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Equity markets are flattish this morning, digesting yesterday’s volatility and deciding how to position ahead of US GDP this afternoon and with geopolitical risk set to remain over the weekend with the situation in Yemen tense and Greece needing to deliver serious and useful economic reforms by Monday if it is to receive the funds it needs so badly. A stronger USD is hurting commodities, including safehaven Gold.
UK 100 holding up around yesterday’s lows having given up an overnight rebound. As highlighted yesterday, watch for a break of this level which could open the door to a bigger correction to mid-month lows. Any reason for risk-off adoption into the weekend will likely be jumped upon. Bearish flag/pennant pattern already started its second leg?
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Possible support
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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 declines of yesterday took it below its trendline of rising lows and support dating back to early January. The subsequent recovery has already seen this serve as resistance, while another falling high from mid-month bolsters the 2-week hurdle.
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 found support at 4 Feb lows allowing for a bounce which has since lost its oomph. Still potential for a retrace back to Dec/Feb support at 17030. Watch whether any weakness slows up at 200-day moving average 17431.
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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Gold’s reversal found resistance at $1223 via the triple combo of breached support from November lows, highs of 19 Feb/Mar 2 and the 200-day moving average. A stronger USD is resulting in a retrace to test $1200 support which if breached could open the door for a full retracement of the recent bounce.
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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