European Markets Mirror Asian Losses
AvaTrade | Jun 11, 2013 07:01AM ET
- EUR/USD- the pair has broken out of a descending triangle pattern to the upside on a 30 minute time frame. The price is trading above the 50-day and 100-day moving averages.
- USD/JPY- the price fell from its resistance zone on a 30 minute time frame. This resistance zone was given in our analysis yesterday. The pair is trading below the 50 day and above 100 day moving averages which shows that the bulls are losing control.
- GBP/USD- the pair has broken out of a descending triangle pattern to the upside on a 30 minute time frame. The RSI shows that the bias could be to the upside.
Indices
- Asian Markets closed in a deep red territory on Tuesday. The Nikkei 225 index dropped by -1.45% and was the worst performing index during the Asian session.
- European stocks are also trading sharply lower during the early hours of trading. The DAX is worst performing index and it is down by almost -0.89%.
- US Indices closed with some mild losses yesterday. The Dow Jones was the worst performer, which closed with a loss of -0.06%
- The Bank of Japan finalized its two day meeting today and agreed to take necessary steps to calm the bond market. The central bank did not announce any further stimulus measures.
- The governor for the Bank of Spain confirmed today that the country may not need any further capital injections, Bloomberg reported. According to a survey done, more than half banks agreed to increase the salaries of their employees to offset the effect of the EU bonus cap
- The Aussie dollar has hit the two years against the dollar today with treasury yields for the country are only 2 basis points off from a 14 month high.
- Stops are your biggest friends so embrace them rather than hate them
- Gold firmly below the $1400 and the price action has finally broken towards the downside. However, there is a support near the 1370 level which could push the price back up.
- Oil- The black gold has broken the 50 day and 100 day moving averages on a 30 minute time frame which confirms that the bears have taken the control.
- VIX- Volatility index increased by 1.98% on Monday.
0830 GMT
GBP- Manufacturing Production m/m
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