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 formed a symmetrical triangle pattern on a 4 hour time frame. The next support is at 119.78 and resistance at 125.85.
- GBP/USD: The pair is trading in a side way pattern on a 4 hour time frame. The resistance is near the 1.6030 and support is at 1.5368
Indicators
Indices
- Asian Markets closed mostly lower by adding to their losses on top yesterday. The Shanghai Index is the worst performing index during the session and it closed lower with a loss of 1.68%. 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 1.10%. The index is down by almost 0.54% in the past 5 days.
- US futures are trading lower ahead of the US consumer sentiment data data. Most indices closed lower during the last session and the NASDAQ index was the worst performer with a loss of 0.96%.
TOP News
- The UK Prelim GDP q/q data came in at 0.7% matching the forecast for 0.7%. The previous reading was at 0.4%
- The UK index of services 3m/3m fell short of expectations with the reading of 0.4% while the forecast was for 0.5%
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal is consolidating in a side way pattern on a 30 minute time frame. The next support is near the 1086 and the next resistance is near the 1146.
- 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 $45 mark and the resistance is at 50.
- VIX: Volatility index increased nearly 13.54%% on the last trading day.
Top Economic data
08:30 GMT
GBP – Prel GDP Q2
12:30 GMT
USD – Consumer Sentiment
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