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Bull Monday with a rise towards 7060 and maybe higher | 7005 6961 support | learn to trade | live chat room

#1 · 4th February 2019, 10:32 am

Quote from Nick on 4th February 2019, 10:32 am
4th February 2019
Asian stocks started the week with modest gains following strong U.S. economic data and positive comments out of Washington on the trade talks. Trading is more subdued as much of the region heads into Lunar New Year holidays.
The U.S. Bureau of Labor Statistics reported non-farm payrolls for January saw the US economy add 304,000 new jobs Friday, above the expected 165,000 and the second consecutive month above 300,000. The downside from the report came from the month-on-month average earnings increasing by just 0.1%, under the expected 0.3%, along with the unemployment rate ticking up 0.1% to 4.0%.
Trade Talks Confidence
U.S. President Donald Trump sounded confident that agreements with both China and North Korea are on the horizon. Trade talks with Beijing are "doing very well," the president told CBS, adding that he thinks Pyongyang "wants to make a deal" on denuclearization. Trump and Xi Jinping may meet in Vietnam on Feb. 27-28, according to the South China Morning Post. The president reiterated an announcement on the date for his next summit with Kim Jong Un will be made shortly. Trump also said in the interview that he intends to maintain a military presence in Iraq, in part to "watch" Iran.
U.S. stocks eked out a gain Friday as a strong U.S. jobs report and progress on China trade talks vied with a disappointing sales forecast from Amazon. Treasuries fell, with 10-year yields up six basis points. The dollar ended last week on an upward note, with the yen and Aussie losing the most ground. Oil jumped while gold retreated. Looking ahead, it will be rather quiet in Asia with multiple countries in the region taking days off to celebrate the start of the Lunar New Year, which ushers in the Year of the Pig. China will be off all week, while there are also multi-day breaks in Hong Kong, Indonesia, South Korea, Malaysia, Singapore, Taiwan and Vietnam. The Reserve Bank of Australia and the Bank of England are among those reviewing monetary policy – Australia on Tuesday and the Bank of England on Thursday. Also watch out for Federal Reserve Chairman Jerome Powell speaking in Washington and Trump’s delayed State of the Union address.

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FTSE 100 Trading Signals, Forecast and Prediction
The bulls managed to break the 7000 level on Friday and despite the drop down from the 7020 level to 6970 we closed the week positively. The NFP results exceeded expectations, but despite earnings rising slower than expected the bulls remained in control. For today, they need to break the 7033 level which was Friday evenings high, and if they do manage that then a rise towards the daily resistance level at 7060 is likely.
[caption id="attachment_14554" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
We also have a fib level at 7056 and as such, this area may be worth a short for a dip back down to the 7020 area - previous resistance becoming support. Above the 7060 level then we will more than likely see R3 at 7114 and the bulls remaining in control for the start of the week. With China/Asia trading subdued this week for their New Year on Tuesday, we may see reduced rhetoric regarding trade wars though the latest is that an agreement is on the horizon.
Below the 7005 daily pivot area, the bears will be keen to test the 200ema on the 30minute which is currently at 6947, though their is a longer term support just below this at 6930. We also have a fib support level of note at 6960, just below Fridays low. If the bears want to take prices lower then they will need to break the 6930 level, as that opens up 6900 again, and lower support at 6850. The bulls will of course be fighting to keep the price above 7000 for the moment, especially given the effort to bring it up from the 6530 December low.
January in the end was pretty positive and may well have set the tone for the year, especially if there is a trade agreement and the Brexit deadline/deadlock passes without too much negativity.
Anyway, for today I am thinking that we follow Asia and Australia's positive session and see a rise towards th 7060 level initially. Should we dip as low as 6960 then a long here may well be worth a go as well, though I am thinking that the pivot area at 7005 will hold initially.
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4th February 2019

Asian stocks started the week with modest gains following strong U.S. economic data and positive comments out of Washington on the trade talks. Trading is more subdued as much of the region heads into Lunar New Year holidays.

The U.S. Bureau of Labor Statistics reported non-farm payrolls for January saw the US economy add 304,000 new jobs Friday, above the expected 165,000 and the second consecutive month above 300,000. The downside from the report came from the month-on-month average earnings increasing by just 0.1%, under the expected 0.3%, along with the unemployment rate ticking up 0.1% to 4.0%.

Trade Talks Confidence
U.S. President Donald Trump sounded confident that agreements with both China and North Korea are on the horizon. Trade talks with Beijing are "doing very well," the president told CBS, adding that he thinks Pyongyang "wants to make a deal" on denuclearization. Trump and Xi Jinping may meet in Vietnam on Feb. 27-28, according to the South China Morning Post. The president reiterated an announcement on the date for his next summit with Kim Jong Un will be made shortly. Trump also said in the interview that he intends to maintain a military presence in Iraq, in part to "watch" Iran.

U.S. stocks eked out a gain Friday as a strong U.S. jobs report and progress on China trade talks vied with a disappointing sales forecast from Amazon. Treasuries fell, with 10-year yields up six basis points. The dollar ended last week on an upward note, with the yen and Aussie losing the most ground. Oil jumped while gold retreated. Looking ahead, it will be rather quiet in Asia with multiple countries in the region taking days off to celebrate the start of the Lunar New Year, which ushers in the Year of the Pig. China will be off all week, while there are also multi-day breaks in Hong Kong, Indonesia, South Korea, Malaysia, Singapore, Taiwan and Vietnam. The Reserve Bank of Australia and the Bank of England are among those reviewing monetary policy – Australia on Tuesday and the Bank of England on Thursday. Also watch out for Federal Reserve Chairman Jerome Powell speaking in Washington and Trump’s delayed State of the Union address.

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FTSE 100 Trading Signals, Forecast and Prediction

The bulls managed to break the 7000 level on Friday and despite the drop down from the 7020 level to 6970 we closed the week positively. The NFP results exceeded expectations, but despite earnings rising slower than expected the bulls remained in control. For today, they need to break the 7033 level which was Friday evenings high, and if they do manage that then a rise towards the daily resistance level at 7060 is likely.

[caption id="attachment_14554" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

We also have a fib level at 7056 and as such, this area may be worth a short for a dip back down to the 7020 area - previous resistance becoming support. Above the 7060 level then we will more than likely see R3 at 7114 and the bulls remaining in control for the start of the week. With China/Asia trading subdued this week for their New Year on Tuesday, we may see reduced rhetoric regarding trade wars though the latest is that an agreement is on the horizon.

Below the 7005 daily pivot area, the bears will be keen to test the 200ema on the 30minute which is currently at 6947, though their is a longer term support just below this at 6930. We also have a fib support level of note at 6960, just below Fridays low. If the bears want to take prices lower then they will need to break the 6930 level, as that opens up 6900 again, and lower support at 6850. The bulls will of course be fighting to keep the price above 7000 for the moment, especially given the effort to bring it up from the 6530 December low.

January in the end was pretty positive and may well have set the tone for the year, especially if there is a trade agreement and the Brexit deadline/deadlock passes without too much negativity.

Anyway, for today I am thinking that we follow Asia and Australia's positive session and see a rise towards th 7060 level initially. Should we dip as low as 6960 then a long here may well be worth a go as well, though I am thinking that the pivot area at 7005 will hold initially.

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