Daily Forecast - 17 October 2014
E Mini Nasdaq December contract
E-Mini Nasdaq hit our medium term buying opportunity at 3700/3690 & bottomed almost exactly here at 3684. It does look like yesterday will mark a low for the correction. *IT IS TOO RISKY TO RUN SHORTS ANY FURTHER.* We do expect a recovery in to next week. We can change strategies now & buy in to weakness rather than sell in to strength. Any return to 3700/3690 is a medium term buying opportunity with stops below 3665. However be aware we have quite good support at 3735/30 which could hold the downside today & trigger a good recovery.
Immediate resistance at 3772/75 but above here is a positive signal & targets strong resistance at 3791/94. We should struggle here & a high for the day not out of the question. HOWEVER outlook is increasingly positive so any shorts need stops above 3805. Be ready to jump in to longs on a break higher using 3795/91 as good support & look for a recovery to 3818 then 3828/31. A break higher is more positive of course & targets strong resistance at 3853/58.
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
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.