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
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
Mixed
Wall Street
Bearish
Gold
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
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
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar appears to be back on the offensive against ASEAN FX such as the Singapore Dollar and Malaysian Ringgit. The Philippine Peso gained. What does USD face from here? Find out from @ddubrovskyFX here: https://t.co/U8VGdJPIST https://t.co/67Qq4n8Tet
  • LIVE NOW: In this session, Currency Analyst @ddubrovskyFX discusses traders' positioning as a key element of market analysis to determine the prevailing and future price trends. https://www.dailyfx.com/webinars/998956395
  • Heads Up! Will be starting soon. I will be resuming last week's discussion on equities to see what positioning can say about the prevailing trends, signup below https://t.co/5WGeehCLdh
  • 🇯🇵 JPY Trade Balance - BOP Basis (Yen) (FEB), Actual: ¥1366.6b Expected: ¥1215.0b Previous: -¥985.1b https://www.dailyfx.com/economic-calendar#2020-04-07
  • 🇯🇵 JPY Machine Orders (YoY) (FEB), Actual: -2.4% Expected: -3.0% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-04-07
  • 🇯🇵 JPY Machine Orders (YoY) (FEB), Actual: 5% Expected: -3.0% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-04-07
  • Australia outlook cut from stable to negative by S&P - BBG #AUD
  • #RBNZ Assistant Governor Christian Hawkesby: - The central bank is "very open" to changing the size of its QE program - There is a limit to how much of the bond market the RBNZ can purchase - Monetary authorities open to increasing QE in a "rapidly evolving situation" - BBG #NZD
  • Heads Up:🇯🇵 JPY Machine Orders (YoY) (FEB) due at 23:50 GMT (15min), Actual: N/A Expected: -3.0% Previous: -0.3% https://www.dailyfx.com/economic-calendar#2020-04-07
  • Heads Up:🇯🇵 JPY Trade Balance - BOP Basis (Yen) (FEB) due at 23:50 GMT (15min), Actual: N/A Expected: ¥1213.6b Previous: -¥985.1b https://www.dailyfx.com/economic-calendar#2020-04-07
FTSE Chart Analysis – Rally Picks Up Pace, Has Prior Lows to Overcome

FTSE Chart Analysis – Rally Picks Up Pace, Has Prior Lows to Overcome

2018-09-26 09:00:00
Paul Robinson, Strategist
Share:

FTSE Technical Highlights:

  • FTSE picks up momentum after slow start off low
  • Trading around prior lows from summer
  • Break above resistance opens up room

Looking for forecasts, long-term trade ideas, and educational content? We got you covered. Check out the DailyFX Trading Guides page for details.

FTSE picks up momentum after slow start off low

When the FTSE posted a key-reversal back on September 11 we made note that given the oversold state it was in and bullish price action it was due for a recovery bounce. In recent sessions recovery-mode morphed into a strong surge higher.

Yesterday, price slightly overtook the 200-day, but still needs to firmly overcome lows from June and August. A close above 7520 may help clear a path towards a swing high created late last month in the 7630-vicinity, or better by running to the trend-line off the record high.

Overall, since topping back in May we still hold a skeptical eye towards a rally, though, as the trend since May remains negative. However, with appetite for stocks, globally, having improved recently and the U.S. continuing to hold onto a bullish outlook, the FTSE may find itself with sponsorship.

Tactically speaking, it’s a tough spot to be an aggressive buyer after a strong bounce and resistance close at hand. If holding long from lower levels, then traders may want to give the footsie a little wiggle room to see if upward momentum can’t keep the market on the move.

If a sharp turnabout unfolds, that is, if a key-reversal or another negative technical event such a bearish engulfing candle forms, then look backing off from the long-side will be warranted given the overall trend. Shorts may look to reassert if this is the case for what may be yet another lower high in an ongoing sequence of lower lows and lower highs amid a broader topping pattern. Overall, we find ourselves leaning towards doing nothing at this time until better clarity.

FTSE Daily Chart (Trading around prior lows)

FTSE daily chart, trading around prior lows

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

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.