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FTSE 100 & DAX 30 Technical Forecast for the Week Ahead

FTSE 100 & DAX 30 Technical Forecast for the Week Ahead

Justin McQueen, Strategist

FTSE 100, DAX 30 Analysis and News

  • FTSE 100 | Key Support Tested
  • DAX | Reversal Off Channel Top

FTSE 100 | Key Support Tested

The FTSE 100 has been lacking a directional bias, given that the index has continued to find support at the 200DMA (7377), while the 50DMA (7520) has curbed upside in the short run. Alongside this, trendline resistance above 7600 remains firm and is unlikely to be challenged in the near-term. That said, with the RSI continuing to trend lower, eyes are for a firm break below 200DMA, which in turn could see a move towards the 38.2% Fibonacci retracement at 7261.

Support

Resistance

7377

200DMA

7440

23.6% Fib

7350

Feb 18th low

7480

Feb 20th High

7261

38.2% Fib

7520

50DMA

FTSE 100 Price Chart: Daily Time Frame

FTSE 100 Price Chart Daily Time Frame

Chart by IG

How to Trade FTSE 100

DAX 30 | Reversal Off Channel Top

Having consolidated around the record highs of 13800, the DAX has since reversed from its channel top to break below prior support (now resistance) at 13600. While the impact of the coronavirus has been somewhat lacking, investors remain cautious nonetheless, which in turn leaves the index vulnerable to a notable pullback, particularly on a break below the channel bottom.

Support

Resistance

13450

Channel Bottom

13600

-

13400

50DMA

13895

Channel Top

12792

76.4% Fib

14000

-

DAX 30 Price Chart: Daily Time Frame

Daily DAX 30 Price Chart

Chart by IG

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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