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.

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
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/lLNE9eI4NT
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.10% Gold: -0.38% Silver: -0.81% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/D02uNrtXBx
  • RT @tracyalloway: Yields on the junkiest of junk bonds (CCC-rated) hit another all-time low, coming in at just 5.66%. https://t.co/qGi3ETjG…
  • RT @FxWestwater: Euro Technical Forecast: $EURUSD, $EURAUD, $EURJPY Charts to Watch Link: https://www.dailyfx.com/forex/market_alert/2021/05/12/Euro-Technical-Forecast-EURUSD-EURNZD-EURAUD-Charts-to-Watch.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/fa6WSjjYpM
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.08% 🇪🇺EUR: -0.10% 🇨🇭CHF: -0.13% 🇯🇵JPY: -0.20% 🇳🇿NZD: -0.31% 🇦🇺AUD: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d3C8KTv536
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.21%, while traders in GBP/USD are at opposite extremes with 68.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/shh3jAwo7Z
  • 🇦🇺 Building Permits MoM Final (MAR) Actual: 17.4% Expected: 17.4% Previous: 20.1% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Biden EPA expands fuel waivers to blunt gas shortages - BBG #OOTT $CL_F
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. https://t.co/s3c3Mhvq6F
  • USD/Yuan reference rate set to 6.4258 - BBG $USDCNH
FTSE 100 Price Outlook: Strong Rejection at 200-day Keeps it Rising

FTSE 100 Price Outlook: Strong Rejection at 200-day Keeps it Rising

Paul Robinson, Strategist

FTSE 100 Technical Highlights:

  • FTSE rising wedge broke, but 200-day put in a floor
  • Big-picture H&S still a possibility, but on hold for now

For our analysts intermediate-term fundamental and technical view on the FTSE and other major indices, check out the Q3 Global Equity Markets Forecast.

FTSE rising wedge broke, but 200-day put in a floor

On Wednesday, the FTSE was continuing its decline from a rising wedge formation we’d been focusing on in the week before, as the upward grinding price action smacked of a correction of the down-move off the July high.

But once again the 200-day came into play as a meaningful threshold to pay close attention to. It was the 6th time since May a turn of some sort has developed from the long-term moving average. Sometimes it isn’t that influential without the help of a price level, and sometimes it is, as was the case again this week.

Now that the UK index is shooting higher off support the upside must be respected again. However, there is still plenty of room for the larger topping, a head-and-shoulders formation, to come to form and post a significant threat in Q4.

For now, longs have a little more room until the July 25 low at 7462 before it may come into play as resistance. Shorts may be best-served by waiting for price action to slow down and give signs again that the FTSE wants to roll over.

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

FTSE Daily Chart (200-day keeps floor in, H&S still has potential)

FTSE 100 Price Outlook: Strong Rejection at 200-day Keeps it Rising

UK 100 Index Charts by Tradingview

You can join me every Wednesday at 930 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