FTSE 100: Selling opportunity at 7185/95

Jason Sen DayTradeIdeas.co.uk

DAX, EuroStoxx, FTSE

Dax December holding strong support at 15050/14950 so far this week for a bounce to minor resistance at 15250/270. A high for the day here yesterday.

EuroStoxx 50 December beats minor resistance at 4060/70 this morning to target strong resistance at 4110/20.

FTSE 100 December shorts at the selling opportunity at the September high at 7185/95 worked perfectly with a high for the day & a 35 tick sell off so far.

Daily analysis

Dax hit & held resistance at 15250/270 for profit taking on our longs. We are seeing a break higher this morning to target 15380/40, perhaps as far as 15450/480.

Minor support at 5270/250. Longs need stops below 15230 for a retest of strong support at 15050/14950. Longs need stops below 14900. Failure to hold above 14900 is a sell signal targeting 14800, 14670/650 & 14550/500.

EuroStoxx targets strong resistance at 4110/20 today. Shorts need stops above 4130. A break higher is a buy signal targeting 4160/70, perhaps as far as 4185/90.

Minor support at 4070/60. Better support at 4025/15. Longs need stops below 4005. A break lower is a sell signal for today targeting 3980 before a retest of last week’s low at 3960/50.

FTSE shorts at the selling opportunity at 7185/95 target 7150/45 then first support at 7130/20 for profit taking. Further losses meet a buying opportunity at 7100/7080 with stops below 7060.

Another selling opportunity at 7185/95 with stops above 7220. A break higher is an important buy signal targeting 7260 & 7290/99.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD weakens to near 1.1900 as traders eye US data

EUR/USD eases to near 1.1900 in Tuesday's European trading hours, snapping the two-day winning streak. Markets turn cautious, lifting the haven demand for the US Dollar ahead of the release of key US economic data, including Retail Sales and ADP Employment Change 4-week average.

GBP/USD stays in the red below 1.3700 on renewed USD demand

GBP/USD trades on a weaker note below 1.3700 in the European session on Tuesday. The pair faces challenges due to renewed US Dollar demand, UK political risks and rising expectations of a March Bank of England rate cut. The immediate focus is now on the US Retail Sales data.

Gold sticks to modest losses above $5,000 ahead of US data

Gold sticks to modest intraday losses through the first half of the European session, though it holds comfortably above the $5,000 psychological mark and the daily swing low. The outcome of Japan's snap election on Sunday removes political uncertainty, which along with signs of easing tensions in the Middle East, remains supportive of the upbeat market mood. This turns out to be a key factor exerting downward pressure on the safe-haven precious metal.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.

Follow the money, what USD/JPY in Tokyo is really telling you

Over the past two Tokyo sessions, this has not been a rate story. Not even close. Interest rate differentials have been spectators, not drivers. What has moved USD/JPY in local hours has been flow and flow alone.

Bitcoin Cash trades lower, risks dead-cat bounce amid bearish signals

Bitcoin Cash (BCH) trades in the red below $522 at the time of writing on Tuesday, after multiple rejections at key resistance. BCH’s derivatives and on-chain indicators point to growing bearish sentiment and raise the risk of a dead-cat bounce toward lower support levels.