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European equities holding onto gains this morning while US futures taking a breather (though not weakening significantly) while the Eurogroup and Greece continue to thrash out ‘deal or default’ negotiations. Markets are confident (prior experience of 11th hour deal-striking holding down default fears, it would seem) as a convergence in the rhetoric of Athens and its creditors begins to materialise.
Gold duly suffering on a strengthening USD (testing the upper bound of its rising channel) and as risk-offness pressures both safe haven and fixed income markets.
UK 100 is holding yesterday’s gains (in waiting mode?) at the upper bound of a rising channel and, a decisive break above which would put 6870 next on the cards. Note golden cross by 50- and 200-hour moving averages boosting bullish sentiment while resistance 6850 capping significant gains for the moment.
Solid Green line
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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Germany’s DAX also treading water between resistance 11,600 and support 11,500 having completed its bullish double-bottom reversal. Will a second golden cross in as many weeks hold this time to confirm the transition to uptrend and return to 4-week highs 11,900?
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 US Dow Jones has encountered resistance around 18,160 with potential bearish double top threatening to sink the index back down to lows 17,700. 2-week uptrend still in play, however, with further upside possible from a favourable outcome to Greek bailout talks this week (if favourable it is).
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 weighed on as risk-on sentiment dominates safe haven demand while the US Dollar basket rallies strongly this morning. Potential, however, for bullish double bottom reversal to engineer a bounce off rising support and spur a recovery to $1200 and above.
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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