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. See our updated Privacy Policy here.

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
Subscribe
Please try again
Wall Street
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
More View more
Real Time News
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/bde30KM8OE
  • The Australian Dollar remains vulnerable to most of its major counterparts, with AUD/USD and AUD/JPY resuming losses. Did AUD/NZD bottom? AUD/CAD may consolidate. Get your weekly Australian Dollar forecast from @ddubrovskyFX here: https://t.co/sjh91mjtXs https://t.co/dGT067zKnH
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/VLZQhrQTAf
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/j5xDAG6LLb
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here: https://t.co/m920Uvmngm https://t.co/yQYtfHf66s
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/Dqq9S9vGvo
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/lccPTTlvj0
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here: https://t.co/WIKdSesfkJ https://t.co/Fx0qr32xgI
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/IRS9MaA7h8
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/CHF/2021/09/18/Gold-Price-Outlook-Hinges-on-Fed-Rate-Decision-Forward-Guidance.html https://t.co/dWWxtErjK0
FTSE Chart Analysis – Watching Short-term Price Action for Next Move

FTSE Chart Analysis – Watching Short-term Price Action for Next Move

Paul Robinson, Strategist

FTSE Technical Highlights:

  • FTSE stabilizing, but can it continue?
  • Short-term price action to determine next move
  • Broader trend, bias still negative even on bullish outcome

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

FTSE stabilizing, but can it continue?

The bounce off the lows hasn’t been as fierce as in other global markets, namely the U.S. But that isn’t all that surprising given the relative strength difference that has been going on for most the year. The FTSE and other European indices have been broadly weak, and while this is expected to continue in the intermediate-term, the near-term outlook could brighten up a little.

In yesterday’s indices/commodities webinar, we looked at the inverse head-and-shoulders pattern forming on the hourly time-frame for not only the FTSE, but also the DAX and CAC. The latter two indices have better defined patterns but the FTSE could still lift from the formation all the same.

The caveat is a) There is resistance right in the vicinity of the neckline and b.) Bigger resistance lies just beyond a break of the neckline. So while the FTSE could continue to recovery it isn’t without its obstacles to overcome, and it may end up a better set-up for shorts once a corrective bounce finishes than it is for would-be longs to try and take advantage of a rising market.

The alternate bearish route, which is often times seen with these types of patterns (H&S) when the neckline is tilted as it is, is for a wedge to form. While this could resolve itself upward just as the inverse H&S implies, it is more generally regarded as corrective in nature. With the trend pretty clearly down for some time now, a breakdown out of a well-developed wedge could have us looking at recent lows again, or worse, pretty quickly.

FTSE Daily Chart (Resistance ahead, trend negative)

ftse daily chart, resistance ahead, trend negative

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

FTSE Hourly Chart (Inverse H&S or corrective wedge)

ftse hourly chart, inverse H&S or corrective wedge)

You can join me every Wednesday at 10 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