Manchester United Shares Hit 8 Month High After Moyes Sacking
AvaTrade | Apr 23, 2014 07:14AM ET
Currencies
- EUR/USD: The pair is currently trading above the support level of 1.3785 on a 30 minute time frame, having rebounded off this level 3 times in the past few days. The next resistance level is 1.3835 with the major level to the upside being 1.3865. Downside support @ 1.377.
- USD/JPY: The pair is trading in a relatively tight channel on a 30 minute time frame. The tried and tested resistance level is 102.7 which has been tested 4 times over 4 days, with support at 102.3. Possible break outs either side, should the USDJPY breach these levels.
- GBP/USD: On a 30 minute time fame the pair has rebounded from the support levels of 1.6770 – 1.6785 and is now trending higher. The next resistance is 1.6845.
Indicators
Indices
- Japanese markets closed positive on Wednesday morning. The Nikkei index gained 0.7%, mainly affected by the 6th straight day of gains for the main US Indices. Japan is hoping for a positive earnings outlook in order to recover some of the losses of the recent days.
- European stock markets are trading slightly lower early Wednesday morning just after negative Fresh Manufacturing PMI data at 07:00 GMT. All attention is now at the German numbers which are coming out at 07:30.
- US Indices futures are trading on par after a big week of gains. S&P 500 currently trading at 1875, up by 3.6% over the last 10 days. Important US Home Sales figures due later today
TOP News
- The Australian Consumer Price Inflation q/q came in with a lower reading of 0.6% as compared to last quarters reading of 0.8% leading to a slide in the Aussie currency.
- After the sacking of manager David Moyes, Manchester United shares closed at an 8 month high.
- The price of Coffee futures reached a 2 year high yesterday as major drought damage in Brazil has affected the growth and exports of the commodity.
Things to Remember
- Stops are your biggest friends so make sure to use them.
Market Sentiment
- Gold: The precious metal remains below the important level of $1300 which is a bearish sign. After the US open yesterday Gold took out its support at 1280, trading as low as 1277 before recovering slightly to levels above 1280. Gold finished the US trading session above 1280 and this morning is trading at 1282, no change in price from the US close.
- Crude Oil: Crude came under more selling pressure yesterday, trading as low as 101.49 (-2%). It remains at these prices this morning having failed to recover in overnight trading. The next support is seen at the psychological level of $100 per barrel.
- VIX: May Futures dropped by -1.3% yesterday.
Get The News You Want
News Agenda for Today
07:00 GMT
EUR – French Flash Manufacturing PMI
07:30 GMT
EUR - German Flash Manufacturing PMI
08:30 GMT
GBP – MPC Asset Purchase Facility Votes
GBP – MPC Official Bank Rate Votes
12:30 GMT
CAD – Core Retail Sales m/m
14:00 GMT
USD – New Home Sales
14:30 GMT
USD – Crude Oil Inventories
21:00 GMT
NZD – Official Cash Rate
NZD – RBNZ Rate Statement
Trend
EUR and CAD are Trending UP, SEK is Reversing UP.
DKK and CHF are Trending DOWN, JPY, GBP, NZD and AUD are Reversing DOWN.
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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