Last week was a bullish week for both the FTSE100 and the GER30 it started off at the beginning of the week as normal but then on Tuesday 14th it fell bearish which is what I was expecting and it made my best trade of the week which capped 172pips off of 2 dual entries. when they both fell they hit a previous tested low and rallied up to new highs.
last week being a very choppy week for currency's it was choppy at times for the DAX and FTSE after times of large movements which has happened for these two the index's will stay range bound. what normally happens after time consolidating the markets can either shoot into the sky or sink into the ground and where the markets have been consolidating will then become a support or a resistance. I suspect both the FTSE100 and GER30 will spend most of this week in a sideward movement making trading slightly difficult to trade.
Key events this week
Tuesday 21st march- This day has a few events revolving the GBP so it could be an interesting day and possibly enough to break the sideways movement. 8 reports surrounding the GBP in total only one 'red flag' .
GBP- CPI Tuesday 21st march this is a red flag event and could play on the pound in doing so it will effect the FTSE100. Remember 'Down for the pound up for the FTSE'.
GBP- Retail sales m/m Thursday 23rd march this is another 'red flag' event for the GBP this report is sandwiched between the ECB Economic bulletin and the CBI realized sales all before the London session opens it could be a choppy open for the FTSE100.
EURO- Friday 24th March With 6 flash PMI'S it will be choppy for the FRENCH40 and the GER30 these reports are before the market open so I will be sitting on my hands and waiting for the whipsawing to stop and a trend to start.
UK100- Tuesday is an important day for the ftse100 and will be a day that I think it will break consolidation on the upside and continue its bullish move maybe heading towards the 7470 mark.
Ger30- With the more important news heading towards the later part of the week that will be the focus on the DAX. I think it will continue to stay range bound but may test new highs at the end of the week.
All forecasts are used by historical data and future news reports, no certainty is insured.
Author: Ashton Hunt
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