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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • Tech stocks not having a good day, but cyclicals are on fire. Energy and financials sharply higher, materials also in positive territory. $ARKK about to break a double top pattern support #trading $XLE $XOP $XLF $XLB
  • Treasury bond yields extending their push higher across the curve. Ten-year just pierced 1.50%, five-year trading at its steepest level since Feb 2020. This brings the Nasdaq 100 to Russell 2000 ratio into focus with growth underperforming value amid rising rates. $NDX $RUT $TNX https://t.co/hZvP7wQE4E
  • $USDMXN gains ground at the start of the week, bolstered by higher US Treasury rates. For reference, the US10 yield briefly climbed to 1.51% this morning, its highest level since late June #trading #TRMX
  • The US Dollar Index (DXY) is trending higher and on the verge of testing an important set of resistance levels as we head towards the final frame of the year. Get your $USD market update from @PaulRobinsonFX here:https://t.co/SSMaqmiBAr https://t.co/iz3koCpPlD
  • Yen weakness has been one of the clear takeaways post-FOMC. If US rates are heading higher as the Fed forecasts, could be some compelling trends develop in $JPY, similar to Q1 $USDJPY testing a key r level, but a bigger r zone overhead. Caught the high in 2019, 2020 and 2021 https://t.co/mn4kHlXFDA
  • UST 5 years near 1%...$61 billion on sale later today. #UST #bonds #yields @DailyFXTeam https://t.co/mNRGacuUgX
  • 🇺🇸 Durable Goods Orders Ex Transp MoM (AUG) Actual: 0.2% Expected: 0.5% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-09-27
  • sellers showed up in $ES around the Euro open, wiped out the earlier gain from the Asian session $SPX $SPY https://t.co/W8shKKk2Pc
  • 🇺🇸 Durable Goods Orders MoM (AUG) Actual: 1.8% Expected: 0.7% Previous: -0.1% https://www.dailyfx.com/economic-calendar#2021-09-27
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the September Close - https://t.co/chKtG7waxH
CAC 40 Breaks Higher on ECB News

CAC 40 Breaks Higher on ECB News

Walker England, Forex Trading Instructor

Talking Points:

The CAC 40 is launching higher this Thursday, and is currently up +0.96% for today’s session. The Index is now rallying for its 3rd consecutive day, with this move being predicated on news that the ECB has elected to keep benchmark interest rates at 0.00%. Individual daily winners for the CAC 40 includes ArcelorMittal (+3.55%) and Societe Generale (+3.52%). Only 4 of the listed 40 stocks are trading lower, and the decliners list is led by Technip (-0.83%) and Legrand (-.42%).

Technically, the CAC 40 is trending higher after ending its period of consolidation earlier in the week. As the Index trades higher, previous daily resistance at the November 10th high of 4,606.70 should now be seen as a key point of support. Prices are currently challenging the next point of daily resistance, which is displayed graphically at the December 12, 2015 high of 4,748.80.

CAC 40, Daily Breakout

CAC 40 Breaks Higher on ECB News

(Created Using TradingView Charts)

An intraday look at the CAC 40 shows prices breaking out above intraday resistance at 4,714.40. Today’s move should be seen as significant because this is the 4th session that prices have attempted a bullish breakout. With the Index is challenging its daily point of resistance now, traders may elect to keep an intraday bullish bias as long as prices remain above this point.

In the event that the CAC 40 is rejected at present values, traders should look for prices to trade back inside of today’s R3 pivot found at 4,704.10. A move to this point would suggest at least a temporary end to this morning’s bullish price momentum. In this bearish scenario, the CAC 40 may trade back towards values of support. This includes the S3 pivot displayed below at 4,685.00.

CAC 40, 30 Minutes with Pivot

CAC 40 Breaks Higher on ECB News

(Created Using TradingView Charts)

--- 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 hisBio 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