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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/R7pa7DsM8n
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/EhdZpmkzaH
  • Even more remarkable than the record high levels of leverage registered in US equities this past week was the attention it garnered. Paying attention to risk is a threat when markets are this high and the docket as dense as it is this week. My outlook: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/23/Dow-VIX-Tesla-and-Leverage-Reflect-Greater-Risk-to-the-Relentless-Bull-Market.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/KBOJIRPTQe
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/qP2PbS4dsY
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/POGWDIkqqz
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here: https://t.co/5GO9UrvO4y https://t.co/H76jNJJxU5
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/1TiEWCbJ6t
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/fN2mfHgpON
  • The formation of several bullish technical patterns suggests that the haven-associated Japanese Yen is at risk of further losses against the Euro and Australian Dollar. Get your market update from @DanielGMoss here:https://t.co/qxQwHgD9Ey https://t.co/ym73tgtHLn
  • Natural gas is moving lower after weather models pointed to warmer-than-average temperatures across much of the US. Get your market update from @FxWestwater here:https://t.co/HuXPXu5PFU https://t.co/ytHqOoHnxQ
FTSE 100 Bounces Slightly As It Nears Its April Lows

FTSE 100 Bounces Slightly As It Nears Its April Lows

Alejandro Zambrano, Market Analyst

Talking Points

  • The FTSE 100 was at the time of writing relatively close to the April low of 6060.
  • The short-term trend was bearish below the Tuesday afternoon intraday high of 6210.
  • Overnight, the Caixin China PMI Services for April declined to 51.8 from 52.2, which suggests that the Chinese service sector is growing at a slower pace than March.
  • A Bloomberg News survey calls for the U.K. Services PMI to have remained sluggish as a decline to 53.5 from 53.7 is expected.

The FTSE 100 (CFD: UK100) had bounced slightly from yesterday’s low at the time of writing, but the FTSE 100 could come under pressure again as the short-term trend was bearish below the Tuesday afternoon intraday high of 6210. The trend is bearish below the intraday high of 6210 as it is a lower high in relation to the April 27 high of 6341.

The FTSE 100 was at the time of writing relatively close to the April low of 6060, the decline to this critical support level having been motivated by strong declines in the Basic Material sector (miners), following softer copper prices. The April low of 6060 is a critical support level as it is the most recent swing low of the bullish bias in place since February. Support levels below the 6060 level are the March 10 low of 6006 and followed by the February 24 low of 5841.

Short-term resistance levels are the Tuesday afternoon intraday high of 6210 and the April 27 high of 6341.

Overnight, the Caixin China PMI Services for April declined to 51.8 from 52.2, which suggests that the Chinese service sector is growing at a slower pace than March.

In the first three months of 2016, the U.K. Markit/CIPS UK Services PMI was the weakest since the same quarter in 2013. Today’s projection calls for the Services PMI to have remained sluggish as a Bloomberg News survey expects a decline to 53.5 from 53.7. In the PMI report for March, the new business gauge dropped to a new cyclical low and could potentiality explain today’s expected lower reading. The researchers behind the survey, Markit, said last month that the soft global economy growth, fears of a Brexit and the prospect of further government spending cuts has left business confidence low.

Traders will watch the Services PMI report as it may affect the share prices of FTSE 100 firms and it provides hints as to the next move at the Bank of England. Earlier this week the Manufacturing and Construction PMI failed to meet economist’s expectations and hints of a slowdown in the U.K. economy can be seen. Manufacturing PMI slipped to 49.2 from 50.7 and a reading below 50 hints at a contraction of the sector.

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

FTSE 100 | CFD: 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