Daily Briefing- US Futures And European Markets Are Trading Lower
AvaTrade | Oct 07, 2013 08:04AM ET
- EUR/USD- the pair is trading above its upward trend line on a 30 minute time frame. The RSI is showing that bias could be to the upside.
- USD/JPY- the pair has consolidated for too long in a support zone on a 30 minute time frame which means that the price could break this support zone. The RSI shows that the bias could soon change to the downside.
- GBP/USD- The pair has bounced from its support zone on a 30 minute time frame. The price is trading above the 50 day but below the 100 day moving average which shows that the bulls have lost their control.
Indices
- Asian Markets closed lower on the first trading day of the week. The Nikkei index dropped nearly -1.22% and was the worst performing index during the Asian session. The index is down nearly -6.15% in the past five days.
- European stocks are aslo trading lower during the early hours of the trading session. The DAX index is the worst performing index and it is down by almost -0.75%. The index is down nearly -1.56% in the past five days.
- US Indices futures are trading lower during the second week of the US government shut down. The NASDAQ was the best performer on Friday and closed with a gain of 0.89%
- John Boehner confirmed over the weekend that he is going to pass the bill to raise the debt ceiling without addressing the issues of budget cuts and other provisions attached to it
- Treasury secretary Jacob J. Lew also showed his strong concerns about the importance of the raising the debt ceiling and said that failing of doing this could result in US government default.
- French Finance minister said that the government would drop the planned tax on companies operating profit in 2014
- Stops are there to protect you so respect your stops
- Gold The precious metal needs to break the resistance of 1337 for any further hopes of an upward trend, otherwise 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 -5.26%.
12:30 GMT
CAD– Building Permits m/m
21:00 GMT
NZD– NZIER Business Confidence
Trend
The SEK is trending up against the dollar while the CHF,JPY, NZD and AUD are reversing their trending down against the dollar on an intra day basis.
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by Naeem Aslam
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