• EURUSD- in its support zone on a 30 minute time frame, downward move was very sharp yesterday therefore, we do have a Bollinger band pierce- which is usually consider as an odd enhancer for trend reversal.
• USDJPY-the downward trend line on a 30 minute time frame could add further head winds, bias is towards the downside. Price is not too far from a major support zone on a 60 minute time frame
• GBPUSD- sideway movement is still taking place – not much action in past 24 hours. The downward trend line could add further headwinds towards the downside for the price action
Indices
• Asian markets closed mixed on Tuesday. The Shanghai was the worst performer with a loss of 1.23% and Hang Seng was the best performer with a gain of 0.27%
• European stocks rebound today after 3 day losing stream. The UK’s FTSE 100 is lagging in the European session with a loss of 0.01% and the CAC40 is leading the gain.
• US Stocks erased earlier gains yesterday and fell on EU concern. The S&P 500 was only one point shy from its all-time high.
Top Stories
• Cyprus banks and the stock exchange will remain closed until Thursday.
• The ECB confirmed that it will not stop the central Bank of Cyprus to provide emergency funding to the banking sector.
• North Korea reported on Tuesday that its long range artillery units are preparing to strike on US mainland, Guam and Hawaii
Things to Remember
• Italy will sell its 10year bills at 10:00 GMT
Market Sentiment
• Gold- sharp downward movement happened yesterday but, the price found its support around the 1590 level. As long as this support holds, bias could be towards the upside.
• Oil- Price action is bullish and resistance zone out on a 30 minute time frame is no longer valid. The upward trend is becoming stronger.
• VIXX- Volatility index increased by almost 3% yesterday.
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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