The hesitant trading mood at the end of the US session yesterday has weighed on Asian shares overnight and led to a mixed opening on European markets this morning. Everything started yesterday with rising international trade worries brought by Gina Raimondo’s hawkish tone towards Chinese companies. However, the positive economic outlook carried by the reassuring batch of macro data and corporate results is likely to sustain market sentiment in the mid to long-term. This would turn today’s mixed opening into an expected profit taking move, especially after a solid two-day rally on stocks and ahead of major macro releases (BoE’s rate decision, US jobless claims and US NFP).
The CAC-40 Index from Paris is one of the today’s best performers so far with the price challenging the main resistance at 5,588pts (61.8% retracement) as well as the last speedline. A clearing of this level would trigger a further upward move towards 5,640pts and 5,725pts by extension.
While a student, Pierre Veyret had a passion for the financial markets. At the time, he studied International Trade through the setting up of import / export operations and it was the techniques of hedging against exchange rate risks that helped him to make the link with the financial markets, and all especially that of Forex. It is therefore with the aim of anticipating the price of currencies several months in advance that Pierre quickly turned to different methods of analysis by drawing inspiration and surrounding himself with experts in the field. Shortly after, Pierre decided to specialize in Technical Analysis, a discipline he had the opportunity to practice with real market professionals, thanks to AFATE / IFTA, an association of which he has been an active member for several years. Pierre Veyret is passionate about the field of the financial industry with a particular interest in the various techniques of stock market forecasting. Currently, Pierre is based in the City of London where he works as Chief Analyst. He performs regular interventions on a multitude of asset classes through various media (television, internet and print media).
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© 2019 High Leverage FX - All Rights Reserved.