Joining Mike Ingram, Strategist at BGC Partners and Nick Batsford, CEO of Tip TV, Zak Mir, technical analyst at Share Prophet gave us a morning snapshot of major market technicals.
FTSE 100 remains under downside pressure
Starting with the FTSE 100, Mir notes that the 50D MA sits at 6850 is providing massive resistance and spot is currently trading at 6710, below the 200D MA too. He sees a big risk of a final probe to 6500. He describes price action as very messy and can foresee volatile trading on either side of the 200D MA ahead. Moving to the NASDAQ, Mir notes that it isn’t looking pretty after Apples fall with lots of gaps to the downside that need to be filled and can see a pull back towards 4,600. He feels it looks overstretched in general. Mir adds that the S&P500 is more sedate and a risk of a dip to the 50D MA around 2,102. Gold eyes on $1,000 mark
Shifting to Gold, Mir simply takes a longer term view of the major downtrend in the yellow metal and highlights that it is hard to avoid the $1,000 level.
EUR/USD to resume downside eventually
Mir feels that EUR/USD looks rangebound, and that if it was going to push lower, it would have done so already at the start of the week. Nevertheless, he adds that in the long run, he can see more downward pressure and expects bearish flow to return ion the near term. GBP/USD is confused by noise out of the Bank of England over interest rate rises. Mir feels that there could be more upside ahead and notes that the 50D MA is a key level to watch for traders.
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