
- The Bank of Japan kept their monetary policy unchanged.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is trading near its 20 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
12:30 GMT
Average Hourly Earnings | Non-Farm Employment Change|Unemployment Rate
12:30 GMT
CAD Building Permits m/m | Employment Change |Unemployment Rate
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