Daily Briefing- US Futures And European Markets Are Trading Higher
AvaTrade | Oct 11, 2013 09:46AM ET
- EUR/USD- the pair is trading in a resistance zone on a 30 minute time frame. The RSI is showing that bias could be to the downside.
- USD/JPY- the pair has fallen from its resistance on a 30 minute time frame as predicted. The RSI shows that the bias could soon change to the downside.
- GBP/USD- The pair has completed the wedge pattern on a 30 minute time frame. The price is trading above the 50 day and the 100 day moving average which shows that the bulls have are in strong control.
Indices
- Asian Markets closed sharply up on the final day of the week. The Nikkei index soared nearly 1.75% and was the best performing index during the Asian session. The index is up nearly -6.15% in the past five days.
- European stocks are also trading up during the early hours of the trading session. The FTSE 100 index is the best performing index and it is up by almost 0.51%. The index is up nearly 0.40% in the past five days.
- US Indices futures are trading higher during the second week of the US government shut down. The NASDAQ was the best performer yesterday and closed with a gain of 2.26%
- The US politicians moved towards an agreement over the US debt ceiling in their 90 minute meeting yesterday.
- The ECB resident Mario Draghi confirmed that if the volatility resumes in the euro-zone their commitment to keep the interest low would enable them in cut for borrowing costs, Bloomberg reported
- Klaus Regling, ESM Chief confirmed that Greece may possibly need another bailout next year.
- According to Acadametrics the UK house price has increased to their record during the past month.
- Stops are there to protect you so respect your stops
- Gold The precious metal has broken the psychological level of $1300 and the bias could be to the downside. The immediate support is at 1271 followed by the 1217.
- Crude Oil- The black gold has failed to break its downward trend line which is a confirmation that the bias still could be to the downside.
- VIX- Volatility index dropped by -15.92%.
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Trend
The AUD, JPY, GBP are trending up against the dollar while the CAD, DKK are reversing down their trending against the dollar on an intra day basis
by Naeem Aslam
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