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7533 7566 7620 resistance | 7482 7455 support | Boris assembles new cabinet | ECB news | Trading Analysis

#1 · 25th July 2019, 9:54 am

Quote from Nick on 25th July 2019, 9:54 am
25th July 2019
The pound recovered from its losses over the past few days, touching but not quite sustaining a three-day high. It closed up 0.46pc.
The FTSE 100 closed down 0.73pc after a mopey day, with miners remaining the main drag.
Politics
Boris Johnson carried out the biggest Cabinet cull in almost 60 years on Wednesday as he promoted Brexit loyalists to help him get Britain out of the EU on October 31, “no ifs or buts”. The new Prime Minister, who had recently said his favourite film moment was the “retribution scene” in The Godfather, staged his own political massacre as 17 ministers either resigned or were sacked.
Among those fired in a breathtakingly swift transition were Jeremy Hunt, who was shown the door after refusing a demotion, and nine ministers who had supported the outgoing foreign secretary in the leadership race. In their place, Mr Johnson packed the Cabinet with loyalists and Brexiteers, including Dominic Raab, who becomes both Foreign Secretary and Mr Johnson’s de facto deputy; Priti Patel, who is the new Home Secretary; and Sajid Javid, who becomes Chancellor. Mr Johnson also buried the hatchet with Michael Gove, the man who scuppered his 2016 leadership bid, by keeping him in the Cabinet as Chancellor of the Duchy of Lancaster, with responsibility for co-ordinating no-deal planning.
It means three of the four most senior roles in Government are filled by former members of the Vote Leave campaign in Mr Johnson, Mr Raab and Ms Patel, while Mr Gove, who ran the campaign with Mr Johnson, is also close to the centre of power.
Stocks Push Higher
Asian equity futures look poised for a positive open after U.S. stocks pushed mostly higher as investors mulled weak economic data and mixed corporate results. The S&P and Nasdaq both climbed to records, but the Dow was dragged down by Boeing and Caterpillar, both of which delivered disappointing earnings. Treasuries advanced along with bonds in Europe and the dollar was mixed.

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FTSE 100 Trading Signals, Forecast and Prediction
Could be an interesting day with the ECB news out at 1245 later. The 7482 level held again yesterday and we are now back above 7500, with the 30min coral looking to go green and suggests support at the 7505 level. However, the 2 hour is bearish after yesterday 100 point fall and has resistance from both the moving average and the coral at 7533. With the 200ema on the 30min at 7528, we may see an initial dip down to the 7505 support level from here, before a bounce higher.
[caption id="attachment_14970" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
With the new cabinet being assembled and with a remit and appointment pattern that looks like it means business to get this Brexit job done, we may well see some more optimism creep in today. If we do break above the 7533 level then a rise towards the 7566 fib level is likely, with the 7602 level still in play as resistance above that. If it really goes for it then 7620 and possibly a bit higher looks possible. The fact the bulls fought back from 7482 bodes well for some more bullishness and a rise towards the 7600 level again.
It's worth keeping an eye open cable again today as a rise on that will weigh on the FTSE, and vice versa.
I am thinking that buying the dip as long at 7500 holds is worth doing today. Should we test 7480 again, that would be the third session that has seen this level tested and it may well break this time. Thats said, the 25ema at this level has certainly held well and the daily chart is still bullish, though the top of the 10 day Raff channel is at 7600 now. The daily coral support is at 7440 and rising, so we may well see a bounce at the 7455 level if it were to be tested.
On the news front highlights include CBRT and ECB Rate Decisions at 12:45, German Ifo, US Durable Goods and Initial Claims, Canadian Average Weekly Earnings, ECB President Draghi
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If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.
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25th July 2019

The pound recovered from its losses over the past few days, touching but not quite sustaining a three-day high. It closed up 0.46pc.

The FTSE 100 closed down 0.73pc after a mopey day, with miners remaining the main drag.

Politics

Boris Johnson carried out the biggest Cabinet cull in almost 60 years on Wednesday as he promoted Brexit loyalists to help him get Britain out of the EU on October 31, “no ifs or buts”. The new Prime Minister, who had recently said his favourite film moment was the “retribution scene” in The Godfather, staged his own political massacre as 17 ministers either resigned or were sacked.

Among those fired in a breathtakingly swift transition were Jeremy Hunt, who was shown the door after refusing a demotion, and nine ministers who had supported the outgoing foreign secretary in the leadership race. In their place, Mr Johnson packed the Cabinet with loyalists and Brexiteers, including Dominic Raab, who becomes both Foreign Secretary and Mr Johnson’s de facto deputy; Priti Patel, who is the new Home Secretary; and Sajid Javid, who becomes Chancellor. Mr Johnson also buried the hatchet with Michael Gove, the man who scuppered his 2016 leadership bid, by keeping him in the Cabinet as Chancellor of the Duchy of Lancaster, with responsibility for co-ordinating no-deal planning.

It means three of the four most senior roles in Government are filled by former members of the Vote Leave campaign in Mr Johnson, Mr Raab and Ms Patel, while Mr Gove, who ran the campaign with Mr Johnson, is also close to the centre of power.

Stocks Push Higher

Asian equity futures look poised for a positive open after U.S. stocks pushed mostly higher as investors mulled weak economic data and mixed corporate results. The S&P and Nasdaq both climbed to records, but the Dow was dragged down by Boeing and Caterpillar, both of which delivered disappointing earnings. Treasuries advanced along with bonds in Europe and the dollar was mixed.

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FTSE 100 Trading Signals, Forecast and Prediction

Could be an interesting day with the ECB news out at 1245 later. The 7482 level held again yesterday and we are now back above 7500, with the 30min coral looking to go green and suggests support at the 7505 level. However, the 2 hour is bearish after yesterday 100 point fall and has resistance from both the moving average and the coral at 7533. With the 200ema on the 30min at 7528, we may see an initial dip down to the 7505 support level from here, before a bounce higher.

[caption id="attachment_14970" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

With the new cabinet being assembled and with a remit and appointment pattern that looks like it means business to get this Brexit job done, we may well see some more optimism creep in today. If we do break above the 7533 level then a rise towards the 7566 fib level is likely, with the 7602 level still in play as resistance above that. If it really goes for it then 7620 and possibly a bit higher looks possible. The fact the bulls fought back from 7482 bodes well for some more bullishness and a rise towards the 7600 level again.

It's worth keeping an eye open cable again today as a rise on that will weigh on the FTSE, and vice versa.

I am thinking that buying the dip as long at 7500 holds is worth doing today. Should we test 7480 again, that would be the third session that has seen this level tested and it may well break this time. Thats said, the 25ema at this level has certainly held well and the daily chart is still bullish, though the top of the 10 day Raff channel is at 7600 now. The daily coral support is at 7440 and rising, so we may well see a bounce at the 7455 level if it were to be tested.

On the news front highlights include CBRT and ECB Rate Decisions at 12:45, German Ifo, US Durable Goods and Initial Claims, Canadian Average Weekly Earnings, ECB President Draghi

Recommended Broker

IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!

Membership

If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.

What you get

Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
Telegram live trading room and webinar group membership for discussion and realtime trade updates