European Markets Trading Higher Ahead Of Draghi’s Speech
AvaTrade | Jul 15, 2014 01:27AM ET
Daily Briefing
Currencies
- EUR/USD: The pair is trading in a symmetrical triangle pattern on a 60 minute time frame. The next support is at 1.3473 and the next resistance is at 1.3742.
- USD/JPY: The pair is trading below the downward trend line on a 60 minute time frame. The next support is at 100.99 and resistance at 102.23
- GBP/USD: The pair is moving in a rectangular pattern on a 60 minute time frame. The resistance is near the 1.7219 and the support is at 1.7018.
Indicators
Indices
- Asian Markets closed mostly higher on the first trading day of the week. The Nikkei 225 index was the best performing index during the session and it closed higher with a gain of 0.88%. The index is down nearly by 0.82% in the past 5 days.
- European stock markets are trading higher during the early hours of trading. The DAX index is the best performing index during the session and it is trading higher with a gain of 0.80%. The index is up by almost 0.29% in the past 5 days.
- US Indices futures are trading higher ahead of JOLTS jobs opening data. Most indices closed higher yesterday and the NASDAQ index was the best performer with a gain of 0.43%.
TOP News
- The Japanese revised industrial production data came in at 0.7%, while the forecast was at 0.5%.
- The European Industrial production m/ data came in at -1.1%, while the forecast was for 0.3%.
- The UK’S manufacturing production m/ came in line with the forecast of 0.4%
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is under serious selling pressure this morning and the support of 1310 is in focus. Break of this will open the floor towards the 1270 level. The next resistance is at 1340.
- Crude Oil: The black gold is hovering near the $100 mark and a break of this is going to open the floor towards the $98.
- VIX: Volatility index dropped nearly -4.05% yesterday.
News Agenda For Today
18:00 BST EUR ECB President Speaks
Trend
The CAD and JPY are trending up against the USD, while the and CAD are trading lower against the USD on an intra-day basis.
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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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