Currencies
- EUR/USD: This pair has pierced the Bollinger Band on a 4 hour time frame. The next support is near the 1.0617 level and the resistance is 1.1085.
- USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 118.05 and the resistance is at 120.46.
- GBP/USD: The pair has broken its downward wedge pattern towards the downside on a 4 hour time frame. The next resistance is near 1.04942 and the support is 1.4564.
Indicators
Indices
- Asian markets closed lower by adding losses on top of yesterday. The Nikkei index was the worst performer during the session and it closed lower with a loss of 1.00%. The index is down by 4.17% during the past 5 sessions.
- European markets are trading lower during the early hours of trading. The FTSE MIB index is trading lower with a loss of 0.75%. The index is down by nearly 3.13% over the past five sessions.
- The US futures are trading lower ahead of the FOMC minutes. The NASDAQ index was the worst performer on the last trading day with a loss of 0.25%.
Top News
- The Chinese Caxin services PMI came in at 50.2 while the previous reading was at 52.3.
- North Korea has successfully tested its H-bomb.
Market Sentiment
- Crude Oil: The black gold has moved below its 50 day moving average on a 30 minute time frame. The next support is near the 33.60 and the resistance is 36.20.
- Gold: The precious metal has formed a double top on a 30 minute time frame. The next resistance is at 1097 and the support is at 1045.
- The VIX index dropped 6.57% during the last session.
Top Economic data
09:30 GMT
GBP – Services PMI
13:15 GMT
USD – ADP Non-Farm Employment Change
13:30 GMT
CAD – Trade Balance
13:30 GMT
USD – Trade Balance
15:00 GMT
USD – ISM Non-Manufacturing PMI
15:30 GMT
USD – Crude Oil Inventories
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