Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend line on a 60 minute time frame. The next support is at 1.2496 and the next resistance is at 1.2929.
- USD/JPY: The pair is trading in above its upward line on a 60 minute time frame. The next support is at 107.17 and resistance at 110.28
- GBP/USD: The pair is trading below its downward trend line on a 60 minute time frame. The resistance is near the 1.5907 and the support is at 1.6326.
Indicators
Indices
- Asian Markets closed mostly higher by building on their gains on top of yesterday. The Hang Seng index was the best performing index during the session and it closed higher with a gain of 0.46%. The index is down nearly by 0.82% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The CAC 40 index is the worst performing index during the session and it is trading lower with a loss of 1.02%. The index is up by almost 0.29% in the past 5 days.
- US Indices futures are trading higher ahead of JOLTS Job openings data. Most indices closed lower yesterday and the NASDAQ index was the worst performer with a loss of 0.46%.
TOP News
- The Japanese leading indicator data came in at 104.0% missing the forecast of 104.2%. The previous reading was at 105.4%.
- The German Industrial production m/m data fell short of expectations of -1.4% with the final reading of -4.0%.
- The UK’S manufacturing production m/m did not come in line with the forecast of 0.2%. The final reading was at 0.1%.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal has moved back above the 1200 level. The next support is near the 1180 level and the resistance is at 1240.
- 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 96 and the support is at 85.
- VIX: Volatility index gained nearly 6.25% yesterday.
News Agenda For Today
09:30 GMT
GBP – Manufacturing Production m/m
12:30 GMT
CAD – Building Permits m/m
Trend
The CAD and AUD are trending up against the USD, while the EUR and JPY are trading lower against the USD on an intra-day basis.
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