Daily Briefing- US Futures Trading Up Ahead Of ADP Data
AvaTrade | Feb 05, 2014 07:14AM ET
Currencies
- EUR/USD- a symmetrical triangle has formed on a 60 minute time frame and they usually break in the direction of the trend. The Support is near the 1.3331 and resistance at 1.3571
- USD/JPY- the pair has broken its bearish pattern- an upward wedge, in a down trend on a 60 minute time frame. The resistance is at 101.76 and the support is at 100.51
- GBP/USD- a reverse head and shoulder pattern has formed on a 30 minute time frame. The ADX indicator is giving an upward move signal.
Indicators
Indices
- Asian Markets closed lower by building up losses on top of yesterday. The Hang Seng index was the worst performer during the session and it closed lower with a loss of 0.68%. The index is down by nearly % 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 0.56%. The index is down by almost 1.42% in the past 5 days.
- US Indices futures are trading higher ahead of the ADP order data. Most indices closed up yesterday and the NASDAQ index was the best performer with a gain of 0.88%
TOP News
- Spanish services PMI came in at 54.9 while the expectations were for 55.3
- Italian services PMI data surprised the markets to the upside with the final reading of 49.4, when the expectations were for 48.2
- Fed Evan confirmed yesterday that the US Fed will keep the short term interest rate near zero till 2015.
Things to Remember
- Mange the risk not the expectations
Market Sentiment
- Gold. The precious metal has formed a bullish pattern, a reverse head and shoulder pattern, on a 30 minute time frame. The resistance of 1275 is still in focus and only a break above the 1300 mark could confirm further upward momentum. The support at 1232 is still firm.
- Crude Oil: trend has moved towards the upside for crude on a 4 hour time frame and there is a strong possibility that we may see a break towards the upside from its resistance of 98-99
- VIX- Volatility index dropped nearly -10.87% yesterday.
News Agenda For Today
Get The News You Want
NEWS NOW!
09:30 GMT
GBP – Services PMI
13:15 GMT
USD – ADP Non-Farm Employment Change
13:30 GMT
CAD – Building Permits m/m
15:00 GMT
USD – ISM Non-Manufacturing PMI
15:30 GMT
USD – Crude Oil Inventories
Trend
The CHF and DKK are trending up against the dollar, while the EUR and CAD are trading lower against the dollar 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
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