US Futures Trading Lower Ahead Of Draghi’s Speech
AvaTrade | Jul 10, 2014 02:00AM ET
Currencies
- EUR/USD: The pair is treading above the 50day and 100 day moving average on a 60 minute time frame. The next support is at 1.3557 and the next resistance is at 1.3714.
- USD/JPY: The pair is trading below the downward trend line on a 60 minute time frame. The next support is at 100.996 and resistance at 102.23
- GBP/USD: The pair is trading below the upward trend line on a 60 minute time frame. The resistance is near the 1.718 and the support is at 1.7018.
Indicators
Indices
- Asian Markets closed lower by building further losses on top of yesterday. The Hang Seng index was the worst performing index during the session and it closed lower with a loss of 1.63%. The index is down nearly by 0.06% in the past 5 days.
- European stock markets are trading lower during the early hours of trading. The CAC40 index is the worst performing index during the session and it is trading lower with a loss of 0.13%. The index is down by almost 2.76% in the past 5 days.
- US Indices futures are trading lower ahead of the Fed minutes. Most indices closed lower yesterday and the NASDAQ index was the best performer with a loss of 1.36%.
TOP News
- The Chinese CPI data came in at 2.3% while the previous reading was at 2.5%.
- The Chinese PPI improved with the final reading of -1.1% which also matched the forecast of -1.1%.
- The UK’s Halifax HPI fell short of expectations with the reading of -0.6% while the forecast was for -0.3%.
Things to Remember
- Stops are your biggest friends so make sure use them.
Market Sentiment
- Gold: The precious metal is moving in a side way pattern on a 30 minute time frame. The next support is near the 1300 level and the resistance at 1340.
- Crude Oil: The black gold is trading below the 50day and 100 day moving average on a 30 minute time frame. The next resistance is at 101 and the support is at 102.
- VIX: Volatility index increased nearly by 5.74% yesterday.
News Agenda For Today
14:30 GMT
USD – Crude Oil Inventories
18:00 GMT
USD – FOMC Meeting Minutes
18:30 GMT
EUR – ECB President Draghi Speaks
Get The News You Want
Trend
The NZD and EUR are trending up against the USD, while the DKK and CHF are trading lower against the USD on an intra-day basis.
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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