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Equities are under pressure into the weekend, understandable with a line-up of risk events that kicks off with the US jobs report this afternoon, seen sealing the deal for a Fed rate hike on Dec 14. Thereafter, it’s all about European politics with Sunday’s Italian referendum likely impacting both domestic and Eurozone banks come Monday and Austria’s presidential election seen delivering the first Far right head of state in Western Europe.
To add fuel to the fire, Monday sees Greek reform efforts reviewed by bailout creditors and we creep towards OPEC’s meeting with Russia to confirm production cut cooperation and an ECB policy update on Thursday that could see QE extended by 6 months. UK Index and DAX hampered by GBP and EUR strength (derived from USD weakness), an oil rally pause and lower metals prices, Gold pricing in a Fed rate hike.
The UK 100 is testing yesterday’s 6685 lows, extending a 3-day downtrend towards 3-month intersecting support at 6665. The DAX 30 has broken down from a 2-week falling channel to breach 10500 and test 10400. Dow Jones Futures are narrowing into 19175. Break higher or lower? Gold is off its worst levels of $1161, but holding a 2-week down channel.
The UK 100 is testing yesterday’s 6685 lows, extending a 3-day downtrend towards 3-month intersecting support at 6665.
Watch levels: Bullish 6705, Bearish 6680
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 broken down from a 2-week falling channel to breach 10500 and test 10400.
Watch levels: Bullish 10450, Bearish 10395
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
The Dow Jones Futures are narrowing into 19175. Break higher or lower?
Watch levels: Bullish 19195, Bearish 19160
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 off its worst levels of $1161, but holding a 2-week down channel. Note RSI stuck in lower half of chart = bearish
Watch levels: Bullish $1179, Bearish $1169
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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