Currencies
- EUR/USD: The pair has formed a downward wedge pattern broken its descending triangle pattern towards the downside on a 60 minute time frame. The projection of this is 1.1160. The next resistance is at 1.1494 and the support is at 1.1160.
- USD/JPY: The pair has formed a reverse head and shoulder pattern on a 60 minute time frame. The next resistance is at 120.55 and the support is at 117.78
- GBP/USD: The pair has crossed its 50 day moving average on a 60 minute time frame. The resistance is near the 1.5723 and the next support is at 1.5247
Indicators
Indices
- Asian Markets closed lower by erasing some of their gains from yesterday. The Nikkei index was the worst performing index with a loss of 0.64% and over the last 5 days it is up by 3.05%.
- 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 by 0.21%. The index is up nearly 1.65% nearly during the past five days.
- US futures are trading higher ahead of the existing home sales data. The NASDAQ index was the worst performer during the last session and it closed lower by 0.84%.
TOP News
- The Spanish unemployment rate fell further and the reading came in at 21.2%. the forecast was for 21.2%.
- German companies have warned that their growth will be impacted further next year and this impact is not the kind which investors are looking for.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Crude Oil: The black gold is under tremendous selling pressure on a 4 hour time frame. The next support is at 43.06 and the resistance is at 46.85.
- Gold: The precious metal is trading below its downward trend line on a 4 hour time frame. The next support is at 1151 and the resistance is at 1184.
- The VIX index popped nearly 6.03% during the last session.
Top Economic data
09:30 BST
GBP Retail Sales m/m
12:45 BST
Minimum Bid Rate
13:30 BST
EUR ECB Press Conference
Trends
