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Equities are mixed this morning, currencies the dominant theme after an overnight flash crash in GBP. This has been attributed to a cocktail of potential triggers including; 1) a trading lull as US traders packed up and Asia came online; 2) thin volumes heading into this afternoon’s US Jobs report; 3) French President Hollande reviving hardball Brexit fears in the EU; and, 4) A possible a ‘fat finger’ trading error and/or automatic stops being triggered. The BoE is investigating.
The UK’s UK Index is benefiting from fresh GBP weakness boosting the value of foreign profits for its international contingent. The DAX is underperforming due to more intense hard-Brexit fears outweighing a slightly weaker EUR/USD. The Dow Jones is only slightly offside, jobs data looming and a stronger USD denting exporter profitability but more insulated from hard-Brexit jitters.
The UK 100 is back testing overnight highs after a strong bounce off 7010 rising lows support going back to Monday. The DAX 30 has bounced from another test of 10500 but remains hampered by falling resistance at 10600. The Dow Jones Futures are trying to hold above 18250 and the upper end of a 18175-18285 narrowing trading range. Gold has found support at $1250 after its sharp sell-off. Bounce back or another breakdown?
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The UK 100 is back testing overnight highs after a strong bounce off 7010 rising lows support going back to Monday.
Watch levels: Bullish 7080, Bearish 7045
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 another test of 10500 but remains hampered by falling resistance at 10600. Breakout or retrace?
Watch levels: Bullish 10585, Bearish 10540
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 trying to hold above 18250 and the upper end of a 18175-18285 narrowing trading range. Falling highs since yesterday
Watch levels: Bullish 18275, Bearish 18215
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 has found support at $1250 after its sharp sell-off. Bounce back towards $1300 or another breakdown to $1200?
Watch levels: Bullish $1261, Bearish $1249
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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