Slobodan Drvenica
Windsor Brokers
FTSE100
FTSE remains firmly in red for the second consecutive day on Thursday and extends pullback from all-time high at 7497 which FTSE contract for June delivery hit on Tuesday after nine straight days of rally. Political crisis that broke in the US weighed on UK's benchmark index which dipped to 7371 on Thursday, finding temporary footstep just above strong support at 7365, provided by rising daily Tenkan-se and Fibo 38.2% of 7143/7497 bull-leg). Pullback should be ideally contained here, according to the wave principles, as the price is currently riding on the fourth, corrective wave of five-wave ascend from 7032 (19 Apr low). However, deeper correction cannot be ruled out as daily RSI and slow stochastic reversed from overbought territory and show plenty of room at the downside. Loss of 7365 support could extend correction towards next supports at 7320 and 7280 (Fibo 50% and 61.8% of 7143/7497 rally) respectively.
Res: 7419; 7443; 7460; 7497
Sup: 7365; 7320; 7280; 7267
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.