US Futures Trading Lower Ahead Of Manufacturing PMI Data
AvaTrade | Jul 24, 2015 07:16AM ET
Daily Briefing
Currencies
- EUR/USD: The pair is fell from its resistance zone 1.1035-1.1001 (which we mentioned yesterday) on a 4 hour time frame. The next resistance is at 1.1216 and the support is at 1.0658.
- USD/JPY: The pair is trading above the neckline of the reverse head and shoulder pattern on a 4 hour time frame. The next support is at 119.78 and resistance at 125.85.
- GBP/USD: The pair is trading below its 50 and 100 day moving average on a 4 hour time frame. The resistance is near the 1.6030 and support is at 1.5368
Indicators
Indices
- Asian Markets closed mostly lower on the final trading day of the week. The Shanghai index is the worst performing index during the session and it closed lower with a loss of 1.28%. The index is up nearly by 1.02% in the past 5 days.
- European futures 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 0.16%. The index is down by almost 0.54% in the past 5 days.
- US futures are trading lower ahead of the manufacturing PMI data. Most indices closed lower during the last session and the DOW index was the worst performer with a loss of 0.67%.
TOP News
- The French flash manufacturing PMI index data came in at 49.6 well below the forecast of 51.1
- The Germ,an Flash manufacturing PMI data also fell short of expectation with the reading of 52. the forecast was for 53.9
Things to Remember
Use your stops and manage the risk
Market Sentiment
- Gold: The precious metal has bounced back above 1100 level on a 30 minute time frame. The next support is near the 1086 and the next resistance is near the 1146.
- Crude Oil: The black gold is trading below its downward trend line on a 30 minute time frame. The near term support is at the $47 mark and the resistance is at 50.
- VIX: Volatility index dropped nearly 0.82%% on the last trading day.
Top Economic data
08:00 GMT
EUR – French Flash Manufacturing PMi UK
08:30 GMT
EUR– German Flash Manufacturing PMI
Trends
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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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