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
Mixed
Oil - US Crude
Mixed
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
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.08% 🇯🇵JPY: 0.60% 🇨🇭CHF: 0.50% 🇪🇺EUR: 0.46% 🇦🇺AUD: 0.32% 🇨🇦CAD: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hSubj68ZHD
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.08% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BJga7KvgMr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/uK7z1OwAvN
  • IBM Q1 2021 Earnings: - Revenue: $17.73B (est: $17.32B) - Operating EPS: $1.77 (est: $1.65) ***Reaffirms FY Outlook*** $IBM
  • Now in the second half of April, the economic calendar brings forth several data releases and events that historically invite more volatility to FX markets. Get your market update from @CVecchioFX here:https://t.co/xLBEt5Zc6R https://t.co/BCl4qNpFlm
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.02% US 500: 0.02% Germany 30: -0.03% FTSE 100: -0.08% France 40: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/yGpQEAhfhB
  • US Dollar Price Action Setups: EUR/USD, GBP/USD https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/04/19/US-Dollar-USD-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD.html $USD $EURUSD $GBPUSD https://t.co/Jyr7pfHhdH
  • RT @CGasparino: BREAKING -- @JoeBiden Admin is in the early stages of developing a regulatory approach to the booming crypto biz, sources t…
  • The US Dollar is in correction within the yearly uptrend with the decline now eyeing initial support objectives just lower. Get your $USD technical analysis from @MBForex here:https://t.co/QLdiJa8z7v https://t.co/95rBic2Ke8
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.03% Gold: -0.29% Silver: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nj9OGkvt7a
Nikkei 225 Technical Analysis: Path Of Least Resistance Leads Lower

Nikkei 225 Technical Analysis: Path Of Least Resistance Leads Lower

David Cottle, Analyst

Nikkei 225 Technical Analysis Talking Points:

  • The index has already fallen through two key support levels
  • A third seems just about to give way
  • Its downtrend channel probably should be respected

Get trading hints and join our analysts for interactive live coverage of all major economic data at the DailyFX Webinars.

The Nikkei 225 remains caught in a quite pervasive downtrend, which has endured since it topped out back on June 12.

That peak itself was quiet significant as it came in at 23023, which is just about exactly where the bulls had been routed in their previous assault. That petered out on May 19. Coupled with the latest bull failure it looks as though we might be seeing a double top reversal for the Tokyo stock benchmark, which could well portend further significant losses.

However, the index remains for the moment above 21647. That’s an important level as it represents 50% retracement of the climb up from the lows of late March to those twin recent peaks of 23023. It is also the third key Fibonacci retracement level. The first two have already given way in a two-week period which began on June 19. That day’s sharp fall saw the first Fibonacci level of 22378 surrendered on a daily close.

Nikkei 225 Technical Analysis: Path Of Least Resistance Leads Lower

At face value, it seems most unlikely that the bulls are going to make much of a stand at 21647. However, the US July 4 break will be casting its customary thinning spell on global markets and any near term-break lower could be untrustworthy. The level may be topped once again once full market attendance is restored.

However, the Nikkei is also in a pervasive downtrend channel which began on June 21 and is in any case merely an acceleration of its overall slide from those recent peaks.That channel is probably worth respecting in the absence of evidence to the contrary, with momentum indicators and moving averages showing little sign of a trend break.

Nikkei 225 Technical Analysis: Path Of Least Resistance Leads Lower

Channel support now comes in around 21458 and of course, a daily close below that would mean that the 50% Fibonacci retracement had been abandoned and that the path to further downside was wide open.

Resources for Traders

Whether you’re new to trading or an old hand DailyFX has plenty of resources to help you. There’s our trading sentiment indicator which shows you live how IG clients are positioned right now. We also hold educational and analytical webinars and offer trading guides, with one specifically aimed at those new to foreign exchange markets. There’s also a Bitcoin guide. Be sure to make the most of them all. They were written by our seasoned trading experts and they’re all free.

--- Written by David Cottle, DailyFX Research

Follow David on Twitter @DavidCottleFX or use the Comments section below to get in touch!

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

DISCLOSURES