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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
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
Bearish
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Some of the top event risk in the next 24 hours: OECD Economic Outlook (10:00) ECB Account for October Policy Meeting (12:30) Bank of Canada’s Poloz Gives Fireside Chat in Toronto (13:40) #EUR #CAD
  • #Dow Jones: The top-side trend-line from January 2018 is the targeted objective on weakness, and depending on how price action plays out it could be a spot for dip-buyers. Get your market update from @PaulRobinsonFX here: https://t.co/A6reQC8XZV https://t.co/uDBsE1cGtD
  • Singapore 3Q GDP rose 2.1% Q/Q basis with an estimate of 1.8%. The economy is set to expand 0.5-2.5% in 2020. -BBG #SGD
  • In the IMF's October 2019 GFSR, policymakers used the word "leverage" 107 times, "risk" 442 times, "debt" 381 times, "trade tensions" 13 times and "downturn" also 13 times. I'm picking up on a theme here...
  • Over the past 30 days, #JPY has been the best performing G10 currencies vs. USD with 0.14% spot-returns while #CAD has been the worst with -1.64%
  • The USD/JPY, AUD/USD and NZD/USD may decline after news passed that the US-China trade deal may be delayed, Trump wants China to step up efforts and the HK Bill could come into law $USDJPY $AUDUSD $NZDUSD - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2019/11/20/AUDUSD-NZDUSD-USDJPY-Slide-May-Extend-on-Trade-War-Fears.html?CHID=9&QPID=917702 https://t.co/jVK51RAdxh
  • #Gold prices may rise along with the $SEK and $NOK if the ECB and FOMC minutes fuel rate cut bets and boost the appeal of non-interest-bearing assets and riskier currencies. Get your market update from @ZabelinDimitri here: https://t.co/PNxxUZkIs3
  • #NOK, #SEK and the #NZD are expected to be the most active G10 currencies vs #USD with 1-week implied volatilities at 7.95, 7.57 and 6.85 respectively
  • #Euro Price Outlook: $EURUSD Rebound to Challenge Downtrend Resistance - https://t.co/XocELeKvtt https://t.co/XgefFa8ueO
  • $EURUSD Daily Pivot Points: S3: 1.1036 S2: 1.1056 S1: 1.1067 R1: 1.1087 R2: 1.1095 R3: 1.1115 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Nikkei 225 Rallies to Contest 50% Fibonacci

Nikkei 225 Rallies to Contest 50% Fibonacci

2016-04-21 03:04:00
Nathalie Huynh,
Share:

Talking Points:

  • Strategy: Prepare for a serious contest of 50% Fibonacci or even a breach
  • Upward pressure supports the current rally
  • Support level is 16,461.5 and resistance level is 18045.8

A rally inthe Nikkei 225 continued into the second week as it headed to 50% Fibonacci at 17,438.5. Higher extensions are possible given a building momentum. A resistance level and 61.8% Fibonacci comes above that at 18,045.8.

This is the first time the Nikkei has seriously tested 50% Fibo since a month-long consolidation in March. Hence it is a positive signal for investors, although the risk of a double top looms. If the index fails to break through resistance level, upward momentum would likely retain it around current levels.

As the focus has shifted to levels above 17,000, an immediate support at 16,461.5 is unlikely to be challenged soon.

Need a hand to start trading: Free Guides

Want to read the market’s momentum: Speculative Sentiment Index

Want to improve your trading strategy: Traits of Successful Traders

Nikkei 225 Rallies to Contest 50% Fibonacci

Daily Chart - Created Using FXCM Marketscope

--- Written by Nathalie Huynh, Strategist for DailyFX.com

To receive Nathalie’s analysis directly via email, please SIGN UP HERE

Contact and follow Nathalie on Twitter: @nathuynh

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

DISCLOSURES

News & Analysis at your fingertips.