Daily Forecast - 03 May 2016
S&P June contract
Emini S&P failure to beat 2075 targets 2070 & first support at 2064/63 for at least some profit taking on shorts. However if we continue lower look for minor support at 2056/55. Further losses target 2051 & last week's low at 2046/44. Just be aware of the most important support of the week at 2035/33. Longs need wide stops, preferably below the April low & 100 week moving average support at 2026/24.
First resistance at 2074/75 of course, shorts need stops above 2080. A break higher should see 2075/74 act as support to target 2086/87 then 2093/94.
Dax June contract
Dax best support of the day at 10090/80 so this is key to direction again today. Risks are to the downside so be ready to sell a break below 10050 to target 9999/95 then 9938 & perhaps as far as 100 day moving average support at 9905/00.
If we manage to hold 10080/90 for a recovery, look for first resistance again at 10160/170. Gains are expected to be limited & we should struggle here, but if we continue higher look for a selling opportunity at 10230/240, with stops above 10280.
E Mini Nasdaq June contract
Emini Nasdaq trading around strong resistance at 4365/70 as I write & again shorts need stops above 4380. A break higher however sees 4370/65 act as support to target 4392/95 then a selling opportunity at 4410/15. Shorts need stops above 4425.
Failure to beat strong resistance at 4365/70 targets 4360/58 then minor support at 4344/40 for some profit taking on shorts. Further losses however could retest good support at 4310/05 for profit taking on any remaining shorts. We also have the 100 week moving average at 4300/4296 so this is a wide band of support & a bounce from here very likely. A break below 4290 however targets 4282 then 4268/63. Further losses this week target 4256/51.
GBPUSD Spot
GBPUSD holding above important support at 1.4625/35 now targets 1.4680/85, 1.4720/25, 1.4745/50 & 1.4780/85 this week but 1.4870 is the ultimate target in May.
Strong support at 1.4625/35 but longs need stops below 1.4595. Failure to hold above 1.4620 risks a slide to 1.4580/75 then 1.4555.
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 failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'