Daily Briefing
Currencies
- EUR/USD: The pair has broken its support zone of 1.1842-1.1801on a 30 minute time frame. The next resistance is at 1.2173 and the support is at 1.1607.
- USD/JPY: The pair has formed a reverse head and shoulder pattern on a 30 minute time frame. The next support is at 117.01 and resistance at 120.30
- GBP/USD: The pair is trading below the downward trend line has broken its downward channel on a 30 minute time frame. The resistance is near the 1.5747 and the support is at 1.50
Indices
- Asian Markets closed higher be building on the gains on top of yesterday. The Nikkei index was the best performing index during the session and it closed higher with a gain of 1.67%. The index is down nearly by 1.63% in the past 5 days.
- European stock markets are trading higher during the early hours of trading. The CAC40 index is the best performing index during the session and it is trading higher with a gain of 1.73%. The index is up by almost 2.08% in the past 5 days.
- US Indices futures are trading higher ahead of the unemployment data . Most indices closed higher during the last session and the NASDAQ index was the best performer with a gain of 1.25%.
TOP News
- The Australian building approval data came in at 7.5% while the forecast was for -2.7%
- The German Factory orders fell short of expectations with the reading of -2.4% while the forecast was for -0.6%
Things to Remember
Manage your stops not the expectations
Market Sentiment
- Gold: The precious metal has fallen from OUR predicted resistance zone of 1223-1220 which was given yesterday. The price is trading above its upward trend line on a 30 minute time frame. The next support is near the 1160 and the next resistance is near the 1240.
- Crude Oil: The black gold is trading in a downward on a 30 minute time frame. The near term support is at the $45.0 mark and the resistance is at 50.
- VIX: Volatility index dropped nearly -8.57% on the last trading day.
News Agenda For Today
10:00 GMT
12:00 GMT
GBP – Official Bank Rate
GBP – MPC Rate Statement
13:30 GMT
USD – Unemployment Claims
15:30 GMT
USD – Natural Gas Storage
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