Ian Foster from BeAWinningTrader, joined today’s Tip TV Finance Show, to discuss the technical outlook for Dow Jones Industrial Average, FTSE 100, EUR/USD and GBP/USD.
Dow Jones: Bullish on weekly chart
Foster takes a look at the DJIA equity index on different timeframes, and notes that on the weekly charts we have failed to see an upside follow-through after the recent positive bar, which suggests further upside potential ahead of the index.
FTSE: going higher
Foster says that the weekly chart of the FTSE 100 index is somewhat similar to the DJIA, but has seen some strong trading in the last week, leading to an upside break from precious range and could be in for a Santa rally.
EUR/USD: From selling to neutral bias
Foster highlights how the pair has turned to a neutral bias from the previous selling bias in the 4hourly charts. While the weekly charts suggest the cross is heading lower, any firmness around the current support could see upside potential.
GBP/USD: Bearish bias
GBP/USD sees support at 1.4564 levels and is now in open territory, says Foster. Adding to this he mentions that their proprietary indicator remains in the bearish camp on the pair.