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
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
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
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
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
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
Bullish
More View more
Real Time News
  • Copper prices may continue to push higher despite a worrying surge in Covid-19 cases and the lack of progress in Congressional stimulus negotiations. Get your #copper market update from @DanielGMoss here:https://t.co/N2OW566nID https://t.co/VJfjTNDdZI
  • The US weekly jobless claim number came in at 870k, in line with expectations. This marked a 4th consecutive weekly reading below 1 million mark, but the rate of improvement in the jobs market appeared to have slowed recently. https://t.co/7pEUQk80C8
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:https://t.co/QQwAZTxZFg https://t.co/MSOw9DeSxe
  • Wall Street Futures Update: Dow Jones (+0.415%) S&P 500 (+0.417%) Nasdaq 100 (+0.466%) [delayed] -BBG
  • - Trump popularity slowly returning despite a surge of US-based coronavirus cases - Democrats drafting $2.4 trillion aid package as urgency for more stimulus swells - #AUDUSD testing key support at 0.7018 – will a break here accelerate the selloff? https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/09/24/AUDUSD-at-Key-Support-Trump-Popularity-Edging-Up-Despite-Virus-Spike.html
  • Looks like the #nifty50 is heading for its worst week since early May (-6.08%), over 4 months ago, granted we still have Friday's session left $USDINR has also been climbing lately Might this continue? Stay tuned for a technical special later today! https://t.co/1vdbgAWs0s
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:https://t.co/3UIKmbLIvD https://t.co/vdL3w1KxIZ
  • Australian Dollar Outlook - via @DailyFX: AUD/USD bulls search for support around two-month lows as market sentiment seemingly improves, but the Aussie could remain under pressure as volatility lingers. Full Analysis - https://www.dailyfx.com/forex/market_alert/2020/09/24/australian-dollar-outlook-aud-usd-drops-to-fresh-two-month-low.html $AUDUSD $AUD #FX #Forex #Trading https://t.co/HJqlMqAvt2
  • $USDCNH reversing lower after bursting over 1.5% from the yearly low. Could this be indicative of firming market sentiment? https://t.co/9CDc2Lukuc
  • Heads Up:🇬🇧 Gfk Consumer Confidence (SEP) due at 23:01 GMT (15min) Expected: -27 Previous: -27 https://www.dailyfx.com/economic-calendar#2020-09-24
FTSE 100: Continues to Maintain a Bid, Top-side Levels in Focus

FTSE 100: Continues to Maintain a Bid, Top-side Levels in Focus

2016-07-20 08:24:00
Paul Robinson, Strategist
Share:

What’s inside:

  • FTSE 100 holding up well despite shove lower from resistance last week
  • Daily support and resistance levels outlined.
  • FTSE 100 and the British pound trade inversely

On Thursday of last week when we examined the price behavior of the FTSE 100, we noted the bearish daily bar off resistance extending back to August. It was a nice ‘pin’ bar reversal day, but the subsequent day the FTSE dropped down into the peak created on July 4 and reversed higher. It was our first area of support the market needed to undermine for the reversal day to be validated. So far that has not been the case, and to the contrary the FTSE is pushing back towards resistance once again. The Index could move into a range-bound period as it often does following strong moves, but the trend is higher until it isn’t. We will need to see another strong turn lower before we can consider becoming bearish.

Upside and down-side levels to be mindful of: Resistance comes in at the Thursday high of 6744. Beyond there, a couple of more peaks created last summer will come into focus should the market continue its post-Brexit rally; the July peak at 6813 and then the June high at 6874. Support comes in by way of the Friday low at 6610, and then nothing ready visible until the market moves back into the one-year resistance zone turned support in the 6400s.

FTSE 100: Continues to Maintain a Bid, Top-side Levels in Focus

Worth noting: Given the BoE’s ‘ready to take action’ stance the pound remains heavy as rates may soon be reduced to a record low 0.25% (August?) and perhaps other stimulus measures if the UK central bank feels it’s necessary. The FTSE 100 consists largely of international companies, so a weaker pound provides a boost to corporate profits. Prior to the EU referendum the one-year correlation between the FTSE 100 and GBPUSD was +61%, since the vote it has it moved to -50%. A relationship worth keeping tabs on, even if just from a risk management standpoint should one consider holding simultaneous positions in the FTSE 100 and GBP-related pairs.

Follow trader positioning in real-time with the ‘Speculative Sentiment Index’.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX.

He can be reached by email at instructor@dailyfx.com with any questions or comments.

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

DISCLOSURES