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. See our updated Privacy Policy here.

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
Wall Street
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
More View more
Real Time News
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
  • Want to hear my thoughts on the US Dollar? Check out yesterday's recording with #AuzBiz hosted by @KaraOrdway on 'The Trade' We discussed a #USD index, Treasury yields, $USDJPY, $AUDUSD and $NZDUSD https://t.co/yxwquL1btp https://t.co/RtWjlN6kpv
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi41lETt https://t.co/FyZuHNzsU3
  • Feels like the market has been front-running next week’s FOMC announcement, which will reveal updated dot plot projections. Expectations clearly set for a more hawkish shift in guidance. That said, if the Fed does not deliver, US Dollar bulls could be disappointed. $USD $DXY https://t.co/o2v6ibac3L
  • USD/CAD has been chopping around the past week-and-a-half, offering virtually no cues on its next direction. Get your market update from @PaulRobinsonFX here:https://t.co/eq1YkOa3mC https://t.co/V6h8BjyeGa
FTSE 100: The Bullish Momentum Fizzled Out Quickly

FTSE 100: The Bullish Momentum Fizzled Out Quickly

Alejandro Zambrano, Market Analyst

Talking Points

  • The FTSE 100 was at the time of writing, trading near the middle of the 6054-6195 range, and the price does not have a strong bias within the 6054-6195 range.
  • The U.K. labor market report is on deck today, but may have limited influence on the FTSE 100, as the FTSE 100 firms source near 80% of their revenues from overseas.

Yesterday, the FTSE 100 breached the upper end of the 6054-6195 range, which kept price confined since May 6. However, as the session progressed, the price fell back into the range and closed the day near the middle of it. The slide back to the range took away some of the bullish bias.

The bullish bias of FTSE 100 traders does seem somewhat out of place if we take into consideration the fact that the German DAX 30 and S&P 500 never breached their respective ranges and instead closed near to their lower ends.

According to the business press the FTSE 100, DAX 30 and S&P 500 declined as expectations of a Fed rate hike in 2016 increased. This followed U.S. inflation increasing to an annual rate of 1.1% from 0.9%, and Industrial Production increasing by 0.7% MoM from -0.6% prior.

Technically, the outlook for the FTSE 100 is little changed. The May 6 low of 6054 and May 12 high of 6195 are keeping the FTSE 100 confined and until price leaves this range, the bias will remain neutral. Price could test either side of this range.

Resistance levels above 6195 are yesterday’s high of 6217, the May 3 high of 6283 and these are followed by the April 27 high of 6341. The only strong support level at the time of writing was the May 6 low of 6053 and below it, the March 10 low of 6006 representing the next support level.

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

The U.K. labor market report on is on deck today, but may have limited influence on the FTSE 100, as the FTSE 100 firms sources near 80% of their revenues from overseas.

The unemployment rate may remain unchanged at 5.1%, a level that the U.K. economy has held since January, according to a Bloomberg News poll. Weekly Earnings ex-Bonus (3M/YoY) may rise to 2.3% from 2.2%, while the Jobless Claims Change may rise by 4.5k from 6.7k. We note that while the Unemployment rate has held at low levels, the number of people claiming unemployment benefits (Jobless Claims Change) rose by 6.7k to 732,100 in March of 2016. It is the first time since August 2015 that Jobless Claims figures rose and they reached the highest level since October 2012. If Jobless Claims Change keeps on rising then this implies a softer labor market, which may lead to a higher U.K. Unemployment rate.

--- 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