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
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.40%, while traders in US 500 are at opposite extremes with 78.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BjVYnfsHXz
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.62% Silver: 0.36% Oil - US Crude: -1.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/llYX3VfKF3
  • $EURGBP: A close above the high end of the zone cancels the last bearish signal and could trigger a rally towards 0.9015. Get your EUR/GBP technical analysis from @malkudsi here: https://t.co/vrZ2LODXky https://t.co/h1ksnzHtlO
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.14% 🇯🇵JPY: -0.03% 🇳🇿NZD: -0.04% 🇪🇺EUR: -0.23% 🇬🇧GBP: -0.28% 🇦🇺AUD: -0.39% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XaAYYsiHDf
  • $EURGBP: los avances encuentran resistencia ante la reunión monetaria del #BCE #PEPP #trading https://t.co/qgCAFZm8xO
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.57% US 500: -0.61% Wall Street: -0.63% France 40: -0.76% Germany 30: -0.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/587ISZaa3R
  • BoE's Executive Director Hauser says negative rates won't happen in the near-term even if it decided it is right thing to do $GBP
  • 🇬🇷 GDP Growth Rate QoQ Actual: -1.6% Previous: -0.7% https://www.dailyfx.com/economic-calendar#2020-06-04
  • 🇬🇷 GDP Growth Rate YoY Actual: -0.9% Previous: 1% https://www.dailyfx.com/economic-calendar#2020-06-04
  • Heads Up:🇬🇷 GDP Growth Rate QoQ due at 09:00 GMT (15min) Previous: -0.7% https://www.dailyfx.com/economic-calendar#2020-06-04
FTSE Chart Analysis – Lifting on Heels of Surge in S&P 500, but Not Meaningful

FTSE Chart Analysis – Lifting on Heels of Surge in S&P 500, but Not Meaningful

2018-11-29 09:04:00
Paul Robinson, Strategist
Share:

FTSE Technical Highlights:

  • FTSE starts day on positive note with help of Powell, S&P 500
  • Price action still sluggish, suggests market only digesting prior losses
  • Still in the works relatively soon; a weekly close below March/Oct lows is big trouble

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

FTSE starts day on positive note with help of Powell, S&P 500

Yesterday, shortly after European trade closed Fed Chairman Powell delivered a speech where he eased up on the Fed’s hawkish tone, which sent U.S. markets spiraling higher and with it sympathy moves out of other major global markets to start today. But it may not last long, trend and market tone are still negative.

As of late the FTSE has been caught in a washing machine of choppy trading, making the past month or so difficult and also indicative of corrective price action of the last down-move during October. It is currently trying to cross a trend-line from September, one it was rejected from yesterday.

A break above may allow for the market to trade higher in the near-term. A move towards the top of the recent range in the 7155/96-area would provide a decent risk/reward spot for shorts. It’s also possible, depending on the timing, a run-in with the trend-line off the August peak could take shape, creating confluent resistance.

Trading up to those points of resistance, though, may even turn out to be a tall order given the overall weak tone to the market; hence why trading from the long-side right now holds little appeal from where I sit.

FTSE Daily Chart (Price action corrective of last down-move)

FTSE daily chart, price action corrective

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

Scaling back to the longer-term chart, a weekly close below 6851 at some point down the road would be considered a big negative for the market as the bottom of the ‘RST’ pattern I’ve been pointing out the past few months would be gaining another leg of momentum towards a much large decline. More on that when it becomes more relevant again…

FTSE Weekly Chart (‘RST’ pattern still in effect)

FTSE weekly chart, 'RST' pattern still in effect

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.