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
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
Wall Street
Bearish
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇦CAD: 0.00% 🇨🇭CHF: -0.04% 🇦🇺AUD: -0.10% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/lTYr3UzRhP
  • RT @DanielGMoss: A ‘second wave’ of #COVID19 cases threatens to hamper #Australia's tentative recovery Uncertainty around the future of fi…
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.26%, while traders in NZD/USD are at opposite extremes with 72.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ksJ0N2pq6W
  • A macro forex trading guide exploring how to trade the Euro vs the Swedish Krona and Norwegian Krone through the prism of the Core-Perimeter model. Get your market update from @ZabelinDimitri here:https://t.co/n6zwlZJmGO https://t.co/F8sLZvRG1q
  • If you missed today's session on IG Client Sentiment where I discussed the outlook for the #DowJones, $AUDUSD and $USDCAD while discussing fundamentals and technicals, check out the recording below and stay tuned for a full report! - https://t.co/2wVxhtItzX
  • Wall Street Futures Update: Dow Jones (+0.213%) S&P 500 (+0.175%) Nasdaq Composite (+0.242%) [delayed] -BBG
  • RT @margaretyjy: Watch my Bloomberg TV interview at 9:00AM Singapore time. Coming in soon! https://t.co/Z6u6offept
  • The Core-Perimeter trading model helps traders understand interactions between global economies, helping to trade the assets embedded in these relationships. Get your market update from @ZabelinDimitri here:https://t.co/dKRAo00lfA https://t.co/jw5uvZBvRx
  • Hello there, traders! It has come to my attention that there have been people pretending to be me on Twitter. If you see anyone doing so, please be sure to report them. My Twitter handle is @ZabelinDimitri. Any variation of that is an imposter. Please spread the word.
  • After approximately 100 votes, it seems that a narrow majority of participants to my poll believe Gold ($GC_F) is going to resolve its congestion with a break lower: https://t.co/NTwXu7ZaGF
FTSE Technical Outlook – Big Support in Place Following Breakout

FTSE Technical Outlook – Big Support in Place Following Breakout

2017-12-28 09:05:00
Paul Robinson, Strategist
Share:

What’s inside:

  • FTSE convincingly broke out above big resistance in 7550/600-area
  • Old resistance becomes new source of significant support
  • Stay above and outlook in favor of bulls, fall back below and the script turns negative

Start boosting your knowledge today with DailyFX Trading Guides & Forecasts.

Last week, when we discussed the FTSE we were making note of big resistance in the area surrounding record highs, 7550/600. The first approach early last week found sellers, but proved to be only a small batch as the footsie convincingly overcame the barrier in place since May. It came easier than initially thought.

To put it simply, at this juncture, we have a case of ‘old resistance becomes new support’. The 7550/600-area should prove to be a solid backdrop for longs given how firmly it held in place as resistance. A strong breakdown below support back into the multi-month range would be cause for pause and possibly bring into play a favorable environment for short-sellers. But not until then…

As long as support holds the FTSE should continue to carve out higher levels. As far as targets are concerned, we’re in uncharted territory with no visible lines of resistance to contend with. Looking at the size of the range from May through most of this month, a 300 point of more rally could be in store as the new year arrives. For a sizable move to happen, though, risk markets in general will need to stay firm and a weak pound would also be beneficial, but not entirely necessary.

Overall, the fact the breakout to record highs came after repeated rejections around the same level is a solid positive, and as long as 7550/600 holds the trading bias is in favor of ‘would-be’ longs.

Struggling right now? We’ve got a guide designed to help – Building Confidence in Trading.

FTSE: Daily

FTSE daily price chart

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.