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Equities are back on a better footing this morning, thankful for a dovish set of Fed FOMC minutes last night. These essentially put paid to any US rate hike in April by offsetting recently hawkish tones from certain Fed members. Coupled with an oil price that continues to reverse recent weakness and we are seeing a continuation of the improved risk appetite yesterday with less uncertainty about the path for monetary policy normalisation which has a global impact. Can bullish sentiment hold into the end of the week to try and ensure a better start to the quarter than we had in Jan?
UK 100 tested 6200 channel highs again but a breakout still eludes. DAX30 bounced off support at 9500 to keep it in a shallow March uptrend . Wall Street/Dow bounced off 17550 support to maintain March rising trend. Gold registered a bullish breakout at $1230.
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The UK 100 bounce took it all the way back to 6200, but the challenge was brief and we have already eased back. Another test of 9-month falling highs, but a test is just a test. Breakout possible, or another southerly jaunt on the cards?
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Possible support
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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 has bounced off rising support at 9500 which keeps it in a March uptrend although that weaker USD and thus stronger EUR is hindering exporter names. Is there catch-up potential with index peers? Back to the highs?
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 Dow Jones has bounced off rising support at 17550 which keeps the March rising trend alive and well, albeit a shallower pace following the 15% 2-month rebound from 2016 lows.
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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Gold has made a bullish breakout at $1230 which sees it get beyond a 1-month trend of falling highs resistance. Reversal to the cards? Weaker USD helping the dollar-denominated safehaven.
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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