U.S. Futures Flat Ahead Of ISM Data
AvaTrade | Nov 03, 2014 06:17AM ET
Daily Briefing
Currencies
- EUR/USD: The pair is trading below its downward trend line on a 240 minute time frame. The next support is at 1.2318 and the next resistance is at 1.2895.
- USD/JPY: The pair is trading above its upward trend line on a 240 minute time frame. The next support is at 109.18 and resistance at 114.28
- GBP/USD: The pair is trading in a rectangular pattern on a 240 minute time frame. The resistance is near the 1.6588 and the support is at 1.5907.
Indicators
Indices
- Asian Markets closed mostly mixed on the first trading day of the week. The Hang Seng index was the worst performing index during the session and it closed lower with a loss of 0.34%. The index is down nearly by 0.34% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The FTSE MIB index is the worst performing index during the session and it is trading lower with a loss of 0.38%. The index is up by almost 0.29% in the past 5 days.
- US Indices futures are trading flay ahead of ISM manufacturing data. Most indices closed higher on Friday and the NASDAQ index was the best performer with a gain of 1.42%.
TOP News
- The Australian building approvals m/m data fell short of the previous reading of 3.4%. The final reading was at -11.0%
- The Chinese HSBC manufacturing data matched the previous reading of 50.4.
- The Italian manufacturing PMI data came in at 49.0 while the forecast was at 50.6.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal under tremendous selling pressure and most of the technical indicators are giving oversold signals. The support is at 1150 and the resistance is at 1200.
- Crude Oil: The black gold is consolidating near the $80 mark and the trading above the 50day and 100 day moving average on a 30 minute time frame. The next resistance is at 85 and the support is at 77
- VIX: Volatility index dropped nearly -3.37% on Friday.
News Agenda For Today
GBP 09:30 Manufacturing PMI
Get The News You Want
USD 15:00 ISM Manufacturing PMI
Trend
The JPY and DKK are trending up against the USD, while the EUR and AUD are trading lower against the USD on an intra-day basis.
Disclosure & 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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