Market forecasts: Double top on FTSE, Directional trading to continue – Oanda

“We are more likely to see directional moves in the market heading into the year, since investors have gained more clarity on the next move in the interest rates in US”, says Craig Erlam Senior Market Analyst at Oanda. He is joined by Mike Ingram, Strategist at BGC Partners and Tip TV’s Zak Mir.

Key points

EUR/USD – 1.10 is a key psychological level, but has failed to act as a strong support/resistance level in the recent history. Overall, things are pointing to the downside.

FTSE100 – Double top pattern on the daily chart with neckline around key level of 7000, which if breached would expose critical support at 6875.

USD/JPY – Need to see a break above the previous cyclical high. Ichimoku could need to supplement the potential bullish break.

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