Asian Markets Continue Losses, European Markets Also Lower
AvaTrade | Jun 12, 2013 08:00AM ET
- EUR/USD- the pair has completed its descending triangle pattern to the upside, on a 30 minute time frame. The price is trading above the 50-and 100-day moving averages.
- USD/JPY- the price has bounced from its support zone on a 30 minute time frame. This support zone was provided in yesterday's analysis. The pair is trading below the 50 day and below 100 day moving averages, which shows that the bears are in control.
- GBP/USD- the pair has completed its descending triangle pattern to the upside on a 30 minute time frame. The RSI shows that the bias could be to the upside.
Indices
- Asian Markets continued their losses on Wednesday. The Shanghai index dropped by -1.39%, and was the worst performing index during the Asian session.
- European stocks are also trading sharply lower during the early hours of trading. The FTSE MIB is worst performing index and is down by almost -1.63%.
- U.S. Indices closed with heavy losses yesterday. The NASDAQ was the worst performer, closing with a loss of -1.06%
- Traders working at the world’s largest bank have manipulated benchmark foreign exchange rates, Bloomberg reported.
- MSCI has cut Greece’s status to emerging from developed market.
- Paul Fisher, the Bank of England’s policy maker confirmed today that the country may keep its ultra-loose policy for some time to stimulate growth, the Times reported.
- Be careful trading an inside day, as they are difficult to trade compared to trending days.
- Gold firmly below the $1400 and the price action has finally broken towards the downside. However, there is a support near the 1370 level which could push the price back up.
- Oil- The black gold has broken the 50 day and 100 day moving averages on a 30 minute time frame which confirms that the bears have taken the control.
- VIX- Volatility index increased by 10.56% on Monday.
News Agenda For Today
08:30 GMT
GBP- Claimant Count Change
14:30 GMT
USD- Crude Oil Inventories
21:00 GMT
NZD- Official Cash Rate
Trend
Disclosure And 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.
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