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Can the bulls defend 7200 for a rise towards 7250 7300 | 7170 support | Fed minutes tomorrow | Analysis

#1 · 20th August 2019, 9:41 am

Quote from Nick on 20th August 2019, 9:41 am
20th August 2019
European stocks lifted as German government hints at stimulus
Finance Minister Olaf Scholz talks up €50bn package to boost Europe’s largest economy
US joins rally after White House plays down signs of an impending US recession
If it hadn’t been for that burst of activity at the end, Monday would have been remarkably quiet, especially given the volatility that has marked trading in recent weeks. Even a warning from Germany’s central bank that, yes, Europe’s biggest economy is probably heading for recession, wasn’t enough to upset the upbeat feeling, with the DAX and CAC both gaining around 1.3pc, and the FTSE 100 not far behind at 1.02pc up.
Donald Trump has turned his attention back to the economy, and accused Federal Reserve chair Jerome Powell of a “horrible lack of vision”. He repeated calls for a 1pc cut, and suggest the central bank should begin a process of quantitative easing as well.
Sanctions eased
Huawei got a reprieve. The U.S. will extend for another 90 days a narrow set of exemptions meant to protect U.S. customers from a ban on doing business with the Chinese company. “We're giving them a little more time to wean themselves off,” Commerce Secretary Wilbur Ross told Fox News. The move doesn't address wider national-security concerns about Huawei or answer the question of whether U.S. chip companies and other major suppliers will be allowed to sell parts to China.
Asian Markets on Tuesday
Asian stocks saw modest gains after U.S. equities rallied on Huawei-fueled optimism and speculation central banks are poised to shore up their economies. Treasuries declined despite President Trump's call for more Fed easing. The dollar rose to this year’s high, gaining against every G-10 peer save the Norwegian krone. Oil jumped, while gold dropped more than 1%.

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FTSE 100 Trading Signals, Forecast and Prediction
The sentiment is slowly trying to turn, with a more bullish session seen in Asia and the FTSE 100 and other markets holding onto gains yesterday. As mooted last week there is stimulus rhetoric being mentioned again, the ECB primed September a while back as the month for further measures and as such we may well see a further rise today ahead of the Fed tomorrow. We also have Jackson Hole Wednesday to Friday which will see further news of rates/stimulus/etc.
[caption id="attachment_15022" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
For today the bulls will be keen to regain the 7200 level and a rise towards the 7245 resistance level looks likely. We also have the daily resistance levels still in play around the 7305/7310 area so a rise to here still looks likely, and am still thinking that a modest rally end of August/early September still looks likely.
The bulls have defended after the August drop and the 2 hour chart remains bullish with 7110 showing as support from both the coral and moving average. If we were to dip this low then a long here is worth a go. Initially however there is support at the 200ema on the 30min at 7162 and also the daily pivot at 7176. Below this then the cam break out and fib at 7136 and 7131 respectively is the next support area of note.
Looking at the ASX200 in Australia, they had a fairly bullish day with a rise pretty much out the blocks, and I am thinking that we may well do the same. With the bulls breaking the 7175 resistance level yesterday that should in theory become support also, and the bulls will be keen to target those higher resistance levels.
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

20th August 2019

European stocks lifted as German government hints at stimulus
Finance Minister Olaf Scholz talks up €50bn package to boost Europe’s largest economy
US joins rally after White House plays down signs of an impending US recession

If it hadn’t been for that burst of activity at the end, Monday would have been remarkably quiet, especially given the volatility that has marked trading in recent weeks. Even a warning from Germany’s central bank that, yes, Europe’s biggest economy is probably heading for recession, wasn’t enough to upset the upbeat feeling, with the DAX and CAC both gaining around 1.3pc, and the FTSE 100 not far behind at 1.02pc up.

Donald Trump has turned his attention back to the economy, and accused Federal Reserve chair Jerome Powell of a “horrible lack of vision”. He repeated calls for a 1pc cut, and suggest the central bank should begin a process of quantitative easing as well.

Sanctions eased

Huawei got a reprieve. The U.S. will extend for another 90 days a narrow set of exemptions meant to protect U.S. customers from a ban on doing business with the Chinese company. “We're giving them a little more time to wean themselves off,” Commerce Secretary Wilbur Ross told Fox News. The move doesn't address wider national-security concerns about Huawei or answer the question of whether U.S. chip companies and other major suppliers will be allowed to sell parts to China.

Asian Markets on Tuesday

Asian stocks saw modest gains after U.S. equities rallied on Huawei-fueled optimism and speculation central banks are poised to shore up their economies. Treasuries declined despite President Trump's call for more Fed easing. The dollar rose to this year’s high, gaining against every G-10 peer save the Norwegian krone. Oil jumped, while gold dropped more than 1%.

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FTSE 100 Trading Signals, Forecast and Prediction

The sentiment is slowly trying to turn, with a more bullish session seen in Asia and the FTSE 100 and other markets holding onto gains yesterday. As mooted last week there is stimulus rhetoric being mentioned again, the ECB primed September a while back as the month for further measures and as such we may well see a further rise today ahead of the Fed tomorrow. We also have Jackson Hole Wednesday to Friday which will see further news of rates/stimulus/etc.

[caption id="attachment_15022" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

For today the bulls will be keen to regain the 7200 level and a rise towards the 7245 resistance level looks likely. We also have the daily resistance levels still in play around the 7305/7310 area so a rise to here still looks likely, and am still thinking that a modest rally end of August/early September still looks likely.

The bulls have defended after the August drop and the 2 hour chart remains bullish with 7110 showing as support from both the coral and moving average. If we were to dip this low then a long here is worth a go. Initially however there is support at the 200ema on the 30min at 7162 and also the daily pivot at 7176. Below this then the cam break out and fib at 7136 and 7131 respectively is the next support area of note.

Looking at the ASX200 in Australia, they had a fairly bullish day with a rise pretty much out the blocks, and I am thinking that we may well do the same. With the bulls breaking the 7175 resistance level yesterday that should in theory become support also, and the bulls will be keen to target those higher resistance levels.

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