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Monday, July 10, 2017

Technical Forecasts for CFDs (July 2017)

AUS200
Dominant bias: Bearish
This market has gone bearish since May and the bearishness has remained till now. There is a huge volatility in the market, which does not push price in a particular direction on a short-term basis, as the movement has been in a zigzag mode. This kind of action is supposed to continue in the next few weeks, as price subtly moves southwards. It is unlikely that the bias would turn bullish anytime soon; for that would require a very strong rally which would push price beyond the high of April 2017, which is located at 5997.42.

SPX500
Dominant bias: Bullish
SPX500 is bullish in the long-term and bearish in the short-term. The market is quite choppy and that is what it would continue to do in the next few weeks, until some unusual fundamental figure pushes price upwards to emphasize the long-term bullish bias; or price would go seriously downwards to override the long-term bullish bias. To stop the bearish threat, there is a need for the resistance level at 2455.0 to be breached to the upside. On the other hand, a movement below the support level at 2400.0 would result in a clean bearish signal.



US30
Dominant bias: Bullish
US30 is bullish in the long-term and neutral in the short-term. Price has been oscillating wildly, revealing a close struggle between the bull and the bear.  The currency market condition is expected to hold out for some time, prior to a seriously directional movement, which would underline the major bullish bias, once the distribution territory at 21563 is breached to the upside. Further southwards movement from here might result in a bearish bias, especially when the accumulation territory at 21000 is broken to the downside (something that would require a massive sell-off).

GER30
Dominant bias: Bearish
This market has turned bearish, after trending downwards in the last three weeks. Both the short-term and long-term movements are bearish (a Bearish Confirmation Pattern), and as such, long trades would be illogical at the present. From the high of June 20 (12958.3), the market has lost about 6,000 points; plus July has also started on a bearish note. There could be temporary pauses and rallies along the way (which could be ignored), as price goes further downwards, reaching the demand levels at 12300.0, 12200.0 and 12100.0.     

FRA40
Dominant bias: Bearish
FRA40 became bearish as a “sell” signal was generated on it in June, owing to the persistent downwards movement that started in May. The market gave up approximately 2,000 points in June, starting July on a bearish note (there is a Bearish Confirmation Pattern in the market). Since May 7, at least, 3700 points have been given up, and the trend is expected to continue this month, reaching the demand zones at 5100.0, 5000.0 and 4900.00 within the next several weeks. Bullish positions are not currently encouraged.



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