Currencies
- EUR/USD: The pair is treading below the 50day and 100 day moving average 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 is trading below the downward trend line on a 60 minute time frame. The next support is at 100.996 and resistance at 102.23
- GBP/USD: The pair is trading below the upward trend line on a 60 minute time frame. The resistance is near the 1.718 and the support is at 1.7018.
Indices
- Asian Markets closed lower by building further losses on top of yesterday. The Nikkei 225 index was the worst performing index during the session and it closed lower with a loss of .34%. The index is down nearly by 0.06% in the past 5 days.
- European stock markets are trading higher 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 0.13%. The index is down by almost 2.76% in the past 5 days.
- US Indices futures are trading higher ahead of the Federal budget balance data. The indices closed lower yesterday and the NASDAQ Composite index was the worst performer with a loss of 0.52%.
TOP News
- The German CPI data came in at 0.3% while the previous reading was also at 0.3%.
- The German WPI did not improved with the final reading of -0.1% while the forecast was for 0.2%.
- French account deficit has disappointed further this morning as the data showed more widening in the number.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal has broken its resistance of 1330-1340 zone on a 60 minute time frame.The next support is near the 1312 level and the resistance at 1370.
- Crude Oil: The black gold has bounced back up after touching its support zone of 101.50 -101 yesterday. The next support is at the 100 level and the resistance is at 104.
- VIX: Volatility index increased nearly by 8.07% yesterday.
News Agenda For Today
12:30 GMT
CAD – Employment Change
12:30 GMT
CAD – Unemployment Rate
Trend
The NZD and EUR are trending up against the USD, while the DKK and CHF 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