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
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
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
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • #Gold prices may rise along with the $SEK and $NOK if the ECB and FOMC minutes fuel rate cut bets and boost the appeal of non-interest-bearing assets and riskier currencies. Get your market update from @ZabelinDimitri here: https://t.co/LFpNQ4OwLG
  • Overnight index swaps are now pricing in about a 50.1 percent probability of a 25bp #RBNZ rate cut at the May 2020 monetary policy announcement $NZDUSD
  • The $GBP has remained quite steady as general election campaigning begins in earnest. Can it remain so given the huge #Brexit differences between candidates? Find out from @DavidCottleFX here:https://t.co/3ftWj2HhLJ https://t.co/igUoZZiqlH
  • #NOK, #SEK and #GBP are expected to be the most-active #G10 currencies #USD with one-week implied volatility at 7.68, 7.28 and 6.85 respectively
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Gold: 0.03% Silver: -0.06% Oil - US Crude: -0.69% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NKYwNN4UKx
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.04% 🇬🇧GBP: 0.03% 🇨🇦CAD: 0.02% 🇦🇺AUD: -0.00% 🇳🇿NZD: -0.02% 🇨🇭CHF: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MhXCqXQZBS
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.17%, while traders in France 40 are at opposite extremes with 83.60%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/51OEaBUR7T
  • RT @YuanTalks: #PBOC cut yuan’s fixing by 89 pips to 7.0306 per USD, vs 7.0217 one day earlier.
  • RT @globaltimesnews: China urges the US to stop provocations to avoid unforeseen incidents. The Chinese military is determined to safeguard…
  • The $AUD and its local #ASX 200 stock index have diverged in what may be a sign of market confidence in ebbing US-China trade war and #Brexit risks. Get your market update from @IlyaSpivak here: https://t.co/nuN48hX6d6 https://t.co/7eMZlyYqaM
FTSE 100 – Big Bottom & Top-side Levels Keep Market Constrained

FTSE 100 – Big Bottom & Top-side Levels Keep Market Constrained

2017-06-13 08:43:00
Paul Robinson, Currency Strategist
Share:

What’s inside:

  • FTSE 100 stuck between a rock and a hard place
  • Resistance in the form of top-side intermediate-term slope
  • Support comes in on lower long-term slope, turning points attached to the slope

What’s driving European stocks? Find out in our market forecasts.

When we last specifically discussed the FTSE 100 it was on the day of the election, and heading into the ordeal the market was set up for lower prices. But going into an event of this magnitude leaning too hard in either direction was risky – the outcome proved that much.

So, where are we now? The market is caught between a rock and a hard place – focus remains on bottom and top-side slopes. Looking slightly higher, the January/March/current line has been a real problem for the UK index (double reversal events during the week before last showed us that much). We’ll continue to respect this increasingly important slope of resistance until the footsie can convincingly overcome it and the 6/2 record high.

On the down-side, the 2013 to present trend-line is likely to help keep a bid in place on a break lower (at least initially). The long-term slope held the market down from January to April, but then turned into a big source of support on a decline last month. The line currently clocks in around 7410. Just below there, the peaks & bottom which are connected with the trend-line will viewed as another solid source of support (~7393) should the market try and skate lower. We’ll call major support 7390/7410. It would require a stiff breakthrough for alarm bells to go off.

The trend is generally higher, and while risk sentiment is on semi-fragile footing at the moment we must respect the upward bias until we see a material shift in risk appetite. With that said, the FTSE might find itself bouncing around between support and resistance with continued lack of clarity before eventually coming to a resolution.

Heads up: An uptick in volatility may very soon be upon us – FOMC tomorrow, BoE on Thursday. See calendar for details.

FTSE 100: Daily

FTSE 100 – Big Bottom & Top-side Levels Keep Market Constrained

Paul conducts webinars every week from Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of all upcoming live events.

---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.