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Equities are building upon yesterday’s gains. The UK’s UK Index is benefiting from fresh Cable (GBP/USD) weakness helping internationally exposed names via handy translation gains for profits earned abroad. This comes from clarification on the Brexit timetable sending the pound to 31yr lows coupled with hawkish Fed chat last night sending the USD Index higher. The German DAX is being assisted by a positive catch-up session for troubled Deutsche Bank (German markets closed yesterday) and the reciprocal of USD strength – a weaker EUR – helping its all-important exporters.
The UK 100 has made a strong bullish breakout beyond 7000 to trade 16-month highs. The DAX 30 has bounced from 10500 to make a bullish test of 10600 on its way towards the ceiling of a 2-month narrowing pattern. Dow Jones Futures continue their overnight rebound off 18200 towards the 18350 ceiling of their 3-week narrowing pattern. Gold is approaching recent $1302 lows due to risk appetite sapping safehaven demand and a stronger USD making it more expensive.
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The UK 100 ‘s has made a strong bullish breakout beyond 7000 to trade 16-month highs. All time highs of 7135 are within touching distance.
Watch levels: Bullish 7080, Bearish 7055
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 bounced from 10500 to make a bullish test of 10600 on its way towards the ceiling of a 2-month narrowing pattern. Back to the highs thanks to reduced Deutsche Bank woes?
Watch levels: Bullish 10605, Bearish 10560
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 continue their overnight rebound off 18200 towards the 18350 ceiling of their 3-week narrowing pattern where 11-month intersecting resistance lurks as resistance.
Watch levels: Bullish 18305, Bearish 18250
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 is approaching recent $1302 lows due to risk appetite sapping safehaven demand and a stronger USD making it more expensive.
Watch levels: Bullish $1313, Bearish $1306
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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