Daily Forecast - 05 November 2015
Eurostoxx December contract
EuroStoxx 61.8% resistance from the April/August move lower & 200 day moving average at 3457/65 is the main challenge for bulls of course this week. Watch for a high for the day. However on a break higher we could target the next big challenge at 10 month trend line resistance at 3510/15. Shorts need stops above 3525.
Minor support at 3420/15 today but below here risks a slide as far as better support at 3399/95. Further losses however could re-target 2 week lows at 3380/75. This ties in with 100 day moving average support so is obviously important having held the downside so far. A break lower therefore is a sell signal targeting Fibonacci support at 3353/50.
Ftse December contract
FTSE first resistance at 6375/80 but above here could target 6410 then 6432/35 once again. If we continue higher this week look for a retest of October highs at 6467/68. Further gains then meet strong trend line resistance at 6495/6505.
First support at 6348/45 but below here better support at 6320/17 could hold the downside. Longs need stops below 6305 to retarget minor support at 6290/85. If we continue lower look for an excellent short term buying opportunity at 6230/25.
Dax December contract
Dax appears to have finally run in to profit taking in severely overbought conditions. We have important support in the 10780/750 area today. Holding above here keeps bulls in control for a bounce to 10860/880. If we continue higher look for 10990/11000 which looks likely to hold a rally again today. Just be aware that a break higher meets strong resistance at 11075.
Longs at 10780/750 need stops below 10710. A break lower sees 10780/750 then work as strong resistance triggering a further sell off to 10685 & perhaps as far as strong support at 10610/600. Try longs with stops below 10560.
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 favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold aiming to re-conquer the $2,400 level
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
Bitcoin price defends $60K as whales hold onto their BTC despite market dip
Bitcoin (BTC) price still has traders and investors at the edge of their seats as it slides further away from its all-time high (ATH) of $73,777. Some call it a shakeout meant to dispel the weak hands, while others see it as a buying opportunity.
Friday's Silver selloff may have actually been great news for silver bulls!
Silver endured a significant selloff last Friday. Was this another step forward in the bull market? This may seem counterintuitive, but GoldMoney founder James Turk thinks it was a positive sign for silver bulls.