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Equity indices are largely positive this morning, the UK Index outperforming thanks to higher oil prices, demand for a host of defensives and Micro Focus reviving M&A hopes post the UK’s referendum and Brexit vote. Germany’s DAX is underperforming on account of a stronger EUR hurting exporters, the single currency’s strength derived from USD weakness as hopes of a US Fed rate rise recede amid mixed stateside data. Investors are gearing up to hear the latest assessment from the ECB this afternoon given that it is the first of the major central banks to update us on monetary policy this month (BoE and SNB up next week, Fed and BoJ the week after). They will be hoping to hear that low interest rates and additional stimulus is going nowhere soon; this is after all helping support both bonds and equities as investors hunt for yield and positive returns.
The UK 100 has broken out from this week’s downtrend to maintain a september uptrend. Are we headed back to 6935/6955? The DAX 30 is toying with a breakout beyond 15-month falling highs but really needs to crack 10800. Dow Jones futures are testing September highs resistance at 18550. Still in an uptrend but is a retrace required before a breakout? Gold’s September rise has been slowed up by 2-month falling highs at $1353. Onwards or backwards?
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The UK 100 has broken out from this week’s downtrend to maintain a september uptrend. Are we headed back to 6935/6955?
Watch levels: Bullish 6895, Bearish 6865
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 toying with a breakout beyond 15-month falling highs but really needs to crack 10800. If anything the September up-leg could be another bullish flag worth another 200pts.
Watch levels: Bullish 10785, Bearish 10720
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
Dow Jones futures are testing September highs resistance at 18550. Still in an uptrend but is a retrace required before a breakout?
Watch levels: Bullish 18560, Bearish 18490
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 September rise has been slowed up by 2-month falling highs at $1353. Onwards or backwards?
Watch levels: Bullish $1355, Bearish $1344
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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