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
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
Bullish
Wall Street
Bearish
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
USD/JPY
Mixed
More View more
Real Time News
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/aRkGoNvj6D
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9Flsqcxo9 https://t.co/ltVTNO2sjT
  • GBP/USD clears the May low (1.3801) as the Federal Reserve forecasts two rate hikes for 2023. Get your $GBP market update from @DavidJSong here:https://t.co/WdTG2niAKz https://t.co/2j02VyH0wm
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇪🇺EUR: -0.36% 🇨🇭CHF: -0.60% 🇨🇦CAD: -0.91% 🇦🇺AUD: -0.96% 🇳🇿NZD: -1.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HWVSmqaiYF
  • The amount of breakouts the #USD saw against its major peers this week was fairly impressive Lots of opportunities here for reversing dominant downtrends that have been prevailing for about 14-15 months Stay tuned for my USD weekly technical outlook coming out this weekend!
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.19% Silver: -0.41% Gold: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/J6vFrm0Psb
  • Post-Fed, plunging commodity prices are weighing down growth-sensitive currencies like the Canadian Dollar. Get your market update from @CVecchioFX here:https://t.co/RwM9qu0Zjv https://t.co/u6WFpqfcdZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 85.22%, while traders in France 40 are at opposite extremes with 70.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/O3dA4qOEid
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% FTSE 100: 0.09% Germany 30: 0.06% Wall Street: -0.02% US 500: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MFEjkHP34f
  • Fed's Kashkari: Maximum employment means at the very least back to pre-COVID levels of employment
FTSE 100: ‘Hidden’ Resistance Ahead

FTSE 100: ‘Hidden’ Resistance Ahead

Paul Robinson, Strategist

What’s inside:

  • The FTSE 100 rise continues to be extremely persistent
  • Potential resistance lies ahead at top-side trend-line
  • Waiting for bearish price action to indicate a set-back may be underway

2017 FY and Q1 Forecasts and Trading Ideas

Our recent outlook for a pullback to spawn in the face of a persistently rising market has yet to be realized, but at some point, soon, the FTSE 100 is likely to experience a set-back. The trading has been so one-sided that the only way to enter long, for going on a month now, is to buy the intra-day dips and run with it from there. For those who have been long, there has been little reason to be a seller. For those looking to short, there has been even less of a reason to fight the trend.

In prior posts, we expressed our ‘hope’ of seeing a pullback develop following the breakout to new highs back into those old highs (old resistance becomes new support), for possible long entries. That is off the table for now. Fighting persistent trends is a tough game to play, but as we said earlier, at some point, a decline will set in. We want to see the market react lower first, showing selling interest, before considering a decline is possibly under way. One level of potential resistance where we might see the market react is just ahead at the top-side trend-line running over the October 2015 and ’16 peaks; this level is right around 7300. It’s a ‘hidden’ level of resistance, if you will, given it arrives at record highs.

For the past month, not one session has closed below the prior day low; a close below the prior day low would be our queue that the current trend may be coming to an end for the time-being. For those that have been holding a long position from lower prices and looking to milk the trade further, this isn’t a bad way to implement a trailing stop - exit on a close below the prior day low. For aggressive-minded shorts, a close below the prior day low could mark the beginning of sellers starting to gain some control.

FTSE 100: Daily

FTSE 100: ‘Hidden’ Resistance Ahead

Created with Tradingview

Paul holds webinars at 10 GMT on Wednesday, Thursday & Friday each week. For details, check out 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