Currencies
- EUR/USD: This pair has formed a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0706 level and the resistance is 1.1082.
- USD/JPY: The pair has eased off from OUR Identified resistance level (121.87-121.51) (in profit of 116 pips) is trading above its upward trend line on a 4 hour time frame. The near term support is at 118.35 and the resistance is at 123.06.
- GBP/USD: The pair fell from Our Identified resistance zone (1.4476-1.4443, given on the 26 Jan) is trading below its 100 day moving average on a 4 hour time frame. The next resistance is near 1.447 and the support is 1.40.
Indicators
Indices
- Asian markets closed mostly lower by erasing some of gains from yesterday. The Hang Seng index was still the worst performer during the session and it closed lower with a loss of 0.75%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading lower during the early hours of trading. The CAC40 index is trading lower with a loss of 0.60%. The index is down by nearly 3.58% over the past five sessions.
- The US futures are trading lower ahead of the total vehicle sales manufacturing PMI data. The DOW index was the worst performer on the last trading day with a loss of 0.11%.
Top News
- The Royal bank of Australia kept their interest rate unchanged.
- The Spanish unemployment data came in at 57.2% while the previous reading was at -55.8%.
- The Swiss retail sales y/y came in at -1.6% while the previous was for -1.7%.
Market Sentiment
- Crude Oil: The black gold is firmly trading above its upward trend line on a 60 minute time frame. The next support is near the 30 and the resistance is 37.
- Gold: The precious metal is trading above its upward trend line on a 4 hour time frame. The next resistance is at 1140 and the support is at 1100.
- The VIX index dropped by 2.99% during the last session.
Top Economic data
9:30 GMT
GBP – Construction PMI
21:45 GMT
USD – Unemployment Rate
Tentative
USD – GDT Price Index
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