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
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
GBP/USD
Bullish
USD/JPY
Mixed
Gold
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
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
Bullish
More View more
Real Time News
  • The Swedish #Krona and Norwegian #Krone will be in for a tense week ahead of #Brexit-related drama and a crucial EU summit which could be a turning point for the EU-UK divorce. Get your market update from @ZabelinDimitri :https://t.co/zjTNQmDHTt https://t.co/fpXoGsdMt7
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.26%, while traders in France 40 are at opposite extremes with 83.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2T2DkNIQIK
  • Australian Dollar and ASX 200 Trend Hinges on RBA, Fed Rate Cuts - https://www.dailyfx.com/forex/fundamental/article/special_report/2019/10/17/Aussie-Dollar-and-ASX-200-Trend-Hinges-on-RBA-Fed-Rate-Cuts.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #AUDUSD #ASX
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.39% 🇨🇭CHF: 0.17% 🇳🇿NZD: 0.10% 🇯🇵JPY: -0.00% 🇨🇦CAD: -0.02% 🇬🇧GBP: -0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/fV2xxEk8ml
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: US 500: -0.02% Wall Street: -0.16% France 40: -0.20% Germany 30: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/v10gfIXweU
  • #CAC: A consolidation, then breakout could provide a platform for fresh longs. In the event of higher prices, there isn’t anything until a swing high from late-2007 located at 5865. Get your market update from @PaulRobinsonFX https://t.co/XqtCnj89qG
  • Overnight index swaps are pricing in an 84.2% probability that the #fed will cut rates during its next meeting on 10/30/2019. #USD #Fed
  • Longer-term Elliott wave forecast for $EURUSD - 1.18? 1.25? https://www.dailyfx.com/forex/technical/elliott_wave/eur-usd/2019/10/01/eur-forecast-large-rally.html
  • Asian equities update: Nikkei 22503.97 (+0.14%), Hang Seng 26891.76 (+0.86%), CSI 300 3928.88 (-0.16%). [Delayed]
  • The #Euro has breached resistance guiding it lower for nearly four months, setting the stage for gains. Any near-term rise is unlikely to derail the long-term downtrend, however. Get your $EUR market update from @IlyaSpivak here:https://t.co/5Cdw2gJ3ON https://t.co/Q88ySolKZt
FTSE Technical Outlook – Wedge Breakout Fake-out Furthered by BoE

FTSE Technical Outlook – Wedge Breakout Fake-out Furthered by BoE

2018-08-03 08:00:00
Paul Robinson, Currency Strategist
Share:

FTSE Technical Highlights:

  • FTSE wedge breakout on Tuesday reversed
  • Brings support into play around 7500
  • Generally choppy conditions not ideal

For the broader fundamental and technical outlook on the FTSE & British Pound, check out the DailyFX Q3 Trading Forecasts.

The FTSE’s fake-out breakout catches longs leaning the wrong way

Yesterday, the BoE raised rates by 25 bps to 0.75%, in line with expectations, but this didn’t keep the FTSE or sterling from having decent-sized moves. Prior to yesterday’s drop, on Tuesday, the FTSE broke higher out of an ascending wedge but reversed back inside it on Wednesday setting up the fake-out breakout.

With the market ‘trapped’ on the false breakout more fuel for selling was provided not only for yesterday’s decline, but should help lead to additional weakness in the days ahead. Looking lower is support at 7508, then the 200-day at 7479.

The caveat to trading the FTSE right now is two-fold; one, it’s been a choppy market in general, and, two, it’s August. Typically, if this month doesn’t have anything eventful in the way of risk-off it can be a quiet one as traders leave the desk to squeeze in vacation before school starts.

Keep an eye on the U.S. markets, there may be some reason to look for at least a little risk-off in the weeks ahead if certain developments take shape. Check out yesterday’s commentary on the S&P 500 and Nasdaq 100, along with what we had to say about the DAX if it broke its month-long channel (which it did yesterday).

Check out this guide for 4 ideas on how to Build Confidence in Trading.

FTSE Daily Chart (Wedge reversed)

FTSE daily chart, wedge reversed

You can join me every Tuesday at 9 GMT for live analysis on equity indices and commodities, and for the remaining roster of live events, check out the webinar calendar.

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

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.