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 is trading in a symmetrical triangle pattern 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 mostly higher on the first trading of the week. The Shanghai Index is the best performing index during the session and it is closed higher with a gain of 3.70%. The index is up nearly by 1.02% in the past 5 days.
- European futures are trading lower during the early hours of trading. The FTSE MIB index is the worst performing index during the session and it is trading lower with a loss of 0.89%. The index is down by almost 0.54% in the past 5 days.
- US futures are trading lower ahead of the factory data. Most indices closed lower during the last session and the DOW index was the worst performer with a loss of 0.52%.
TOP News
- The Australian retail sales data came in at 0.7% while the forecast 0.5%.
- The UK construction PMI fell short of expectations with the reading of 57.1%. The forecast was for 58.6.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is trading below its 50 and 100 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 increased nearly 3.50% on the last trading day.
Top Economic data
8:30am Construction PMI
Construction PMI
12:30pm GMT
Trade Balance CAD
12:30pm Services PMI
Trade Balance USD
2:00pm GMT
ISM Non-Manufacturing PMI
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