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Can the bulls defend 7400 still? | 7410 7435 7470 resistance | 7381 7330 support | G20 summit gets underway

#1 · 28th June 2019, 10:10 am

Quote from Nick on 28th June 2019, 10:10 am
28th June 2019
Global markets swung from gains to losses ahead of the US-China trade war showdown at the G20 summit as hopes of a truce to avert the next round of US tariffs started to fade. Jittery markets in Europe gave up early gains as conflicting reports put investors on edge ahead of tomorrow's crucial G20 summit in Japan.
Stocks were initially boosted by a South China Morning Post report claiming that the Trump administration and Beijing have reached a deal to stop US tariffs on $300bn of Chinese goods. However, the Wall Street Journal later revealed that Chinese president Xi Jinping has demanded that the US ends its clampdown on mobile phone giant Huawei, denting hopes of an agreement.
The US president and Chinese leader Xi Jinping are expected to hold their much-anticipated meeting on the second day of the summit on Saturday. Mr Trump has said he will decide whether to slap tariffs on the remaining $300bn of Chinese goods following the meeting.
Far-Reaching Trade Crusade
A meeting with Chinese leader Xi Jinping on Saturday looms, but U.S. President Donald Trump’s trade crusade goes far beyond Beijing. The EU is now trying to deal with his threatened auto tariffs and G-20 host Japan’s own carmaking sector has also become a target. On his way to the G-20 in Osaka, Trump also tweeted that recent increases in Indian duties on American goods are “unacceptable and the Tariffs must be withdrawn!” The Trump-Xi confab itself may not be smooth sailing. The U.S. is unlikely to agree to lift restrictions on tech sales to Huawei, Reuters said, despite reports Beijing will demand just that in return for a trade truce. Saturday's meeting is happening without preconditions on either side, White House economic adviser Larry Kudlow said.
Stocks Head Lower
Asian equity futures had a mixed start ahead of U.S.-China talks at the G-20 conference this weekend. Futures in Japan and Australia dipped, and were little changed in Hong Kong. Treasuries climbed, with 10-year yields dropping more than 3 basis points. The dollar was narrowly mixed, with the kiwi and Aussie advancing the most. Oil slipped but remains on course for its biggest monthly gain since January, while gold edged down.

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FTSE 100 Trading Signals, Forecast and Prediction
The FTSE only had a 40 point range yesterday, a bit better than the 30 points on Wednesday but still pretty flat. All ahead of the G20 today and tomorrow, and it will be all eyes on trade wars and China and the US. The FTSE 2 hour chart has gone bearish though with this flat period, and is showing resistance at the 7406 level to start with today. Meanwhile the daily chart is still looking like a test of the 25ema at 7361 is likely. The bears are trying to break below the 7400 level this morning as I write this, and a drop to that lower support looks likely.
The ASX200 has put in a. bit of a bearish Friday and with gold climbing from the 1400 level nicely, we may see some weakness on indices today ahead of the weekend. Probably pricing in more protracted trade tariff talk as well and remaining with a deal not being reached between US and China. Sounds like Brexit negotiations!
[caption id="attachment_14905" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
Initially the bulls will be keen to break the 7410 level as that opens up a trip to the 7437 resistance level, with 7462 above that where we have a fib level. That 7460 area looks pretty key though as a break of this is likely to lead higher - 7529 is the next level above that that looks interesting, though we do have the top o the 10 day Raff channel at 7494 as well. For today though I am thinking that 7437 might cap any rises, unless there is some breaking news that forces market upwards.
On the support side, below the 7360 area then a drop down towards 7330 and possibly 7300 is possible, though I am expecting a bounce of some sort at the 7360 level first. We may well see the 7360 to 7410 range play out for today unless there is news that pushes it past those key levels.
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28th June 2019

Global markets swung from gains to losses ahead of the US-China trade war showdown at the G20 summit as hopes of a truce to avert the next round of US tariffs started to fade. Jittery markets in Europe gave up early gains as conflicting reports put investors on edge ahead of tomorrow's crucial G20 summit in Japan.

Stocks were initially boosted by a South China Morning Post report claiming that the Trump administration and Beijing have reached a deal to stop US tariffs on $300bn of Chinese goods. However, the Wall Street Journal later revealed that Chinese president Xi Jinping has demanded that the US ends its clampdown on mobile phone giant Huawei, denting hopes of an agreement.

The US president and Chinese leader Xi Jinping are expected to hold their much-anticipated meeting on the second day of the summit on Saturday. Mr Trump has said he will decide whether to slap tariffs on the remaining $300bn of Chinese goods following the meeting.

Far-Reaching Trade Crusade

A meeting with Chinese leader Xi Jinping on Saturday looms, but U.S. President Donald Trump’s trade crusade goes far beyond Beijing. The EU is now trying to deal with his threatened auto tariffs and G-20 host Japan’s own carmaking sector has also become a target. On his way to the G-20 in Osaka, Trump also tweeted that recent increases in Indian duties on American goods are “unacceptable and the Tariffs must be withdrawn!” The Trump-Xi confab itself may not be smooth sailing. The U.S. is unlikely to agree to lift restrictions on tech sales to Huawei, Reuters said, despite reports Beijing will demand just that in return for a trade truce. Saturday's meeting is happening without preconditions on either side, White House economic adviser Larry Kudlow said.

Stocks Head Lower

Asian equity futures had a mixed start ahead of U.S.-China talks at the G-20 conference this weekend. Futures in Japan and Australia dipped, and were little changed in Hong Kong. Treasuries climbed, with 10-year yields dropping more than 3 basis points. The dollar was narrowly mixed, with the kiwi and Aussie advancing the most. Oil slipped but remains on course for its biggest monthly gain since January, while gold edged down.

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FTSE 100 Trading Signals, Forecast and Prediction

The FTSE only had a 40 point range yesterday, a bit better than the 30 points on Wednesday but still pretty flat. All ahead of the G20 today and tomorrow, and it will be all eyes on trade wars and China and the US. The FTSE 2 hour chart has gone bearish though with this flat period, and is showing resistance at the 7406 level to start with today. Meanwhile the daily chart is still looking like a test of the 25ema at 7361 is likely. The bears are trying to break below the 7400 level this morning as I write this, and a drop to that lower support looks likely.

The ASX200 has put in a. bit of a bearish Friday and with gold climbing from the 1400 level nicely, we may see some weakness on indices today ahead of the weekend. Probably pricing in more protracted trade tariff talk as well and remaining with a deal not being reached between US and China. Sounds like Brexit negotiations!

[caption id="attachment_14905" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

Initially the bulls will be keen to break the 7410 level as that opens up a trip to the 7437 resistance level, with 7462 above that where we have a fib level. That 7460 area looks pretty key though as a break of this is likely to lead higher - 7529 is the next level above that that looks interesting, though we do have the top o the 10 day Raff channel at 7494 as well. For today though I am thinking that 7437 might cap any rises, unless there is some breaking news that forces market upwards.

On the support side, below the 7360 area then a drop down towards 7330 and possibly 7300 is possible, though I am expecting a bounce of some sort at the 7360 level first. We may well see the 7360 to 7410 range play out for today unless there is news that pushes it past those key 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