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. See our updated Privacy Policy here.

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
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
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
More View more
Real Time News
  • *GOLD TRYING TO BREAKOUT* $Gold Testing above a huge, confluent zone of resistance right now fresh 3-month highs Possible bull flag breakout if buyers can continue to push $Gold $GC $GLD https://t.co/9dM8qAsJFl
  • Cryptos rebound after Tesla dump rumors are denied. BTC/USD rejects further sellers at previous record-high, momentum building higher. Get your $btc market update from @HathornSabin here:https://t.co/76oWtJE96v https://t.co/r7CXq52xWf
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.93% Silver: 0.75% Gold: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/g27Iwp8uPa
  • 🇺🇸 NAHB Housing Market Index (MAY) Actual: 83 Expected: 83 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.00%, while traders in Germany 30 are at opposite extremes with 71.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CRl85ShvFp
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Silver: 0.70% Gold: 0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/2TtnMVtOFs
  • $EURUSD still battling at that fibo resistance 2167, another inflection this morning https://t.co/v1X3gN2RRX https://t.co/oMC1OvWkI7
  • Heads Up:🇺🇸 NAHB Housing Market Index (MAY) due at 14:00 GMT (15min) Expected: 84 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.01% France 40: -0.13% Wall Street: -0.29% US 500: -0.29% FTSE 100: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/e0gUTLKXn0
  • The Pound saw a modest bout of buying as GBP had been underpinned by reduced political tail risks after the SNP failed to gain a majority at the Scottish Election. Get your $GBP market update from @JMcQueenFX here:https://t.co/bbxv0Aq2LJ https://t.co/LhP15IXDPp
Nikkei 225 Gains Hold At Key Retracement Level, Support Looks Firm

Nikkei 225 Gains Hold At Key Retracement Level, Support Looks Firm

David Cottle, Analyst

Nikkei 225 Technical Analysis Talking Points:

  • The index is hovering around the first key retracement level of its most recent rise
  • If it can hold here, it will have shown quite impressive resilience
  • Overall global risk appetite is likely to be more decisive than the technical indicators though

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

Fundamentally the Nikkei 225 is as maddeningly hostage to headlines emanating from this week’s US-China trade talks as every other traded asset. Technically, meanwhile it is at least showing the absolute value of Fibonacci retracement levels as key support and resistance.

Now back up to one-week highs on its daily chart, the Tokyo stock benchmark has been buoyed this week by rising hopes that at least a mini deal can be done between the two global titans in Washington. It’s important to stress that hope is all investors have so far, and that this situation may only be a single headline or Tweet away from complete reversal. That said Thursday saw the index make impressive gains, as did other risk assets.

The Nikkei is now flirting with 21,689, having made a daily close above that point on Thursday for the first time since September 30. It’s an interesting chart point, being the first, 23.6% retracement of the rise up from late August’s lows to the four-month peak of September 19.

A weekly close above that point would be tentatively constructive, keeping that top well within the bulls’ range. It would also perhaps offer the prospect that consolidation at that level could be used as a launchpad for another try at 2019s peak. That’s May 3’s 22,488.

However, we may be getting ahead of ourselves. Any return to levels above mid-September’s top is likely to be gradual and, as we have seen very vulnerable to trade news flow. Still, it will remain possible if current levels hold.

Nikkei 225, Daily Chart

To the downside resistance still looks firm at 21,3338, the second, 38.2% retracement level. That point has effectively held of the bears on a daily closing basis for the past trading week, despite numerous attempts at it. A definitive, trade-related deflation in global risk appetite would probably see it fail, but absent that it looks solid enough.

It’s notable too that the most recent notable low, October 3’s intraday foray to 21,055, was halted at, yes, the 50% retracement level. All these clearly remain Nikkei points to watch, at least in the short term.

Nikkei 225 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