Daily Forecast - 26 September 2014
E Mini Nasdaq December contract
E Mini Nasdaq held by resistance at 4089/90 as we became overbought short term & failure to break higher triggered much heavier losses than expected. **NOTE WE HAVE HIT & HELD 5 MONTH TREND LINE SUPPORT AT 3999** IF THIS IS STILL A BULL MARKET WE WILL BOTTOM HERE & END THE CORRECTION (as I suspect).** Above 4012/13 helps to confirm this theory & targets short term Fibonacci resistance at 4019/20. This should hold initially but a break higher perhaps later in the day targets 4032/34. A high for the day is expected, but shorts need stops above 4043. Go with a break higher then to target 4053/55 for a selling opportunity with stops above 4060.
If we cannot beat 4012/13 we may bounce around from here down to 4000/3998. WE MUST BE PREPARED FOR A BREAK LOWER. This will trigger big stops & quickly target 3991 & perhaps as far as 3978/77. If we continue lower look for a buying opportunity at 3957/55, with stops below 3946.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
AUD/USD recovers above 0.6750 after Australian jobs data
AUD/USD picks up a late bid and recovers above 0.6750 in Asian trading on Thursday, following the release of mixed Australian employment data. The extended post-Fed US Dollar recovery, amid a cautious market mood, could limit the pair's upside ahead of US data.
USD.JPY jumps toward 144.00 on the road to recovery
USD/JPY gains traction and approaches 144.00 in Thursday's Asian session. The uptick of the pair is bolstered by the impressive US Dollar recovery. Investors shift their attention to the US data and the Bank of Japan interest rate decision on Friday.
Gold price remains on the defensive amid the post-FOMC USD recovery from YTD low
Gold price struggles to lure buyers despite the Fed’s jumbo interest rate cut on Wednesday. A further recovery in the US bond yields underpins the USD and caps the non-yielding metal. Concerns about an economic slowdown, along with geopolitical risks, help limit the downside.
Ethereum attempts recovery following first rate cut in four years
Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.