Currencies
- EUR/USD: The pair has broken its upward trend line on a 60 minute time frame. The next support is at 1.3557 and the next resistance is at 1.3714.
- USD/JPY: The pair fell from its resistance of 102.23-102.38 as predicted on 02-07-2014 on a 60 minute time frame. The next support is at 100.996 and resistance at 102.23
- GBP/USD: The pair is trading in a rectangular pattern on a 60 minute time frame. The resistance is near the 1.718 and the support is at 1.7018.
Indicators
Indices
- Asian Markets closed lower on their first trading day of the week. The Nikkei 225 was the worst performing index during the session and it closed lower with a loss of 0.38%. The index is down nearly by 0.82% in the past 5 days.
- European stock markets are trading mixed 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 0.12%. The index is up by almost 0.29% in the past 5 days.
- US Indices futures are trading higher after a long weekend. Most indices closed higher on Thursday and the NASDAQ index was the best performer with a gain of 0.63%.
TOP News
- The Japanese leading indicator came in at 105.7% while the forecast was at 106%.
- The unemployment rate for the Swiss matched the forecast of 3.2%.
- The German Industrial production data came much lower with the final reading of -1.8% while the forecast was for 0.3%
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal has failed to break the resistance of 1330-1340 and is pulling back on a 30 minute time frame. The next support is near the 1300 level.
- Crude Oil: The black gold is trading below the 50day and 100 day moving average on a 30 minute time frame. The next resistance is at 101 and the support is at 102.
- VIX: Volatility index dropped nearly 4.62% yesterday.
News Agenda For Today
12:30 GMT
CAD – Building Permits m/m
14:00 GMT
CAD – Ivey PMI
22:00 GMT
NZD – NZIER Business
Trend
The SEK and CHF are trending up against the USD, while the EUR and AUD are trading lower against the USD on an intra-day basis.
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