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
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • UK is said to be weighing Huawei installation ban in 2021 -BBG
  • NZD/USD quickly pulls back from a fresh 2020 high (0.6968) as upbeat data prints coming out of the US economy spark a bullish reaction in the Greenback. Get your $NZDUSD market update from @DavidJSong here: https://t.co/zghuqNDKXP https://t.co/B5YZ0dWOtR
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.27% 🇨🇦CAD: 0.05% 🇳🇿NZD: -0.09% 🇨🇭CHF: -0.16% 🇦🇺AUD: -0.23% 🇯🇵JPY: -0.67% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/zBEnHG1OJ9
  • US 10-year Treasury yields aiming higher on positive vaccine developments after U-turning at Ascending Channel support A move back towards the November high (0.98) looks likely in the near term and could spell further downside for #gold prices $TNX $GLD #US10Y https://t.co/7TgKaDHLdB
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.43% Gold: -1.90% Silver: -2.49% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/m88Pl31QW4
  • Michigan certifies election results for Joe Biden - BBG
  • Mexican Peso is carving the weekly opening-range just above downtrend support and while the broader risk remains lower. Get your $USDMXN market update from @MBForex here:https://t.co/7KPza6gEmZ https://t.co/u1Fdz3dwEI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.33%, while traders in NZD/USD are at opposite extremes with 75.64%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yjvp0kn5Ab
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.07% France 40: 0.02% Wall Street: 0.01% US 500: 0.01% FTSE 100: 0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/AWgEa62SzF
  • 🇰🇷 Consumer Confidence (NOV) Actual: 97.9 Previous: 91.6 https://www.dailyfx.com/economic-calendar#2020-11-23
FTSE 100 Remains Bullish Above 6209 Despite This Morning’s Panic

FTSE 100 Remains Bullish Above 6209 Despite This Morning’s Panic

2015-11-24 10:59:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • FTSE 100 holds trend despite this morning’s panic and is bullish above 6209
  • I would expect the political implications of the downing of the jet to be small
  • Better growth ahead suggested by the German IFO Index
  • U.S. house data and consumer confidence on tap

The downing of a Russian warplane jet triggered a slide in the FTSE 100, but the index has recuperated some of its losses and is expected to trade higher as long as the November 17 low of 6209 holds as a support. The risk-reward ratio favors bullish positions at current levels and the FTSE may reach last week’s high of 6369 over the next few days. For now I would expect the political implications of the downing of the jet to be small as Russia and Europe/USA work together towards defeating IS.

However, if the FTSE 100 breaks the low of 6209, the FTSE may reach 6173 which is a 61.8% correction to the rally from 6050 to 6369. I don’t expect traders to short on the break and rather book losses on long positions. Currently the bar of short-selling in the market is high as the focus remains on the ECB, seasonality patterns, and growth which is expected to pick up over the coming months.

What are the most common trading mistakes? Get the Traits of Successful Traders Guide

Better Growth Ahead

An example of higher growth ahead is yesterday’s Eurozone Mfg. PMI and Services PMI prints. They increased from prior months and beat economists’ expectations by printing 52.8 from 52.3 and 54.6 from 54.1 respectively. Also positive was last week’s German ZEW expectations index which increased from low levels and today’s German IFO index which printed 109 vs. a Bloomberg News survey expecting an outcome of 108.2.

Softer data was U.S. Markit Mfg. PMI which declined to 52.6 from 54.1 and reached a two year low. On the other hand, the U.S. Markit Mfg. PMI was high in relation to the ISM Mfg. PMI, hence the decline is probably due to these indicators aligning with each other. Markit reports that the export orders sub index turned negative on a strong Dollar and global slowdown, while manufacturing payroll numbers were reported to have increased again in November.

German 3Q GDP Confirms Moderate Growth, Domestic Demand Key

Commodities To Keep on Limiting the FTSE 100

The biggest drag on the FTSE 100 remains commodities and yesterday the Bloomberg commodity index reached new lows. This trend is expected to continue as whilst supply for most commodities is exceeding demand, suppliers are willing to fight for market share by offering discounts, alongside the USD remaining strong.

Market moving data on tap in today’s session are U.S. house price data and U.S. consumer confidence. I don’t expect the outcome of these indicators to rock the markets or overall trends unless their outcomes are heavily skewed bullish or bearish.

FTSE 100 Remains Bullish Above 6209 Despite This Morning’s Panic

--- 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