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
Bullish
Oil - US Crude
Bearish
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
Bullish
GBP/USD
Bullish
USD/JPY
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
More View more
FTSE 100 Claws Back Losses and FOMC Minutes are on Deck

FTSE 100 Claws Back Losses and FOMC Minutes are on Deck

2016-04-06 07:17:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • The FTSE 100 tries to claw back some of its losses.
  • Crude oil prices bounce on a draw in inventories vs. an expected build.
  • This evening, the Fed will publish minutes from the March 15-16 FOMC meeting.

The FTSE 100 (FXCM: UK100) is higher by 0.66% at the time of writing in what appears to be an attempt to claw back some of yesterday’s losses. We do note that crude oil prices are slightly higher compared with yesterday afternoon, as the API reports that U.S. Crude oil inventories fell by 4.3M barrels last week vs. the expectation of a build of 3.2M barrels. The higher crude oil prices may be influencing the FTSE 100 this morning.

From a technical point of view, the FTSE 100 is trapped in the narrow price range of 6006 to 6237, making it a total of 25 trading days since the formation of the range.

With price trapped in this narrow range it could be argued that a trend is lacking, making it more difficult to know what might happen next. A break to the range is needed.

The resistance levels which come into play on a break to the limit of 6237 are the December 29 high of 6322 and the psychological level of 6400. On a break to the lower end of this range at 6006, the February 25 low of 5913 is the next most likely support level, followed by the January 24 low of 5843.

There are no market moving macro-economic data releases on deck in today’s session. However, this evening the Fed will publish minutes from its March 15-16 FOMC meeting.

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