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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
More View more
Real Time News
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge:
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here:
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • What's the difference between leading and lagging indicators? Find out from here:
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here:
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here. #DailyFXGuides
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here:
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here:
  • 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:
FTSE Technical Take – Formidable 7300 Level Back in Play

FTSE Technical Take – Formidable 7300 Level Back in Play

Paul Robinson, Strategist

FTSE Technical Highlights:

  • FTSE has major resistance just ahead
  • Looking for a pullback at the least on first test
  • Keep an eye on the S&P 500 around big support

Check out the newly released DailyFX Quarterly Forecasts to find out what are likely drivers in the weeks ahead for the FTSE and GBP.

FTSE has major resistance just ahead

It’s been a surprisingly strong bounce in the U.K., with the FTSE showing unrelenting strength since carving out a low last month. However, just ahead lies major resistance surrounding 7300. We’ll call it a zone of 7288 up to 7326 (levels are rarely precise). How the footsie reacts upon a test is of primary interest.

A rejection of some type, whether it be a key-reversal or some other bearish candlestick configuration, will be our cue that the market is going to honor resistance. The thinking on this end is that even if the FTSE is to rise to greater heights it will retrace first. The rally looks a bit overdone in the near-term and the area surrounding 7300 has been extremely important since gaining traction a year-ago.

On a decline, ~7100 will be watched closely should the market pull off that far. It’s another level of significant interest dating all the way back to October 2016.

New to Trading? We’ve got a Trading Guide designed just for you.

FTSE Daily Chart

FTSE daily price chart, big resistance just ahead

Keep an eye on the S&P 500 around big support

With the U.S. stock market as the world’s largest, it will be important to pay attention to how the S&P 500 fares given its recent volatility. So far, it has held big support around the 200-day and Feb 2016 trend-line, but should price give-way then look for another swoon in global markets and the FTSE to join in to some degree.

But for now, the S&P is holding which has given life to global markets. The volatile range over the past three weeks, as discussed in Tuesday’s webinar, is set to resolve itself soon and the direction of that resolution could hold big implications for general risk appetite.

Tools for Forex & CFD Traders

Whether you are a beginning or experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---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.