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Equities are on the bounce again as the US dollar edges back towards August lows to help commodities, even giving oil some welcome respite with hawkish fears receding as we inch towards Friday’s Fed Chair speech at Jackson Hole. Nonetheless, the more we think about it, with the USD still well off its July highs in spite of recent Fed member comments, Yellen does in fact have room to deliver a more hawkish than expected message. One that strengthens the USD, but not so much that it prevents the Fed from actually hiking before year-end.
We still don’t see a hike in Sept or Dec, but you never know. The Fed is down a tricky path, one that simultaneously requires it to keep in check global complacency about excessively easy monetary policy, all the while trying to prep us for another US rate hike. Eventually, perhaps when all the data is right, and the election is out of the way, and peers have stopped printing/cutting/clutching.
The UK 100 is trying again to breakout from its 1-week downtrend at 6870, in its quest to regain post-Brexit highs. The DAX 30 is trading towards the ceiling of its 2-week falling channel at 10600. Dow Jones futures have broken out from their 1-week downtrend at 18580. Back to the all-time highs? Gold remains range-bound $1332-1350, hostage to the USD.
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The UK 100 is trying again to breakout from its 1-week downtrend, in a quest to regain post-Brexit 6950 highs. Will it come a cropper again at 6885?
Watch levels: Bullish 6890, Bearish 6850
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 DAX 30 is trading towards the ceiling of its 2-week falling channel at 10600. Can it make it back to 10800 to test long term falling highs? Bullish flag?
Watch levels: Bullish 10650, Bearish 104540
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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Dow Jones futures have broken out from their 1-week downtrend at 18560. Back to the all-time highs?
Watch levels: Bullish 18610, Bearish 18565
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 remains rangebound $1332-1350, hostage to the USD.
Watch levels: Bullish $1342, Bearish $13338
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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