FTSE

Can rebounding oil prices fuel rally in energy stocks like BP and Shell? FTSE technical analysis hints at potential recovery for UK index. Meanwhile, Brent crude oil rises above 200-day average ahead of OPEC meeting.

The ongoing stock market rally continues. With the US Thanksgiving holiday keeping trading on the quieter side today, the European markets edged higher. The DAX has now completely made back the entire losses it suffered between September and October. Other mainland European indices have similarly made strong gains, along with Wall Street. But frustratingly for the UK market, the FTSE has not shown much desire to go higher.

GBP/USD slips ahead of the Autumn statement. FTSE rises with the Autumn Statement due, Sage outperforms

Has the rally on EUR/USD gone too far, too soon? Whilst it shows the potential for further gains, a pullback would not come as too much of a surprise. And with the Nasdaq rising ~80% of the Wednesday's ahead of Thanksgiving, we feel inclined to seek intraday bullish setups today.

Whilst the 200-day MA stands in the way of further DAX gains, I suspect a move to 16k could still be on the cards. USD/JPY could also test 150 as part of its next leg lower, if incoming US data disappoints.

EUR/USD has pulled back against Monday’s moves, but has the potential to extend yesterday’s rally should inflation data from across Europe come in hot enough today. We also have the FOMC meeting looming which has seen implied volatility rise for the pair.

A 2-bar reversal on EUR/USD suggests it may have seen the completion of a 3-wave correction. If so, it also assumes a break to new cycle lows. Elsewhere, USD/CAD is sitting pretty just off its cycle highs ahead of today's BOC meeting, where a dovish hold might help it make a break for 1.38.

The FTSE and DAX both fell after relatively weak economic data drove fears of a recession, while the ongoing conflict between Israel and Hamas hurt risk appetite across the board...

FTSE 100 falls post Fed & ahead of the BoE rate decision. EUR/USD tests 1.0630 after the Fed’s hawkish skip.

GBP/USD looks like it is trying to carve out a swing low ahead of today's employment and wages report, whilst the FTSE 100 has rallied into a key area of resistance.

Gold has managed to find support at its 20-day average, yet the 50 and 100-day EMAs are capping its upside potential ahead of Wednesday's US inflation report, which means we'd prefer to seek near-term opportunities on an intraday timeframe.

EUR/USD falls ahead of eurozone PMI data. FTSE trades under pressure after weak China data fuels risk off trade.

It seems the low I was pondering on Friday for EUR/USD ahead of the NFP report has come to fruition, so the bias is to seek bullish setups on lower timeframes. And whilst USD/JPY has managed to recoup around half of Friday’s losses, we’re monitoring its potential for a swing high around a nearby resistance zone.

1-day implied volatility for GBP/USD is above its 20-day average ahead of today’s BOE meeting, which suggests a 66% chance of a 120 pip move in either direction (with the BOE’s rate decision likely to direct that direction). WTI’s delta volume (bid vol – ask vol) is extremely negative to show lots of bears entered around the cycle low. And of prices do not roll over quickly, they may be forced to cover (and help extend a rally they may be fleeing from).

Inflation reports for the UK and eurozone put GBP/USD and EUR/USD firmly onto trader's radars, although options markets suggest the UK report is the more important of the two.

USD/JPY is trying to notch up its fifth daily decline (which would be its first this year) whilst USD/CAD also falls on bets of weak US inflation and a BOC hike today.