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Equity markets are mixed this morning with US stocks adding positive economic data to a weaker (though still strong) USD to get renewed likelihood of a US interest rate rise before 2015 is out. European equities are drifting amid continued concerns about a slowing Chinese economy and reports that the ECB wants to up the pressure on Athens in terms of borrowing, fueling fears of a default and cash crunch. Gold consolidating.
UK 100 continues to trade above 7000 which bodes well in terms of potential consolidation and a platform for further gains, visible in yesterday’s fresh all-time highs albeit only a small improvement on the prior record.
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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Germany’s DAX remains above its trend line of 2015 rising support which could allow for a bounce higher although we are keeping a watchful eye on the trend of falling highs dating back to 16 March as well as the daily RSI falling back 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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The US Dow Jones’s trend of rising highs from mid-March looks to have faltered with this week’s highs unable to challenge those of earlier in the month. Just taking a breather? or worse to come?
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
Gold’s recovery from 3.5-month lows has stalled around $1190, a level corresponding to February support. The USD continues to play a big role, potentially more so than safe-haven seeking.
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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