Indices have bottomed out for the time being, with the Dow in particular striding back towards recent highs.
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....The index staged a strong recovery last week, moving back above 40,000 after the pullback from its record high in July.It has opened higher at the beginning of the new week and is again on course to test the July high at 41,390. Above this lies new record highs.
Sellers will want to see a reversal below the 18,800 level this week and then back below the 100-day SMA, to negate the higher low thesis.This index has not seen the elegant recovery of its US peers, but it has also avoided their heavy losses.Instead, it continues to avoid a firm close below its 100-day SMA, which has essentially acted as trendline support since mid-June. It rebounded on Friday and is now on course to test previous resistance at 18,600.
Sellers are still seeking a firm close below the 100-day SMA, and then a drop through 18,000, to break the support zone of the past six weeks.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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