Daily Briefing- Asian Markets Lower Despite Positive Chinese Trade Balan
AvaTrade | Sep 08, 2015 02:48AM ET
Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend line on a 4 hour time frame. The next resistance is at 1.1565 and the support is at 1.1006.
- USD/JPY: The pair has formed a symmetrical triangle pattern on a 4 hour time frame. The next support is at 115.82 and resistance at 124.19
- GBP/USD: The pair has broken its downward trend line on a 4 hour time frame. The resistance is near the 1.5534 and support is at 1.5029
Indices
- Asian Markets closed lower by erasing some their gains from yesterday. The Shanghai index is the best performing index during the session and it is closed lower with a loss of 1.38%. The index is down nearly by 5.72% in the past 5 days.
- European futures are trading lower during the early hours of trading. The DAX index is the worst performing index during the session and it is trading lower with a loss of 0.28%. The index is down by almost 3.06% in the past 5 days.
- US futures are trading lower ahead of the labour market condition data. Most indices closed lower during the last session and the DOW index was the worst performer with a worst of 1.67%.
TOP News
- China cuts economic growth for the year 2014 to 7.3% from previous reading of 7.4%
- The Australian NAB business confidence data came in it 1 while the previous reading was at 4.
- The Chinese trade balance data printed the reading of 60.2B while the forecast was for 48.6B.
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal has formed a descending triangle pattern on a 4 hour time frame. The next support is near the 1116 and the next resistance is near the 1140.
- Crude Oil: The black gold is trading below the 50 day but above the 100 day moving average on a 4 hour time frame. The near term support is at the $42 mark and the resistance is at 47.
- VIX: Volatility index popped nearly 15.23% on the last trading day.
Top Economic data
Trends
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.
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by Naeem Aslam
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