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
Subscribe
Please try again
EUR/USD
Bullish
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
Mixed
GBP/USD
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
USD/JPY
Mixed
More View more
Real Time News
  • The Euro may fall against the US Dollar amid a historically strong month for the Greenback and relative bond yield spreads. EUR/USD appears to be eyeing bearish technical warning signs. Get your $EURUSD market update from @ddubrovskyFX here:https://t.co/njTDk8Ehoi https://t.co/w4II63utz1
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
  • Top event risk on my radar for the week ahead: Musk on SNL (Sat); run of Fed speak with Brainard, Williams, Bostic (Tues); US CPI and UK GDP (Wed); Mexico central bank rate decision (Thur); US earnings - PLTR, BABA, ABNB, DASH, DIS (Tues-Thur). What are you watching?
  • It starts. This man is living the life. https://t.co/YhD4oMNAFG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.82% 🇦🇺AUD: 0.77% 🇨🇭CHF: 0.75% 🇳🇿NZD: 0.62% 🇯🇵JPY: 0.46% 🇨🇦CAD: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j5I6Gut0CR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.53% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wZsuyfwuv1
FTSE 100 Caught Between the Lines, BoE on Thursday

FTSE 100 Caught Between the Lines, BoE on Thursday

Paul Robinson, Strategist

What’s inside:

  • FTSE 100 ends decline off record highs
  • Clear support levels in focus, resistance mostly top-side trend-lines
  • FOMC on Wednesday, BoE Thursday

Looking for trading ideas? See our Trading Guides.

Last week, the FTSE 100 started off edging lower from record highs, but then a rush of a selling came in on Thursday and pushed the index down below the first area of support in the 7330/00 vicinity, almost nearing lower parallel support before seeing a solid turnaround on the day. We made note of similar price action in the S&P 500 (mini short-term capitulation-like bottom).

Moving on to the current situation, the Thursday turnaround day low of 7263 along with the lower parallel will be our first focus as support. A decline below those levels and the intermediate bullish structure of higher highs and higher lows will come into question despite support (June t-lines) coming in not far below.

Operating off the assumption the recent low holds, the footsie has resistance very nearby – mostly in the form of top-side trend-lines. The first one in the vicinity is a long-term trend-line connecting the 2013, 2015, and January peaks (edged slightly above to start the month). Arriving very quickly beyond the long-term line of resistance (roughly 7370) lies the record high of 7394/January top-side trend-line. It’s once the market can clear above (let’s call it >7400) with vigor that the market can find a little room to run before finding new top-side resistance by way of the February to current trend-line and a pair of top-side trend-lines extending higher from 2016. Given the lines slope higher with the market they are considered minor in degree, but nonetheless can be enough to put in meaningful swing highs. Watching how price action behaves upon arrival of these levels (if they are met) will help provide clues as to how the market will respond.

Heads up: On Wednesday, the FOMC meets and is expected to raise rates, so it will be about the Fed’s language as it most often times is. Any U.S. volatility could spill over into early-day trade on Thursday, which brings us to the BoE meeting that day. Expectations on Thursday are for no changes to monetary policy by the the U.K. central bank. ‘Brexit’ discussions at this time are the primary focus, with the U.K. government planning to trigger Article 50 by the end of March.

FTSE 100: Daily

FTSE 100 Caught Between the Lines, BoE on Thursday

Created with TradingView

See the Webinar Calendar for a schedule of upcoming live events with DailyFX analysts.

---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