Daily Briefing- US Futures Trading UP Ahead Of Jobs Report
AvaTrade | Feb 07, 2014 07:19AM ET
Currencies
- EUR/USD- the pair has broken out of its resistance on a 60 minute and it is trading above the 100 day moving average which means that bulls are in control of the price. The Support is near the 1.3476 and resistance at 1.3643
- USD/JPY- the pair is trading above its upward trend line on a 60 minute time frame. The resistance is at 102.63 and the support is at 100.51
- GBP/USD- is moving in a rectangular pattern on a 30 minute time frame. The RSI indicator is giving a downward move signal.
Indicators
Indices
- Asian Markets closed sharply higher on the final trading of the week. The Nikkei index was the best performer during the session and it closed higher with a gain of 2.17%. The index is up by nearly 3.63% in the past 5 days
- European stock markets are trading lower during the early hours of trading. The CAC 40 index is the worst performing index during the session and it is trading lower with a loss of 0.27%. The index is down by almost 0.07% in the past 5 days.
- US Indices futures are trading near the flat line ahead of the unemployment rate data. Most indices closed higher yesterday and the S&P500 index was the best performer with a gain of 1.22%
TOP News
- The Reserve bank of Australia has raised their 2014 growth forecast and inflation forecast during their statement released overnight
- The economic data released in China showed further weakness for the country when the HSBC Services Purchasing Managers index dropped to 50.7 while the previous reading was at 50.9
Things to Remember
- Mange the risk not the expectations
Market Sentiment
- Gold. The precious metal failed to break its resistance of 1275 yesterday, however, the uptrend is still very much intact. 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: is trading in an upward channel on a 4 hour time frame and the price is above the 100 day and 50 day moving average, which shows bullish sign.
- VIX- Volatility index dropped nearly -13.63% yesterday.
News Agenda For Today
Get The News You Want
NEWS NOW!
09:30 GMT
GBP – Manufacturing Production m/m
13:30 GMT
CAD –Employment Change
13:30 GMT
CAD –Unemployment Rate
13:30 GMT
USD – Non Farm Employment Change
13:30 GMT
USD – Unemployment Rate
Trend
The JPY and GBP are trending up against the dollar, while the AUD and CAD are trading lower against the dollar on an intra-day basis.
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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