News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 1.40% Gold: 1.08% Oil - US Crude: 1.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4ZigI6JULT
  • Heads Up:🇺🇸 NAHB Housing Market Index (JAN) due at 15:00 GMT (15min) Expected: 86 Previous: 86 https://www.dailyfx.com/economic-calendar#2021-01-20
  • Heads Up:🇨🇦 BoC Monetary Policy Report due at 15:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-01-20
  • Heads Up:🇨🇦 BoC Interest Rate Decision due at 15:00 GMT (15min) Expected: 0.25% Previous: 0.25% https://www.dailyfx.com/economic-calendar#2021-01-20
  • $EURGBP dropped from 0.8890 to below 0.8860 this morning, pushing to its lowest level since May. $EUR $GBP https://t.co/5TotJhsKzT
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.74% US 500: 0.66% France 40: 0.47% Wall Street: 0.36% FTSE 100: 0.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/NvjQjChgXS
  • The @bankofcanada is widely expected to stand pat on monetary policy with the overnight rate to remain at 0.25% alongside no change in the current pace (CAD 4bn/week) or composition of QE purchase. Get your market update from @JMcQueenFX here:https://t.co/gK5wVUwxlG https://t.co/YbME7aXeeM
  • Reports of an explosion heard in Madrid - La Sexta TV Station
  • #Gold dropped quickly this morning, falling from $1,850 to below $1,835 before bouncing back. The precious metal is now trading around $1,850 again. $XAU $GLD https://t.co/gAs3ytl9g2
  • $EURGBP at risk of extended losses after breaking to the downside of a 12-month Symmetrical Triangle pattern and slashing through the support range at 0.8865 - 0.8875 A push towards 0.8670 - 0.8690 looks on the cards if sellers hurdle psychological support at 0.8800 $EUR $GBP https://t.co/zS9CyhUqMf
FTSE 100 Turns Bid On Dovish FED Minutes

FTSE 100 Turns Bid On Dovish FED Minutes

Alejandro Zambrano, Market Analyst

As with the DAX 30, the FTSE 100 also breached its Tuesday’s high, triggering a string of buy orders in a classic bullish breakout signal.

The technical trend is now bullish above yesterday’s low of 6225 and traders that went long on the market are probably having their stops just below this level. As the technical trend is bullish above 6225, it would be natural to expect a pullback to the breakout level of 6279.50 to be treated as a buying opportunity. In fact the full 6250-6279.50 is a buy-zone according to Fibonacci studies. The only thing traders are concerned about is that price does not break yesterday’s low.

The next resistance level and profit target for short-term traders will most likely be the November 11 high at 6327. If this level breaks, the next resistance level will be the November 9 high of 6380.

Suggested reading: US Dollar Declines as FOMC Minutes Bring Nothing New to the Table

Data on Tap

U.K. Retail sales is on tap but not expected to move the FTSE 100 and neither are the ECB minutes as the bank is now running on autopilot ahead of its December 3 rate meeting, much like the FED.

In its minutes published yesterday evening, the Fed did not give any hints about backing off from a December rate meeting, but they did emphasize rate hikes as being both gradual and data dependent. This is probably the reason why stock markets were bid, given that gradual rate hikes should provide less stress to the stock markets.

The most market moving data on tap should be firstly U.S. jobless claims, followed by the Philly Fed index, and the U.S. leading indicator. The technical trend of the FTSE 100 should remain bullish unless the data print is worse off than expected.

Please add a description for the image.

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

Learn more about trading, join a London Seminar

To be added to Alejandro’s e-mail distribution list, please fill out this form

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

DISCLOSURES