Currencies
- EUR/USD: This pair is trading in a downward wedge pattern on a 4 hour time frame. The next support is near the 1.0517 level and the resistance is 1.0944.
- USD/JPY: The pair is trading below the downward trend line on a 4 hour time frame. The near term support is at 116.31 and the resistance is at 120.46.
- GBP/USD: The pair is trading in a support zone of 1.4601-1.4564 on a 4 hour time frame. The next resistance is near 1.04942 and the support is 1.4484.
Indicators
Indices
- Asian markets closed lower by adding losses on top of yesterday. The Shanghai index was the worst performer during the session and it closed lower with a loss of -7.04%. 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 2.67%. The index is down by nearly 3.13% over the past five sessions.
- The US futures are trading lower ahead of the unemployment data. The DOW index was the worst performer on the last trading day with a loss of 1.47%.
Top News
- The Australian Business building approvals m/m data came in at -12.7% and this was well below the forecast of -2.8%.
- The German factory orders data came in at 1.5% while the forecast was for 0.1%.
- Crude oil has made another lowest low since 2003
Market Sentiment
- Crude Oil: The black gold is trading well below the 50 and 100 day moving average on a 30 minute time frame. The next support is near the 30 and the resistance is 34.20.
- Gold: The precious metal is trading above its upward trend line on a 30 minute time frame. The next resistance is at 1110 and the support is at 1045.
- The VIX index popped 6.46% during the last session.
Top Economic data
13:30 GMT
USD – Unemployment Claims
15:30 GMT
USD – Natural Gas Storage
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