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
Bearish
Wall Street
Bullish
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
Bullish
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
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
USD/JPY
Mixed
More View more
Real Time News
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/rJznrXkcYz https://t.co/uUh18lR3yK
  • The rising wedge is a popular reversal pattern that is predictive in nature and can give traders a clue to the direction and distance of the next price move. Incorporate the rising wedge in your trading strategy and learn more here: https://t.co/zTTk2WOrj9 https://t.co/q5oBalZieU
  • Both the S&P 500 and $EURUSD will enter the coming week with momentum to their back. What can trip up the rallies? What could keep them going? My overview for the week ahead: https://www.dailyfx.com/forex/video/daily_news_report/2020/12/05/SP-500-and-EURUSD-Rallies-Face-Different-Conviction-Questions-.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/YfEXEhkbhl
  • After the recent strength of EUR/USD, a period of consolidation is likely ahead of two critical meetings: of the European Central Bank and the European Council. Get your $EURUSD market update from @MartinSEssex here:https://t.co/Slu7tHo2a4 https://t.co/9am4szeia1
  • Triangle patterns have three main variations and appear frequently in the forex market. These patterns provide traders with greater insight into future price movement and the possible resumption of the current trend. Learn about triangles here: https://t.co/ZukLITx2KG https://t.co/gvkXqKDQyH
  • Continuation patterns can present favorable entry levels to trade in the direction of the prevailing trend. Use continuation patterns in your technical analysis here: https://t.co/TUVnO3bO1P https://t.co/vBLkMKjf4x
  • Cyclical and non-cyclical stocks can help diversify a trader’s equity portfolio. Get your guide to understanding these stocks here: https://t.co/h7BKTd2J8N https://t.co/n8vpmuLdTW
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/CZePv1JEFh
  • The US dollar is unloved, oversold and at lows last seen over 30-months ago. At the moment there seems to be very little reason to buy the greenback. Get your $USD market update from @nickcawley1 here:https://t.co/VY3SLs35cp https://t.co/AVpY2GkGUG
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/DWm7cBMUg9 https://t.co/IUii5478Jf
FTSE 100: Are Soft Crude Oil Prices Back To Haunt Stocks?

FTSE 100: Are Soft Crude Oil Prices Back To Haunt Stocks?

2016-04-05 07:17:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • The FTSE 100 is trading lower this morning on an adjustment to softer Asian stock markets overnight and a lower crude oil price.
  • The index is trapped in the narrow price range of 6006 to 6237, making it a total of 24 trading days since the formation of this range. A break to the range is probably needed before trading activity picks up.
  • Economists project that the ISM Non-Manufacturing figures are to have gained to 54.1 from 53.4.

The FTSE 100 (FXCM: UK100) is once again spending another day in the narrow price range of 6006 to 6237, making it a total of 24 trading days since the formation of the range.

While a narrow range like the current does not tend to draw attention and excitement from traders, when the range finally breaks, they nevertheless tend to hurry to get involved.

Which way price may break is hard to know until it is a fact. However, we are able to note the following resistance levels above the upper limit of 6236, namely the December 29 high of 6322 and the psychological level of 6400. Support beyond the lower limit of 6006 are both the February 25 low of 5913, followed by the January 24 low of 5843.

On an intraday basis, the FTSE 100 is currently down by 0.78%, which appears to be an adjustment to soft Asian stock markets overnight. The business press cites soft crude oil prices and positioning ahead of Wednesday’s FOMC minuets as a possible explanation to the softer Asian stock markets. We note that Brent crude prices are lower by about roughly 12% after reaching a high of $42.5 dollars per barrel on March 18.

Potential Market Movers

Markit/CIPS UK Services PMI for March is projected to have risen from 52.8 to 53.4 according to a Bloomberg news survey. In the afternoon we can look towards U.S. Trade Balance and ISM Non-Manufacturing results, with the latter likely grabbing most of the attention given that it gives us hints about the state of the important U.S. service sector. Economists project the ISM Non-Manufacturing results to have gained to 54.1 from 53.4.

Our forecasts for Q2 2016 are now live on the site. Download them for free.

FTSE 100 | FXCM: UK100

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

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

DISCLOSURES