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Nasdaq 100, FTSE 100 and ASX 200 Forecasts for the Week Ahead

Nasdaq 100, FTSE 100 and ASX 200 Forecasts for the Week Ahead

Peter Hanks, Strategist

Nasdaq 100, FTSE 100, ASX 200 Price Outlooks:

Nasdaq 100 Forecast

Outlook: Neutral

The Nasdaq 100 finished April on a high note, enjoying a gain of more than 19% despite significant economic uncertainty and mixed earnings from some of the largest and most important components on the index. Now with the Fed rate decision and key earnings behind it, the tech-heavy index will shift its focus to the remaining earnings to be released and the pace at which the US economy is reopened.

Find out what type of trading style suits you best.

Already, various states have announced plans to begin easing quarantine restrictions, but investors will likely have to grapple with a continued decline in economic readings before a meaningful recovery can get underway.

Nasdaq 100 Price Chart: 4 – Hour Time Frame (February – May)

Nasdaq 100 price chart

In pursuit of clarity, US traders will look to Tuesday’s ISM non-manufacturing data and Friday’s jobless claims figures and non-farm payrolls report. If the last few weeks are any indication, unemployment will rise further – a possibility Fed Chairman Jerome Powell outlined explicitly at last week’s rate decision. Together, these metrics will help market participants gauge the depth of economic decline facing the US economy.

FTSE 100 Forecast

Outlook: Neutral

Following in the footsteps of the Fed and ECB last week, the Bank of England is scheduled to decide on its interest rate this coming Thursday. While no change in rates is expected, investors will be concerned with the BOE’s coronavirus response and economic projections. Since the Fed and ECB did little to boost market sentiment, the odds seem stacked against the BOE at this time.

FTSE 100 Price Chart: 4 – Hour Time Frame (January – May)

FTSE 100

ASX 200 Forecast

Outlook: Neutral

Similarly, the Reserve Bank of Australia is set to decide on its interest rate next week and offer a statement on monetary policy. Again, no change to the interest rate is expected, but these unprecedented times have produced many surprise policy actions. Lacking other major events, the ASX 200 will likely follow broader risk trends until the RBA offers its commentary on the Australian economy. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

ASX 200 Price Chart: 4 – Hour Time Frame (February – May)

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ASX 200 Price chart

--Written by Peter Hanks, Analyst for DailyFX.com

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

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