Daily Trading Opportunities - Thursday, May 11
Today has several announcements coming out that could move the marketplace, not the least of which will be PPI numbers coming out of the United States and an extra decision coming out of the Bank of England. However, the market should continue to see volatility along many asset classes.
USD/JPY
The USD/JPY pair went back and forth during the day on Wednesday, showing signs of support just below. It looks as if we are ready to continue to try to reach towards the 115 handle, and call buyers seem to be attracted to pullbacks as they offer value.
FTSE 100
The FTSE 100 initially pulled back during the day on Wednesday but continues to find call buyers underneath. The 7400 level above is massively resistive, and if we can break above there that should only attract more call buying as the bullish traders have taken over recently.
USD/CHF
The US dollar initially fell during the session on Wednesday, but found enough support at the 1.0050 level to turn around and bounce to the upside. Call buyers should be attracted to pullbacks in this area, as the market should continue to be very bullish overall. The 1.01 level above could be slightly resistive.
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