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CAC 40 Little Changed on Missed GDP Data

CAC 40 Little Changed on Missed GDP Data

Walker England, Forex Trading Instructor

Talking Points:

CAC 40 is little changed for today’s trading session (-.02%), despite Euro-Zone GDP figures being released under expectations this morning. Expectations for Euro-Zone GDP (YoY) (4Q P) were set at 1.8% but released at 1.7%. Next traders will be looking forward to Fed chair Janet Yellen speaking before a U.S. Senate banking panel to help guide international equities markets. Individual winners for the CAC 40 includes Peugeot (+4.32%) and Renault (+2.71%). Losers include Societe Generale (-0.91%) and SAFRAN (-0.48%).

Technically the CAC 40 is again trending higher in the short term, as prices remain trading above the 10 day EMA (Exponential Moving Average) at 4,841.57. If prices close near present levels, this will be the fourth consecutive session for the CAC 40 to close above this average. The next benchmark for a developing bull trend will be a daily close above 4,900.00. This area remains a psychological point of resistance, and a breakout above this point exposes the standing 2017 high at 4,929.80.

CAC 40, Daily Chart with Averages

CAC 40 Little Changed on Missed GDP Data

(Created Using TradingView Charts)

Intraday market analysis has the CAC 40 trading just above today’s central pivot at 4,787.50. If the CAC 40 begins to rally late, traders may find resistance at 4,922.60. Alternatively, a decline below the central pivot exposes support near 4,849.20. If the market remains quiet, it is reasonably expected to see the Index continue to trade between these two points for the remainder of the session.

CAC 40, 30 Minute Chart with Intraday Pivots

CAC 40 Little Changed on Missed GDP Data

(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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