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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
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
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
Mixed
USD/JPY
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
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/jtl19JX4Bd
  • With the risk appetite charge this week and the particular performance from US indices, I wanted to overlay US GDP (annualized) over the Log scale of the Wilshire 5000 (Fed doesn't have Dow/SPX back far enough) to show fundamentals are not steering this boat https://t.co/bXtc7nSCQq
  • 🇺🇸 Consumer Credit Change Actual: $-68.78B Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Nasdaq 100 Sets Fresh All-Time-Highs, US Stocks Jump on Jobs Report https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/05/Nasdaq-100-Sets-Fresh-All-Time-JS-High-US-Stocks-Jump-on-Strong-Jobs-Report.html https://t.co/SKiFAIEgMa
  • #Nasdaq: The market rising vertically into the top-side line and it also roughly matching the psychological 10k threshold (10100/200), we have the perfect recipe for a significant inflection point. Get your Nasdaq market update from @PaulRobinsonFX here: https://t.co/e248c13kKI https://t.co/g0nllIycxl
  • So long as the market's keep going up, there is less reason for the administration not to take more drastic action to pursue options to leverage near-term growth through policies like protectionism https://t.co/HPUmh5v83V
  • Heads Up:🇺🇸 Consumer Credit Change due at 19:00 GMT (15min) Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • President Trump says the EU charges US seafood tariffs it doesn't charge Canada, threatens EU auto tariff if the EU does not lower lobster levy Just when things were settling down somewhat, it seems we now have the possibility of a US-EU trade war $DAX $SPY
  • Trump threatens auto tariffs on the EU in response to the levy on lobsters - BBG
  • Rising confidence: US 10-Y yield most since MAR 20 #Gold fell to lowest since mid-April #NFP #XAUUSD https://t.co/F04ZibU3jB
FTSE 100 - Levels to Watch; Brexit Ruling, BoE in Spotlight

FTSE 100 - Levels to Watch; Brexit Ruling, BoE in Spotlight

2016-11-03 07:35:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The FTSE 100 trades well below the 6955/18 resistance zone
  • Market to remain heavy, minor and more significant levels outlined
  • High Court Brexit ruling, BoE later on, no changes expected; focus will be on inflation report and statement

The other day we were looking at the bearish sequence of lower highs and inability for the FTSE 100 to garner any buying interest as it sat on important support in the vicinity of 6955/18. From Tuesday’s post:“A daily close below 6918 would put buyers on their heels while giving sellers reason to press more aggressively.” Tuesday’s poor close just under the bottom-side of support led to yesterday’s 1%+ sell-off, with global stock markets weighed down across the board.

The first level of noted support is close at hand by way of the lower parallel (~6835) married to the trend-line running off the 10/11 high. It’s considered a minor level of support, though, given the few inflection points on both the top and bottom-side trend-lines and overall downward trend. Nevertheless, we will take interest in seeing how the market responds there today. The first level of price support doesn’t arrive until the 9/27 low at 6769. Below there, with aggressive selling, we will look to the 9/15 swing low at 6655.

Given the FTSE is trading below the important 6955/18 zone which previously kept it afloat, it is anticipated in the near-term that sellers will keep a lid on the market at those levels should it rise so far.

FTSE 100: Daily

FTSE 100 - Levels to Watch; Brexit Ruling, BoE in Spotlight

Created with Tradingview

Heads up: Later this morning at 10:00 GMT the High Court is set to give their ruling on whether or not Theresa May has the right to bypass Parliament in triggering the UK’s exit from the EU. At 12:00, the BoE is expected to stay on hold with rates (0.25%) and the asset purchase target (£435b), placing the market’s attention on the quarterly inflation report and policy statement. Sign up for the BoE Rate Decision with Christopher Vecchio and check other upcoming live events.

Check out one of our helpful trading guides designed for traders of all experience levels.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please 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

News & Analysis at your fingertips.