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Equities have made for a positive start to the week despite fears of a hawkish Fed message keeping the USD on the front foot to the detriment of commodities, metals in particular. This week’s Jackson Hole economic policy symposium will see Fed Chair Janet Yellen either help or hinder markets on Friday with her latest thoughts on the path for US monetary policy and further interest rate hikes. Vice-Chair Fisher has already laid some hawkish groundwork overnight, but we still believe September is off the cards in light of peer intervention. December would be also a stretch given plentiful political event risk. Despite this, her comments may remain aimed at doing the usual – reigning in market complacency about overly generous monetary policy sticking around forever. Then again can she really afford to send the USD much higher?
The UK 100 is doing its best to maintain a bullish reversal and breakout at 6870, one that could help it recover recent 6950 highs. The DAX 30 has delivered its own triple-bottom reversal of a week-long downtrend to regain 10650. Dow Jones futures are testing last week’s falling highs resistance at 10570 suggesting a breakout could be on the cards. Gold has broken below a 2-month trendline of intersecting rising support at $1340, but August lows at $1330 are holding up for now.
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The UK 100 is doing its best to maintain a bullish reversal (double-bottom) and breakout at 6870, one that could help it recover recent 6950 highs. This would keep longer term bullish patterns in play and keep alive the chance that all-time highs are revisited.
Watch levels: Bullish 6875, 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 has delivered its own triple-bottom reversal of a week-long downtrend to regain 10650. Help is at hand via the RSI finding rising support to reignite its uptrend, even if falling highs still lurk at 10780.
Watch levels: Bullish 10540, Bearish 10470
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 are testing last week’s falling highs resistance at 10570 suggesting a breakout could be on the cards. Back to towards recent all-time highs?
Watch levels: Bullish 18590, Bearish 18545
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 has broken below a 2-month trendline of intersecting rising support at $1340, but August lows at $1330 holding up for now.
Watch levels: Bullish $1336, Bearish $1332
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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