Key Resistance Tested as FTSE 100 Nears all time High
September 23, 2016 11:07 am
The FTSE 100 cash index rallied on 21st September, helped by the Fed’s statement. Yet it retraced after testing the significant resistance level at 6930, the selling pressure at this level is heavy. The price between 7000 and 6930 is a major resistance zone, the bullish momentum will likely be restrained when it nears. In addition, the daily Stochastic Oscillator is above 80, suggesting a retracement. The resistance level is at 6930, followed by 6970 and 7000. The support line is at 6860, followed by 6800.and 6750. The Fed’s statement helped spot silver rallied and broke and resistance level at 19.70. Yet it retraced after further testing the significant resistance level at 20.00, as the selling pressure at this level is heavy. In addition, the daily Stochastic Oscillator is above 80, daily CCI indicator is around 100, suggesting a pullback. The resistance level is at 20.00, followed by 20.30 and 20.50. The support line is at 19.70, followed by 19.50 and 19.30. USDCAD retraced since 19th September, after testing the major uptrend line resistance. The Fed’s statement on 21st September drove the price further down and broke the support line at 1.3100, where has turned into the major resistance. It is currently holds above the major support line 1.3000. The current trading pattern is oscillating in the range between 1.3000 and 1.3100. The 4 hourly Stochastic Oscillator is above 70, suggesting a retracement. The resistance level is at 1.3100, followed by 1.3140 and 1.3190. The support line is at 1.3000, followed by 1.2960 and 1.2910. Keep an eye on the Canadian CPI figures (YoY and MoM) for August, will be released at 12:30 GMT, as it will influence the trend of USDCAD. This morning we got the German Manufacturing and Service PMIs (Sep), also the Eurozone Manufacturing and Service PMIs (Sep). Both Manufacturing PMIs are higher than expectations and the previous figures. Nevertheless, both Service PMIs are lower than expectations and the previous figures. EURUSD has retraced since yesterday after testing the major resistance level at 1.1240, due to the heavy selling pressure at this level, as we mentioned yesterday. The current trading oscillating around the major support level at 1.1200. The current trading pattern is oscillating in a narrow range between 1.1190 and 1.1215. The 4 hourly Stochastic Oscillator is below 20, suggesting a continuous rebound. The resistance level is at 1.1215, followed by 1.1240 and 1.1270. The support line is at 1.1200, followed by 1.1175 and 1.1157. Keep an eye on the US Manufacturing PMI, will be released at 13:45 GMT today. It may influence the trend of EURUSD. Source: FX Pro Market Snapshot
The FTSE 100 cash index rallied on 21st September, helped by the Fed’s statement. Yet it retraced after testing the significant resistance level at 6930, the selling pressure at this level is heavy. The price between 7000 and 6930 is a major resistance zone, the bullish momentum will likely be restrained when it nears. In addition, the daily Stochastic Oscillator is above 80, suggesting a retracement. The resistance level is at 6930, followed by 6970 and 7000. The support line is at 6860, followed by 6800.and 6750. The Fed’s statement helped spot silver rallied and broke and resistance level at 19.70. Yet it retraced after further testing the significant resistance level at 20.00, as the selling pressure at this level is heavy. In addition, the daily Stochastic Oscillator is above 80, daily CCI indicator is around 100, suggesting a pullback. The resistance level is at 20.00, followed by 20.30 and 20.50. The support line is at 19.70, followed by 19.50 and 19.30. USDCAD retraced since 19th September, after testing the major uptrend line resistance. The Fed’s statement on 21st September drove the price further down and broke the support line at 1.3100, where has turned into the major resistance. It is currently holds above the major support line 1.3000. The current trading pattern is oscillating in the range between 1.3000 and 1.3100. The 4 hourly Stochastic Oscillator is above 70, suggesting a retracement. The resistance level is at 1.3100, followed by 1.3140 and 1.3190. The support line is at 1.3000, followed by 1.2960 and 1.2910. Keep an eye on the Canadian CPI figures (YoY and MoM) for August, will be released at 12:30 GMT, as it will influence the trend of USDCAD. This morning we got the German Manufacturing and Service PMIs (Sep), also the Eurozone Manufacturing and Service PMIs (Sep). Both Manufacturing PMIs are higher than expectations and the previous figures. Nevertheless, both Service PMIs are lower than expectations and the previous figures. EURUSD has retraced since yesterday after testing the major resistance level at 1.1240, due to the heavy selling pressure at this level, as we mentioned yesterday. The current trading oscillating around the major support level at 1.1200. The current trading pattern is oscillating in a narrow range between 1.1190 and 1.1215. The 4 hourly Stochastic Oscillator is below 20, suggesting a continuous rebound. The resistance level is at 1.1215, followed by 1.1240 and 1.1270. The support line is at 1.1200, followed by 1.1175 and 1.1157. Keep an eye on the US Manufacturing PMI, will be released at 13:45 GMT today. It may influence the trend of EURUSD.
Source: FX Pro Market Snapshot
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