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
Mixed
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
Mixed
USD/JPY
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.18%, while traders in US 500 are at opposite extremes with 75.10%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/32vkxKLXCI
  • Heads Up:🇷🇺 Inflation Rate YoY due at 17:00 GMT (15min) Expected: 3% Previous: 3.1% https://www.dailyfx.com/economic-calendar#2020-06-05
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.53% Gold: -1.95% Silver: -2.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NYy8Z7mJ6l
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.73% 🇳🇿NZD: 0.68% 🇨🇦CAD: 0.52% 🇪🇺EUR: -0.43% 🇯🇵JPY: -0.50% 🇨🇭CHF: -0.74% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/POghhbQYMl
  • New York virus cases increase 0.3%, matching the prior 7-day average of 0.3% - BBG
  • Hey traders! We are wrapping up the week with #NFP release today. Get your market update from @DailyFX Chief Strategist, @JohnKicklighter 👇 https://t.co/C8BJS9TNLf
  • https://t.co/fxVoqyhlWX
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Wall Street: 3.63% US 500: 2.91% FTSE 100: -0.09% France 40: -0.13% Germany 30: -0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zy2JWPvCSe
  • 🙃 https://t.co/0WKkP8Q9j1
  • Trump Administartion to put out revisions to China flight restrictions - BBG
FTSE Chart Analysis – Pressure on for Now, Watch for Higher Low

FTSE Chart Analysis – Pressure on for Now, Watch for Higher Low

2019-01-17 09:01:00
Paul Robinson, Strategist
Share:

FTSE Technical Highlights:

  • FTSE reversal last week at resistance keeps pressure on
  • If selling doesn’t accelerate higher-low may soon form
  • ‘Brexit’ headlines an obvious risk for traders to manage

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

FTSE reversal last week at resistance keeps pressure on

Last week, when I last discussed at the FTSE the view was that the rally was at risk of reversing. Indeed, the price action on 1/11 was the type which tends to suggest an exhaustion has occurred, marked by a clear key-reversal candlestick.

The pullback thus far hasn’t been all that aggressive, but pressure may continue on the UK index in the near-term before finding a low. More gradual declining would suggest that weakness may turn out to be a buying opportunity. A higher low forming relatively soon would bring the possibility of an inverse head-and-shoulders.

Of course, for this to become an actual matured pattern we not only need to see a higher-low to form the right shoulder but also a push higher through resistance (neckline) and the trend-line running lower since August.

For now, the very short-term trend is towards more selling, but should we see a sudden stop and reverse it may be time to flip the script back towards bullish bets. The tricky part about trading anything UK-related is the obvious headline risks, so it will be extra important to know your risk and take protective measures in the event of news hitting the tape.

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

FTSE Daily Chart (Watch how pullback plays out)

FTSE daily chart, watch how pullback plays out

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.