European Stocks Rise, Mirroring Asian Markets
AvaTrade | Jun 17, 2013 06:23AM ET
- EUR/USD- the pair in a sideways pattern on a 30 minute time frame as predicted. The tug of war is between the bulls and bears, and the bias could be to the downside for theshort term.
- USD/JPY- the price still trading well below its downward trend line on a 30 minute time frame. The bias could be to the downside.
- GBP/USD- the pair has formed reverse Head and Shoulders pattern a 30 minute time frame. The RSI shows that the bias could be to the downside.
Indices
- Asian Markets started the week with some strong gains. The Nikkei index gained 2.73%, and was the best performing index during the Asian session.
- European stocks are also trading higher during the early hours of trading. The CAC 40 is best performing index, and is up by almost 0.71%.
- U.S. Indices closed with mild losses on Friday. The Dow was the worst performer, closing with a loss of 0.70%
- The free trade talks with the U.S. have been authorized by the EU countries
- The voting of a single Euro Area supervisor bank by the European parliament could be delayed until September
- Peter Necas, the Czech Prime Minister is expected to resign today due to a spying and bribery scandal.
- ECB’s Mersch confirmed today they do not have any decisive decision on using the negative rates yet.
- Never ever move your stop in a losing position; this is consequential to an emotional state of mind, and in trading there is no place for emotions.
- Gold is firmly below the $1400 level and the price action has finally broken towards the downside. The price action is trading above its upward trend line on a 30 minute time frame, and bias could be to the upside
- Oil- The black gold has approached its resistance level on a 4 hour time frame once again, and this is the third time the price is visiting this level. The bias could be to the downside.
- VIX- Volatility index increased by 0.74% on Friday.
Trend
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by Naeem Aslam
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