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
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇯🇵 Coincident Index Final (NOV) due at 05:00 GMT (15min) Expected: 89.1 Previous: 89.4 https://www.dailyfx.com/economic-calendar#2021-01-27
  • Heads Up:🇯🇵 Leading Economic Index Final (NOV) due at 05:00 GMT (15min) Expected: 96.6 Previous: 94.3 https://www.dailyfx.com/economic-calendar#2021-01-27
  • BoJ Governor Kuroda: - ETF purchases goal is to lower risk premium - ETF purchases not intended to raise stock prices - BBG
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/YCSGO04Aud
  • Crude oil prices are underpinned by an unexpected fall in US crude inventories, as well as a softening US Dollar. The API reported a substantial 5.27-million-barrel draw in crude inventories, far larger than the baseline forecast of a 0.43-million-barrel rise. https://t.co/F2bQ58LVHl
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.41% Gold: -0.19% Silver: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gyzo42h8OQ
  • (Sentiment Weekly) Canadian Dollar, Crude Oil Forecast: Will USD/CAD, WTI Fall as Long Bets Rise? (plus recording of today's webinar on IG Client Sentiment within the article below) https://www.dailyfx.com/forex/technical/article/special_report/2021/01/27/Canadian-Dollar-Crude-Oil-Forecast-Will-USDCAD-WTI-Fall-as-Long-Bets-Rise.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/hsw0vma7CL
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.01% 🇬🇧GBP: -0.02% 🇪🇺EUR: -0.03% 🇦🇺AUD: -0.14% 🇳🇿NZD: -0.14% 🇨🇦CAD: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Dc4gyvBsZb
  • Gold and silver prices may continue to rise in the coming months on the back of falling real rates of return and the prospect of additional fiscal support under a Biden administration. Get your market update from @DanielGMoss here:https://t.co/OMNoNHn2vZ https://t.co/PxfRaYC4Pj
  • China's Ministry of Industry and Information Technology releases measures aimed at accelerating the reduction of steel output - BBG
CAC 40 Moves on Next Support

CAC 40 Moves on Next Support

Walker England, Forex Trading Instructor

Talking Points:

  • CAC 40 Moves on Next Support Near 4,310.88
  • Further Bearish Breakouts Suggest a Return of the Ongoing 2016 Downtrend
  • Looking for additional trade ideas for stocks? Read Our Equities Market Forecast

The CAC 40 continues to trade to new weekly lows this morning, as international equities markets decline. So far the Index is trading down -0.89% for the session going into this weeks close. CAC 40 to losers for the day include ArcelorMittal (-2.63%), AXA (-2.40%) and Veolia Environnement trading down (--2.38%) for the session. Only for listed stocks on the CAC 40 are currently trading higher. This includes LafargeHolcim (+2.97%) and LOreal (+2.20%).

With a key technical trendline falling in Wednesdays trading, technical traders are left again looking for key values of support. Below, we can see the next viable line of support for the CAC 40 resting near 4,331.37. This trendline has been comprised by connecting a series of higher lows, beginning with the August 3rd low of 4,293.34.

CAC 40, Daily

CAC 40 Moves on Next Support

(Created Using TradingView Charts)

Traders should continue to monitor this point because a bounce near 4,310.88 may suggest that the CAC 40 is trading in an ascending price channel. In this bullish scenario, traders may look for the CAC 40 to not only bounce but to challenge resistance near 4,600.00.

However in the event that the CAC 40 fails to find support, traders may being looking for a series of bearish breakouts. A bearish decline may include a move below the depicted trendline, coupled with a move through the September 16th low at 4,310.88 and the previously mentioned low at 4,293.34. A move of this nature would have severe bearish implications and suggest a return of the ongoing 2016 downtrend.

--- Written by Walker, Analyst for DailyFX.com

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

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

Contact and Follow Walker on Twitter @WEnglandFX.

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

DISCLOSURES