Forex Analysis:FTSE Faces Resistance Around 6100/6200 Handle

Bottom line: FTSE long term structure continues to remain bearish against 7724 resistance.…

Bottom line: FTSE long term structure continues to remain bearish against 7724 resistance. The indice had dropped below 5900 mark last week and is now pulling back. Bears are expected to be back in control around 6100/6200 mark and push below 5500 and 4700 respectively.

 Fundamental Outlook:

EURUSD exchange rate had dropped on Friday by -0.77%, closing in around 1.1787. The US Dollar came back strong amidst job data and the rising US-China tensions. The EURO might come under pressure this week as the Greenback looks set to gain, over geopolitical risks.

GBPUSD had also dropped by -0.70% on Friday, managing to close at 1.3051 mark. The exchange rate had reached up to 1.3186 levels earlier. The recent developments over Brexit negotiations might have triggered the selloff. It might face further pressure as Q2 GDP figures are set to be out this week

FTSE had remained flat and managed to close around 6059 mark on Friday. It is trading higher and back around the 6100 handle as we prepare to publish. The indice along with SPX500, DAX and Dow Jones would be taking its cues from COVID-19 infections, US-China trade wars and the ongoing negotiations over more stimulus packages in the US.

Technical Analysis:

FTSE might have resumed lower towards 5500 and 4700 after having carved a lower high around 6333 levels earlier. The indice is facing immediate price resistance around 6333, followed by 6500 respectively. Bears might remain poised to be back in control soon.

FTSE has earlier dropped from 7700 levels through 4750 as an impulse wave. This was followed by a corrective rally towards 6500 mark. Also note that 6500 was extremely close to the fibonacci 0.618 resistance of the above drop, seen through 6590 handle.

FTSE should ideally stay below the 6500 mark and continue lower towards 4700, going further. Most traders might hold on to short positions initiated earlier (6300/6400), with protective stops above 6500 and projected target towards 4700 respectively.

Prepared by

Harsh Japee, Technical Analyst.

 

FTSE Chart

 


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