Daily Forecast - 25 July 2017
Emini Dow Jones September contract
Emini Dow Jones failure to beat 21530 triggers a slide back to 21465/460 before the low last week at 21420/416. A break lower today targets strong support at 21365/355 for a buying opportunity with stops below 21295.
First resistance at 21525/535 but above 21550 sees us headed towards 21595 before the 21620/628 all time high....but we have major, major, MAJOR important 6 year trend line resistance at 21710/730. Nothing else matters this week!
S&P September contract
Emini S&P first support at 2466/65 before a buying opportunity at 2460/59, with stops below 2454. A break lower however sees 2459/60 act as resistance to target 2450/49.
Above 2470 allows a retest of the new all time high at 2476.25. Further gains target 2478/79 before strong trend line resistance at 2495/99.
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Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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