News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/ZJOEtpGUIq https://t.co/7ueAF5qR8C
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 94.74%, while traders in EUR/USD are at opposite extremes with 74.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Vakm17zSSC
  • Heads Up:🇺🇸 MBA Mortgage Applications (20/NOV) due at 12:00 GMT (15min) Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-11-25
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.11% Silver: 0.55% Gold: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nwOjSyoAbq
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.03% 🇯🇵JPY: -0.04% 🇨🇭CHF: -0.09% 🇨🇦CAD: -0.18% 🇦🇺AUD: -0.30% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zrfx5KPV5X
  • EU's Šefčovič: says Brexit talks are difficult but constructive $GBP
  • 🇫🇷 Unemployment Benefit Claims (OCT) Actual: -56.6K Previous: -15.2K https://www.dailyfx.com/economic-calendar#2020-11-25
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: France 40: -0.17% US 500: -0.18% Wall Street: -0.25% Germany 30: -0.36% FTSE 100: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/arymbmpUKF
  • Heads Up:🇩🇪 Bundesbank Wuermeling Speech due at 11:15 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-11-25
  • As a trader do you know when the markets let you take a break? Find out when the stock markets are closed. Check out @DailyFX holiday calendar here. https://t.co/M3ndtjxrOd https://t.co/EZ7emLN3F6
CAC40 Fails at Resistance

CAC40 Fails at Resistance

2015-11-12 13:30:00
Walker England, Forex Trading Instructor
Share:

Talking Points

  • CAC40 Fibonacci resistance is found at 5,006
  • Support is found near 4,420
  • GDP data is expected at 1.7% on Friday

CAC40 1Day

CAC40 Fails at Resistance

(Created using TradingView Charts)

Looking for more analysis on markets? Sign up for my email list here: SIGN UP HERE

The CAC40 (FRA40) is beginning to turn under Fibonacci resistance found at a 78.6% retracement value near 5,006. This value is calculated by measuring the distance between the August 6th high of 5215 and the August 24th low of 4,225. If prices remain under resistance, this suggests that the CAC40 may be consolidating inside of a larger triangle, which was covered last week. In the event of a decline, traders may begin looking for prices to test trendline support near 4,420. A breakout here would suggest a return to trending market conditions, and an end to the current patter of consolidation.

Alternatively, in the event that the CAC40 continues to rally, traders will look for the Index to challenge again points of resistance. This includes the previously mentioned 78.6% retracement value at 5,006 and next the 88.6% retracement value found at 5,051. A move through these values would point towards a return to bullish momentum. In which case, this opens the CAC40 up to challenge the current 2015 high, which stands at 5,284.

For the remainder of the week, traders should also continue to monitor the economic calendar. Tomorrow GDP (Gross Domestic Product) data is being released for both Germany and the Euro Zone. Euro-Zone GDP is set to be released at an estimated 1.7% and is labeled as a high importance event. Depending on how this data is received, it may directly impact the ECBs asset purchases for December. With this in mind, GDP data may create added volatility for CAC40 traders on Friday, and allow traders to look for one of the previously mentioned scenarios above.

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at his Bio Page.

Do you know the biggest mistake traders make? More importantly, do you know how to overcome the biggest mistake? Read page 8 of the Traits of Successful Traders Guide to find out [free registration required].

Contact and Follow Walker on Twitter @WEnglandFX.

Video Lessons || Free Forex Training

Trading Using Fibonacci (13:08)

Reading the RSI, Relative Strength Index (13:57)

Money Management Principles (31:44)

Trade Like a Professional Workshop (1:44:14)

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES