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Bears gaining some strength | 6560 6520 6500 support | 6610 6640 6682 resistance | Sterling losses

#1 · 11th December 2020, 10:03 am

Quote from Nick on 11th December 2020, 10:03 am
FTSE 100 live outlook prediction analysis for 11th December 2020
Sterling extended losses against the dollar on Thursday, falling 0.8pc through trading to reach $1.3267 by close. As markets closed across Europe, the pound fell 1.18pc against the euro at €1.097.
Amazon.co.uk Widgets
Traders became more cautious about the risk of a no-deal Brexit after Boris Johnson and Ursula von der Leyen set a deadline of this Sunday for a breakthrough in trade talks. A dinner on Wednesday left both sides still “far apart”. The British currency has been jittery on Brexit headlines, dropping when news suggests a deal is unlikely and rising when hopes are raised.
Equity markets had a positive day thanks to the weaker pound and helped by the ECB’s latest move to inject extra funds into the system. The FTSE 100 closed up 35 points to 6,599. The domestically-focused FTSE 250 shed 127 points over Brexit uncertainty, to 19,756.
Security Scare
The U.S. Federal Communications Commission ordered carriers to remove equipment made by Huawei, and commenced a proceeding asking whether to end China Telecom America’s permission to operate in the U.S. “We do so for good reason,” FCC Chairman Ajit Pai said about China Telecom. Security agencies contend the company hasn’t complied with cybersecurity and privacy laws, and the company is owned by the Chinese government, he said. Earlier, China said it will sanction more U.S. officials and place new travel restrictions on American diplomats in retaliation for measures taken by the Trump administration over Hong Kong.
Markets Mixed
Asian stocks looked set for a mixed start to Friday trading as investors weighed prospects for a stimulus deal in Washington against disappointing U.S. jobs data. Treasuries gained and U.S. shares ended a volatile session modestly lower. Futures were little changed in Japan, edged higher in Hong Kong and slipped in Australia. The S&P 500 dipped for a second day without any signs of a breakthrough on the top issues that have held up a deal by lawmakers. The pound slid as U.K. Prime Minister Boris Johnson warned Britain should prepare to leave the EU without a trade deal.[Bloomberg]
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US & Asia Overnight from Bloomberg
The dollar came back under pressure Friday as investors weighed fading prospects for a stimulus deal in Washington against disappointing U.S. jobs data. Stocks were mixed and oil extended an overnight gain.
The yen pushed higher and the euro strengthened on a further monetary policy boost in the region. S&P 500 futures fluctuated after the index dipped for a second day without any signs of a breakthrough on the top issues that have held up a stimulus deal by lawmakers. Shares rose in Hong Kong and South Korea and slipped in Japan and China. U.S. employment data suggested that widening business shutdowns to curb the pandemic are spurring fresh job losses.
Treasuries held overnight gains after a strong 30-year bond auction. The pound fluctuated as U.K. Prime Minister Boris Johnson warned Britain should prepare to leave the European Union without a trade deal. Airbnb Inc. more than doubled in its trading debut. After the close of U.S. markets Thursday came news that the first Covid-19 vaccine expected to be deployed in the U.S. won backing of a panel of government advisers.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The SP had a brief foray below the 3650 level yesterday but soon snapped back and has been consolidating around the 3660 level overnight. That bodes well for a pop up towards the 3685 level where we have the 2 hour resistance from the Hull MA and above that the 3693 level where we have a red 2h coral. The FTSE held on well yesterday recovering from the drop down from the 6630 level and also overnight has been consolidating around the 6600 level.
For today I am thinking that we will get a rise and dip play out initially, and we may well see the 6600 level hold as we have the daily pivot here. A rise towards the 6645 resistance level initially I am thinking. That said, I have also plotted a pink plan B arrow on the chart as we may get a dip down towards the support area at 6565 this morning if 6600 breaks. There are a few supports here, namely S1, key fib and the 200ema. I would like to see that hold for further upside from that level as the FTSE still looks bullish on the daily chart with a rise towards the 6750 level looking likely. Of course, we have the ongoing Brexit negotiations moving cable and in turn the FTSE 100 to bear in mind.
If the bears were to break below the 6560 level though then a drop down to test the 6520 level again would probably play out, and the bottom of the 10 day Raff channel at 6501.
For the bulls, initially we have a bit of resistance at 6610 from the hull moving averages on the 2h chart, and then yesterdays high at 6630 again. As mentioned though I am looking at initial resistance at the 6644 level as we R1 and the key fib here. That may well stall any initial rise this morning and tie in with the S&P testing the 3685 level.
Above the 6645 level then a rise towards R2 at 6682 and the round number of 6700 looks likely to end the week on a high. We may well also get the Friday afternoon pump on the US markets once again, and stimulus expectations used as the catalyst. Looking for a break of the 3685/3690 level on that for a push back towards 3705+.
Good luck today and have a great weekend.
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If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.
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FTSE 100 live outlook prediction analysis for 11th December 2020

Sterling extended losses against the dollar on Thursday, falling 0.8pc through trading to reach $1.3267 by close. As markets closed across Europe, the pound fell 1.18pc against the euro at €1.097.
Amazon.co.uk Widgets
Traders became more cautious about the risk of a no-deal Brexit after Boris Johnson and Ursula von der Leyen set a deadline of this Sunday for a breakthrough in trade talks. A dinner on Wednesday left both sides still “far apart”. The British currency has been jittery on Brexit headlines, dropping when news suggests a deal is unlikely and rising when hopes are raised.

Equity markets had a positive day thanks to the weaker pound and helped by the ECB’s latest move to inject extra funds into the system. The FTSE 100 closed up 35 points to 6,599. The domestically-focused FTSE 250 shed 127 points over Brexit uncertainty, to 19,756.

Security Scare

The U.S. Federal Communications Commission ordered carriers to remove equipment made by Huawei, and commenced a proceeding asking whether to end China Telecom America’s permission to operate in the U.S. “We do so for good reason,” FCC Chairman Ajit Pai said about China Telecom. Security agencies contend the company hasn’t complied with cybersecurity and privacy laws, and the company is owned by the Chinese government, he said. Earlier, China said it will sanction more U.S. officials and place new travel restrictions on American diplomats in retaliation for measures taken by the Trump administration over Hong Kong.

Markets Mixed

Asian stocks looked set for a mixed start to Friday trading as investors weighed prospects for a stimulus deal in Washington against disappointing U.S. jobs data. Treasuries gained and U.S. shares ended a volatile session modestly lower. Futures were little changed in Japan, edged higher in Hong Kong and slipped in Australia. The S&P 500 dipped for a second day without any signs of a breakthrough on the top issues that have held up a deal by lawmakers. The pound slid as U.K. Prime Minister Boris Johnson warned Britain should prepare to leave the EU without a trade deal.[Bloomberg]

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US & Asia Overnight from Bloomberg

The dollar came back under pressure Friday as investors weighed fading prospects for a stimulus deal in Washington against disappointing U.S. jobs data. Stocks were mixed and oil extended an overnight gain.

The yen pushed higher and the euro strengthened on a further monetary policy boost in the region. S&P 500 futures fluctuated after the index dipped for a second day without any signs of a breakthrough on the top issues that have held up a stimulus deal by lawmakers. Shares rose in Hong Kong and South Korea and slipped in Japan and China. U.S. employment data suggested that widening business shutdowns to curb the pandemic are spurring fresh job losses.

Treasuries held overnight gains after a strong 30-year bond auction. The pound fluctuated as U.K. Prime Minister Boris Johnson warned Britain should prepare to leave the European Union without a trade deal. Airbnb Inc. more than doubled in its trading debut. After the close of U.S. markets Thursday came news that the first Covid-19 vaccine expected to be deployed in the U.S. won backing of a panel of government advisers.

FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

The SP had a brief foray below the 3650 level yesterday but soon snapped back and has been consolidating around the 3660 level overnight. That bodes well for a pop up towards the 3685 level where we have the 2 hour resistance from the Hull MA and above that the 3693 level where we have a red 2h coral. The FTSE held on well yesterday recovering from the drop down from the 6630 level and also overnight has been consolidating around the 6600 level.

For today I am thinking that we will get a rise and dip play out initially, and we may well see the 6600 level hold as we have the daily pivot here. A rise towards the 6645 resistance level initially I am thinking. That said, I have also plotted a pink plan B arrow on the chart as we may get a dip down towards the support area at 6565 this morning if 6600 breaks. There are a few supports here, namely S1, key fib and the 200ema. I would like to see that hold for further upside from that level as the FTSE still looks bullish on the daily chart with a rise towards the 6750 level looking likely. Of course, we have the ongoing Brexit negotiations moving cable and in turn the FTSE 100 to bear in mind.

If the bears were to break below the 6560 level though then a drop down to test the 6520 level again would probably play out, and the bottom of the 10 day Raff channel at 6501.

For the bulls, initially we have a bit of resistance at 6610 from the hull moving averages on the 2h chart, and then yesterdays high at 6630 again. As mentioned though I am looking at initial resistance at the 6644 level as we R1 and the key fib here. That may well stall any initial rise this morning and tie in with the S&P testing the 3685 level.

Above the 6645 level then a rise towards R2 at 6682 and the round number of 6700 looks likely to end the week on a high. We may well also get the Friday afternoon pump on the US markets once again, and stimulus expectations used as the catalyst. Looking for a break of the 3685/3690 level on that for a push back towards 3705+.

Good luck today and have a great weekend.

Recommended Broker

IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!

Membership and Live Trading

If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.

What you get

Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
Telegram live trading room and webinar group membership for discussion and realtime trade updates

Keep up to date with new content, free sign up below

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