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The ever escalating violence in Iraq is still dominating the headlines with reports of Syrian air-strike in Iraq prompting fears of retaliation and US intervention. The UK Index and DAX are trying to remain in moderately positive territory this morning after 3 days of declines. The Dow Jones managed to shrug off some poor GDP data yesterday to finish positive but all eyes will be on today’s data releases to see if the jobs markets has improved.
The UK UK Index is trying hard to stay in the blue this morning after a few days of negative closes. With the UK Index trading support level of 6740 a fall below this level could well see a drop back into the 6600’s. With the BoE’s governor Carney speaking again this morning, the market will be looking for clarification on a more definitive time frame for the inevitable interest rate rise. A break below 6740 could see a pull back towards 6690.
Germany’s DAX has again failed to build on the momentum of last week and has like the UK Index struggled over the last few sessions. The DAX is still in a 1 month range between 9836 and 10044 with a break below 9836 possibly signalling a pull back towards mid May levels of 9775.
The US Dow Jones finished in the blue last night shrugging off poor GDP data but with the trouble in Iraq still very much at the forefront of the news any talk of US intervention could see traders taking risk off the table. Having said that, an upward trend is still intact, although jobless data due for release at 13:30 today could cause a reaction in the markets. A break below 16844 could see the Dow falling towards recent lows of 16744 and 16698.
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Solid Green line
Possible support
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Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
Solid Green line
Possible support
Solid Red line
Possible resistance
Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
Click here for help with Support & Resistance Click here for help with technicals
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