The FTSE 100 has dropped back from the multi-month high seen this week, while US indices are looking to a flat open after losses yesterday.
The post-CPI rally faltered on Thursday, though it remained above previously-broken trendline resistance. A close below trendline support from January and then below the 50-day SMA would likely indicate a deeper pullback was at hand, perhaps towards 37,816 and the previous high.
Bullish momentum has continued to falter here, and the price slipped back to 18,000 during Thursday’s session.A break below trendline support from the January low would mark a change for the index, and would open the way to horizontal support at 17,656, and then to the 50-day SMA. If the price can hold trendline support then a new move higher could see the price return to the peak seen last week, and then potentially higher.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk. Losses can exceed deposits.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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