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Equity markets are mixed this morning after more poor US data compounded existing questions about the strength of recovery in the world’s #1 economy sending the USD to 3-month lows. The bond-market wobble continues as markets prepare for monetary policy normalization and progress on Greek debt negotiations remains pedestrian at best. UK 100 still under pressure, Germany’s DAX still in down channel Wall St holding near recent highs, Gold broken above $1200 thanks to uncertainty and weaker USD.
UK 100 still under pressure but holding above 6900 and 100-day moving average after finding support early today at Tuesday’s lows. Falling highs from Monday still a concern. Bearish wedge/descending triangle this week?
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 downtrend is unchallenged since mid-April, however, the longer term 7-month uptrend requires a breach of 11168 support to scupper it. Trading below 100-day moving average. Daily RSI still in decline.
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
The US Dow Jones continues to make progress in its recovery towards recent highs of the multi-month sideways shift. Rising lows from last Thursday bode well, however, once above 18200 it is but 80 points until all-time highs. Watch also for any failure to get above 18150 and overcome falling highs since Friday. Rising daily RSI still favourable even if shorter term RSIs suggest 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.
Click here for help with Support & Resistance Click here for help with technicals
Gold benefited from weaker USD and investor uncertainty to get back close to March/April highs and above the 100 and 200-day moving averages. Still sideways, now within a wider $45 range.
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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