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Equity markets positive this morning on news that China’s central bank PBOC cut 2015 inflation and GDP growth estimates. This adds to this week’s poor trade and inflation data and bolsters the argument that more stimulus will be forthcoming from Beijing, offsetting some of the gloom that the latter data had cast over global growth sentiment yesterday.
The hokey-cokey (deal, no deal, proposal, no proposal, meeting, no meeting, yawn) continues between Greece and its Creditors, and we await more US data tomorrow to drive the USD one way or the other. UK 100 bounced off 6747 200-day MA, DAX30 regained 11000, Wall St Futures bounced from 17770 and Gold trying above $180 to test 1-month falling highs.
UK 100 found support at 6747 from 200-day MA and to get back overnight hurdle 6750. Breakout above falling highs from 3 Jun a good sign for the bulls. Rally back to recent breakdown and falling highs from end-May at 6810? Or just a ‘fake-out’ before another leg down.
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Important: The information provided above does not constitute advice or opinion and must only be regarded as technical observations.
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Germany’s DAX back above 11000 after yesterday’s foray lower. Rising lows over the last 24hrs are suggestive of recovery, but falling highs from end-May still showing resistance at 11200. Falling channel persists.
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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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US Dow Jones bounced from early May lows 17700 to regain 17800. Reversal of downtrend?Or must 200-day MA 17648 or Mar/Apr lows 17540 be tested first?
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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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Gold has made it back above $the previously breached $1180 thanks to continued USD reversal and renewed safehaven seeking. However, falling highs from mid-May remain to be bettered with resistance at $1187.
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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