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Markets are mixed this morning with momentum having cooled ahead of the ECB Policy update this afternoon and US Jobs report on Friday. US bourses posting gains after the Fed’s Beige book economic assessment suggested activity continuing to expand in October and November with widespread job gains across the US. The main events today will be policy updates from the BoE and ECB and while no changes are expected, there will be much focus on ECB President Draghi’s press conference as it may – many hope – include stronger hints/commitment for further stimulus (QE) in 2015 to combat deflationary/recessionary risk.
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The UK’s UK 100 has broken below prior support this morning trading down towards 6700. It has also broken below all of its major moving averages too, with a break off 6700 suggesting a possible pull back to 6650. The 100 day moving average has broken below the 20, 50 and 100 day moving averages whilst the RSI has moved into over oversold territory.
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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.
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Germany’s DAX is testing 10000 again this morning after briefly breaking above it yesterday to trade just shy of all time highs. 10000 will be a key level for the DAX with a sustained break giving the impetus to go on to register a new all-time high. The RSI is still trending sideways in overbought territory.
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.
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US Dow Jones set a new all time high overnight after a breakout of its 2 week channel with 18000 being a likely target. Resistance was met on a couple of occasions around 17926 whilst support is likely around the 50 day moving average. The 100 day moving average has broken above the 200 day moving average whilst the RSI has bounced from overbought.
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.
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Spot Gold is continuing to trade off its lows of last week with a break above its 50 day moving average. The next resistance level could come at the 100 day moving average around 1227, whilst the 50 day moving average may now provide support around 1200.
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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