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
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
Bullish
Gold
Bearish
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
  • The risk rally continued in a big way this week and #Euro bulls have remained in-charge against the US Dollar and Japanese #Yen. Get your market update from @JStanleyFX here: https://t.co/o7vPmczvMJ https://t.co/GX2YTXz83u
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
FTSE 100 Trying to Join the Party

FTSE 100 Trying to Join the Party

2016-12-14 08:49:00
Paul Robinson, Strategist
Share:

What’s inside:

  • FTSE 100 drops from resistance zone, but finds support on familiar trend-line
  • Looking for a clear break above resistance
  • Risk events in the next 24-hrs+ include the FOMC and BoE meetings

For trade ideas and educational material, see our Trading Guides.

On Monday morning, the FTSE 100 was facing a test of strong resistance in the 6955/17 vicinity, an area it failed from or held as support on numerous occasions since August. After briefly trading above the zone on an intra-day basis the market failed again and closed back below. This is what we had to say the other day should the 100 decline from resistance: “On a dip watch how the recaptured June trend-line is able to hold.” The test and subsequent turnaround during yesterday’s session from the trend-line was solid and what we would expect from a market looking to make an attempt to push higher. On a closing basis, the rally also took the market above the resistance zone (it's an approximate zone, so a little more folllow-through would be more convincing, though).

This morning we are seeing slight weakness thus far, with the market treading near the top of the resistance zone we are keenly focused on. If the FTSE can trade solidly above and hold the noted zone as support, then the next major levels which could quickly come into focus are the record highs (7104 closing/7130 intra-day). Levels along the way worth noting – 6997 and 7067.

The June trend-line is running up into our focus zone and provides a nice confluence to look for the market to lean on with any short-term weakness. The trend-line received a lot of play as support during much of November. A break of the trend-line and Monday low at 6875 would be considered a materially negative event and quickly shift our bias.

Helping the bulls’ case is a healthy appetite for stocks across the board. Major global indices – Nikkei 225, DAX & S&P 500 – are all powering higher as the year quickly comes to a close. Barring a significant turn of events, these markets aren’t likely to see a swift turnaround. If they should, then the FTSE, given it’s been a laggard, may be the first to take a hit. But we’ll cross that bridge should the time come. For now, global tides rising and the technical structure for the FTSE favor seeing higher prices.

FTSE 100: Daily

FTSE 100 Trying to Join the Party

Created with Tradingview

Volatility heads up: The Fed will release its decision later today at 19:00 GMT, with the market expecting a 25 bps increase to 0.75%. The Fed will also release its policy statement, economic projections and expected path for rates. While the rate hike, assuming its 25 bps, won’t make a splash, the policy statement and projections could. If there is a big move in U.S. markets this will almost certainly impact opening trade tomorrow. The BoE is also on tap for 12:00 GMT tomorrow, which will of course be another potential source of outsized volatility.

Join Paul on Thursday at 10 GMT for “Becoming a Better Trader: What Is Your Trading Style?” For a full schedule of upcoming live events, see the webinar calendar.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing 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.