Currencies
- EUR/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next support is near the 1.0710 level and the resistance is 1.1062.
- USD/JPY: The pair is moving in a side way pattern on a 4 hour time frame. The near term support is at 109.60 and the resistance is at 115.83.
- GBP/USD: The pair has bounced from our Identified Support zone (given on the 29th Feb) on a 4 hour time frame. The next resistance is at 1.4167 and the support is 1.3685.
Indicators
Indices
- Asian markets closed mostly higher on the first trading day of the week. The Hang Seng index was the best performer during the session and it closed higher with a gain of 1.67%. The index is down by 9.53% during the past 5 sessions.
- European futures are trading lower during the early hours of trading. The DAX index is trading lower with a loss of 0.29%. The index is down by nearly 3.58% over the past five sessions.
- The US markets are trading lower ahead of the ISM Manufacturing PMI data. The S&P500 index was the worst performer on the last trading day with a loss of 0.82%.
Top News5
- The Japanese unemployment rate data came in at 3.2% at while the forecast was for 3.3%.
- The Chinese manufacturing PMI data came in at 49 and the previous reading was at 49.4.
Market Sentiment
- Crude Oil: The black gold is trading above its upward trend line on a 4 hour time frame. The next support is near the 32.40 and the resistance is 34.91.
- Gold: The precious metal is trading above its 50 and 100 day moving average on a 4 hour time frame. The next resistance is at 1260 and the support is at 1219.
- The VIX index popped by 3.74% during the last session.
Top Economic data
9:30 GMT
GBP – Manufacturing PMI
13.30 GMT
CAD – GDP m/m
15:00 GMT
USD – ISM Manufacturing PMI
Tentative
NZD – 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