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
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
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
More View more
Real Time News
  • BoE's Ramsden: - Contingency planning is very different from thinking negative rates will be used - We want to be in a position that if things don't improve like our forecasts say, the tool of negative rates can be feasibly used if necessary #BoE $GBP
  • Heads Up:🇺🇸 Fed Brainard Speech due at 14:05 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇺🇸 Fed Williams Speech due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.84%, while traders in France 40 are at opposite extremes with 67.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xGzM0SUjeR
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into start of the week / month! https://t.co/chKtG7waxH
  • wrote up the $Gold forecast for this week, a major level already in-play ~1725. #NFP the big item on the calendar, but lots of space on the chart until Friday https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2021/02/27/Gold-Price-Forecast-XAU-Tanks-Hard-as-Yields-Inflation-Fears-Climb.html https://t.co/xrlEzFbspb
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.58% 🇦🇺AUD: 0.46% 🇳🇿NZD: 0.22% 🇪🇺EUR: -0.16% 🇯🇵JPY: -0.16% 🇨🇭CHF: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0epJpm4UcD
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/lxd5fZnn4H
  • The US Dollar has begun the week strongly, The $DXY has risen back above the 91.00 level to trade around its February highs. $USD https://t.co/RxZTJZpbSL
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/kJiIvjD1Bw
Nikkei 225 Fightback Looks Short Of Steam Below Key Trendline

Nikkei 225 Fightback Looks Short Of Steam Below Key Trendline

David Cottle, Analyst

Nikkei 225 Technical Analysis Talking Points:

  • The Nikkei has risen quite sharply from its recent lows
  • However, the bounce seems to be fading
  • Downtrend resistance remains comfortably in place

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

The Nikkei 225 has staged a modest fightback from its recent lows but the fight seems to be fading short of the key resistance which will need to break to make it stick.

Fundamentally speaking the rally was rooted in the global stock bounce which followed the implication that US interest rates could go lower if needed to counter the gloomy effects of trade conflict on the indexes. Still, those effects are very much in play.

Nikkei 225, Daily Chart

Technically speaking there’s a clear short-term downtrend line on the daily chart, nicely confirmed by recent peaks. The bulls will need to break that convincingly and hold above it if the rally is to be anything more than a bump in the road a lower and, so far, that looks like being a tall order. That line currently provides resistance around 21,000. That’s more than 200 points above the current market and the bulls will need to show some fight to even get there.

A good psychological start might be to top 20,952.6. That seems a more realistic target and getting there would mean that the Nikkei had clawed back all the losses incurred during the sharp falls of last Friday. A quick foray back up to this level might well indicate that there remains some near-term upside momentum.

However, while not impossible, such a move doesn’t look likely from the chart and, indeed a test lower now seems more probable. That would put focus on support at the recent low of 20,287.5 and, probably reopen the broad support zone between that and January’s cluster of trading action around the 19,985 region.

Momentum indicators don’t suggest that that zone is in imminent danger of being broken anytime soon, but a retest of its upper regions seems the most likely prospect now, one which would incidentally confirm that another lower low had been made on the daily chart.

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