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
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here: https://t.co/fndMQJLul8 https://t.co/elz5gNAKrB
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here: https://t.co/kpBYVz31Bd https://t.co/7EzMPg9Kqg
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:https://t.co/eILWbFgHRE https://t.co/DjMdgL5x19
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/6sqqRfTri2
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:https://t.co/0EFToM5Y8I https://t.co/5gsZQfX6aG
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:https://t.co/D1DxtDkJXd https://t.co/DwkK9F9FCJ
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/30/Gold-Technical-Forecast-Election-Raises-Volatility-Risk-But-Support-Holds.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/5hgGEojvIE
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:https://t.co/BVoIcR9anM https://t.co/Frmn9y6yKJ
  • US #COVID19 cases hit a record for a second consecutive day -BBG
  • The Indian Rupee may weaken following a breakout higher in USD/INR. Despite rising global stock market volatility, the Nifty 50 has been holding its ground. Could it capitulate lower? Find out from @ddubrovskyFX here:https://t.co/BNJ5uTKz1A https://t.co/VkvmiwWAtz
FTSE 100: Trend Support Holds, Looking for End to Consolidation Period

FTSE 100: Trend Support Holds, Looking for End to Consolidation Period

2017-04-11 08:07:00
Paul Robinson, Strategist
Share:

What’s inside:

  • FTSE 100 holds June trend-line, creates a ‘line-the-sand’
  • Consolidation taking shape of descending wedge ending, still possible bearish pattern comes into play, but unlikely
  • 2013-present top-side trend-line needs to be firmly overcome when looking at the big picture

Join us for webinars conducted daily covering a host of topics including analysis, education, and coverage of fundamental events. See the Webinar Calendar for details.

The FTSE 100 hasn’t provided great directional indications recently, with choppy trading dominating the trading backdrop for global indices as a whole. With that said, though, the broader trend higher remains, and the UK index looks to be building a base for another push towards the prior record highs etched out in March. During the past week the footsie tested and held the trend-line extending higher from June, which is another bullish development and also creates a bit of a line-in-the-sand.

The general shape of the chop-fest since the 3/17 high is that of a descending wedge, with the market starting to move higher from the consolidation pattern. However, we can’t yet fully rule out a possible head-and-shoulders pattern until the FTSE surpasses the 3/30 peak at 7385. The bearish scenario in this form looks unlikely, just a possibility. A move beyond the 3/30 swing-high would also strengthen the bulls’ case with a higher high developing after a successful hold of the June trend-line.

There is a long-term top-side trend-line extending over from the peak created in 2013 and then across the 2015 high. Given how long-term it is we aren’t paying too much attention to it on a short-term basis, but it has clearly been a hurdle since January which needs to be firmly surpassed if the FTSE is to continue higher.

For now, we will continue to give the benefit of the doubt to the long-side and lean on the June trend-line as support.

FTSE 100: Daily

FTSE 100: Trend Support Holds, Looking for End to Consolidation Period

Created with TradingView

See where our team of analysts forecast markets to head during Q2 in our Trading Guides

---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