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Major Support & Resistance (pivot points – explained):
Pivot: 6554; Support: 6515, 6487, 6450; Resistance: 6580, 6518, 6645
The US running the show as usual, with uncertainty surrounding budget negotiations (deadline 1 Oct) and the debt ceiling (deadline 17 Oct) of the world’s #1 economy keeping optimism in check. While it sounds like there’s potential for another short–term agreement on the budget (3-months, through December) and Obama can ultimately raise the ceiling himself if necessary, the mere threat of a US shutdown and default by the reserve sovereign is enough to hold sentiment back.
In terms of levels, we highlight the trend lines of rising support in blue which have been broken below and served as resistance on the subsequent retest. While the breach is a worry in terms of potential for a bigger correction, we do note the equally interesting break back above the 1-wek trendline of falling highs which, so long as 6525-30 holds, could just see us trade sideways as has been the case over the last 3 days.
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
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
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
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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