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
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
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • WTI crude oil prices (WTI) lost 4.7% so far this week. Demand concerns and a rising US Dollar sent crude oil prices lower on Thursday. Cloudy economic recovery prospects weighed on sentiment, despite falling US crude inventories. https://t.co/nVHCe4DX3g
  • Based on recent price action in the US Dollar, might... $USDSGD $USDMYR $USDPHP $USDIDR ...be heading higher next? Check out my latest #ASEAN technical update here - https://www.dailyfx.com/forex/technical/article/special_report/2020/09/24/US-Dollar-Comeback-Ahead-USDSGD-USDMYR-USDPHP-USDIDR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/9sIQFVeydt
  • Wall Street Futures Update: Dow Jones (-0.393%) S&P 500 (-0.418%) Nasdaq 100 (-0.653%) [delayed] -BBG
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/FXpr6RibWT
  • Markets attempted pull risk trends out of their dive this past session, but sentiment (via $SPX) ultimately returned to its bearish course. Meanwhile, $EURUSD is consistent with its reversal. My video for today: https://www.dailyfx.com/forex/video/daily_news_report/2020/09/24/EURUSD-Extends-its-Dive-as-Late-Day-Selloff-Puts-SP-500-On-Verge-of-Correction.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/Q6JZKW2B1y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.57%, while traders in EUR/GBP are at opposite extremes with 64.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JHNAiIgVLv
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.11% 🇪🇺EUR: -0.02% 🇯🇵JPY: -0.06% 🇨🇦CAD: -0.08% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/im3IxxDQ3y
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.15% US 500: 0.12% FTSE 100: -0.94% Germany 30: -1.00% France 40: -1.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/X6mMfIY6HW
  • The US Dollar, British Pound, and Euro will all be closely watching key geopolitical developments in North America (Powell testimony), the UK (Brexit talks) and Europe (EU summit). Get your market update from @ZabelinDimitri here:https://t.co/q4AJW6PTCu https://t.co/e0rwBFOnqX
  • RT @stlouisfed: The current recession has in many ways been more extreme than the Great Depression, yet the economy is projected to recover…
FTSE 100 Tech Update: Trades at Crossroads

FTSE 100 Tech Update: Trades at Crossroads

2016-09-22 08:53:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The FTSE trades at confluence of resistance
  • Market generally postured more bull than bear, watching how any retracement unfolds
  • Tactical considerations for longs and shorts

The push higher in the FTSE 100 continues, with the index pitting itself up against a crossroads of resistance around the 6880 mark. On Tuesday, we only penciled in the top-side trend-line off the 8/15 peak, not including a trend-line broken earlier in the month. (It’s been added.) The confluence of differing angled resistance makes for a challenging hurdle to overcome on the initial approach given the sharp rise already experienced over the past week or so.

At this time, the surge higher and generally buoyant global risk appetite suggests any decline which unfolds from resistance will turn out be nothing more than a pullback. It’s possible we are looking at a second lower higher, which could carve itself out as soon as today, but that is looking like the more remote likelihood at this time.

How any decline unfolds, as we said on Tuesday, is where our interest lies in determining whether it’s a pullback or a bearish progression of a lower high, lower high sequence developing since 8/15.

As ‘they’ say, much is to be learned in the retracement.

If little to no retracement ensues, additional resistance lies not far ahead at 6926 and the August high of 6956. If the market is to cruise on to new heights soon, a pullback taking the FTSE no lower than the mid-6700s would offer a healthy reload for the market to gain the power to push on through to and above the 7k mark.

FTSE 100 Tech Update: Trades at Crossroads

Tactically, those who have been riding the wave higher may look to resistance as a spot to exit or take partial profits, or implement a trailing stop on all or part of their position. For would-be shorts this area offers an attractive spot to sell with the two converging lines of resistance likely to act as a backstop for now; stop placement above the swing high once momentum turns lower.

Follow trader sentiment in real-time via the DailyFX Speculative Sentiment indicator.

---Written by Paul Robinson, Market Analyst

If you would like to receive articles directly to your inbox, SIGN UP HERE.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES