September E-mini NASDAQ-100 Index futures are trading higher on Tuesday shortly before the cash market opening. Investors are buying in anticipation of a dovish Fed monetary policy statement on Wednesday. Although the markets are pricing in only a 20% chance of a rate hike, investors expect the Fed to open the door to potential rate hikes in July and/or September.

At 11:10 GMT, September E-mini NASDAQ-100 Index futures are trading 7630.25, up 69.00 or +0.92%.

The index is also being supported by early strength in Facebook. The stock has been attracting buyers since it announced it is getting ready to launch a new cryptocurrency.

Daily Technical Analysis

The main trend is up according to the daily swing chart. The trend turned up earlier today when buyers took out the last swing top at 7626.25. The next target is the May 16 main top at 7666.75. The main trend will change to down on a trade through 7446.25.

The main range is 7910.75 to 6969.00. Its retracement zone at 7551.00 to 7439.75 is controlling the near-term direction of the index. Holding above this zone will help support the current upside bias.

Daily Technical Forecast

Based on the early price action and the current price at 7630.25, the direction of the September E-mini NASDAQ-100 Index futures contract the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at 7614.75.

Bullish Scenario

A sustained move over 7614.75 will indicate the presence of buyers. The first target is a short-term uptrending Gann angle at 7638.25. This is followed by a long-term uptrending Gann angle at 7673.00. Crossing to the strong side of this angle will put the index in a bullish position.

If a move over 7673.00 is able to generate enough upside momentum then don’t be surprised by a short-term surge into the downtrending Gann angle at 7762.75.

Bearish Scenario

A sustained move under 7614.75 will signal the presence of sellers. If this move attracts enough sellers then look for a possible pullback into the Fibonacci level at 7551.00, followed by the uptrending Gann angle at 7542.25. If this angle fails then look for the selling to possibly extend into the next uptrending Gann angle at 7494.25.

This article was originally posted on FX Empire

More From FXEMPIRE:

• USD/CAD Daily Forecast – World Eyeballs Towards FOMC Decision

• Gold Awaits the FOMC as Economic Data Send Mixed Signals

• Trade Truce 2.0, or New Сurrency wars?

• Price of Gold Fundamental Daily Forecast – Bulls Looking for Fed to Signal Multiple Rate Cuts

• U.S. Dollar Index Futures (DX) Technical Analysis – June 19, 2019 Forecast

• Let’s Gain Even More on the Sliding Euro and Pound