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
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
USD/JPY
Bullish
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
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • very cool, very legal https://t.co/gsOxPiEdIw
  • $USDCAD is testing slope support into the close of the week with the immediate short bias at risk while above 1.3134/51. Get your USD/CAD technical analysis from @MBForex here:https://t.co/eE9yrNEU80 https://t.co/mszY7ouYRF
  • $EURUSD Daily Pivot Points: S3: 1.0966 S2: 1.1041 S1: 1.1085 R1: 1.116 R2: 1.119 R3: 1.1264 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The British Pound’s relief rally may still have some room to run: volatility in the $GBP has dropped back to levels typically associated with periods of ‘positive developments’ in the #Brexit process. Get your market update from @CVecchioFX here:https://t.co/uzXRd8y4ck https://t.co/Nxf6opYgLd
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.31% 🇨🇦CAD: 0.12% 🇨🇭CHF: 0.09% 🇪🇺EUR: -0.09% 🇳🇿NZD: -0.11% 🇦🇺AUD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/z0x9cPG1TN
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.40% Silver: 0.09% Oil - US Crude: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fpuNos9jTO
  • RT @bbands: Most crypto currencies are at or near Bollinger Band Squeeze levels. Time to pay attention.
  • Spot FX Update: $EUR 1.1119 $JPY 109.3505 $GBP 1.3337 $CAD 1.3182 $CHF 0.9842
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.07%, while traders in France 40 are at opposite extremes with 78.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rBitc06izt
  • Stocks in the #Dow Jones and S&P 500 are soaring alongside the Chinese Yuan as Beijing confirms trade negotiators have reached a partial deal in text with Washington. Get your market update from @RichDvorakFX here: https://t.co/v8Dy0Es2MY https://t.co/1f6xgxkXK0
FTSE 100 Forecast: Risk of Decline Heightens as Technicals Weaken

FTSE 100 Forecast: Risk of Decline Heightens as Technicals Weaken

2019-11-13 12:00:00
Paul Robinson, Currency Strategist
Share:

FTSE 100 Technical Highlights:

  • FTSE found opposition near the September high, channel weakening
  • Still potential for big-picture top if a decline begins soon

For our analysts intermediate-term fundamental and technical view on the FTSE and other major indices, check out the Q4 Global Equity Markets Forecast.

FTSE found opposition near the September high, channel weakening

Last week the FTSE traded up very near the September high before rolling over, the area over 7400 is proving to be a resistance zone worthy of attention, it also could be part of large topping pattern that has been building since April.

The head-and-shoulders (H&S) top has not completely formed, of course, until it breaks the neckline that was tested and successfully held last month, down near 7000. A relatively swift turn down form here could put that big-picture scenario back on the map by firming up a complex right shoulder.

But before doing that the market will need to get outside of the channel off the last month’s low. Currently the channel is keeping the market pointed higher in the short-run. Yesterday, the market was breaking the lower parallel of the structure along with the 200-day before recovering into the close.

The generally tepid upward momentum and lagging nature of the FTSE relative to other global indices, sets it up for a fall soon if buyers don’t show up with more conviction. A bearish scenario that is growing teeth. A close below yesterday’s low at 7258 is viewed as a catalyst for further selling.

If the channel continues to keep the market supported, then a climb above the September high at 7440 will need to take place before the H&S pattern can come off the table and momentum can pick up towards the yearly high of 7727.

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

FTSE Daily Chart (watch channel, H&S still on the table)

FTSE 100 Forecast: Risk of Decline Heightens as Technicals Weaken

UK 100 Index Charts by Tradingview

You can join me every Wednesday at 1030 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.