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CAC 40 Rally Takes a Pause

CAC 40 Rally Takes a Pause

Walker England, Forex Trading Instructor

Talking Points:

After yesterday’s surge in price, the CAC 40 is taking a pause as international markets await today’s FOMC rate decision. Currently the CAC 40 Index is trading modestly lower, down -0.56% for the session. Index leaders for the session include Accor (+1.31%) and Credit Agricole (+1.04%). Session losers include Veolia Environnement (-2.52%) and Sanofi (-2.41%)

Technically if the CAC 40 settles near present levels, today’s daily chart is set to close with an inside bar. This pattern is emerging because so far prices have failed to trade to a new daily low or high. This means traders may use yesterday’s daily candle as a reference for future breakouts. Key values to remember are Tuesday’s high of 4,807.90 which is acting as a point of support, and Tuesday’s low of 4,746.50 which is now acting as a point of resistance.

CAC 40 Daily Chart and Inside Bar

(Created Using TradingView Charts)

Intraday the CAC 40 remains supported this morning above its S4 pivot point, found at a price of 4,770.40. If prices trade through this value, bearish breakouts may expose yesterday’s previous low of 4,746.50. Alternatively, a bounce from present levels may have the CAC 40 trading back above today’s S3 pivot of 4,787.40. A move of this nature may see the Index trading higher towards points of resistance, including the R3 and R4 pivot found at 4,820.50 and 4,837.00 respectfully.

CAC 40 30 Minute Chart and Pivots

(Created Using TradingView Charts)

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

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

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