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Major equity markets are positive across the board as a resurgence in the US Dollar and reciprocal Euro/Sterling weakness buoys the corporate heavy UK Index and the export heavy DAX as European indices outperform their Transatlantic peer. This comes despite the weakest reading of German Industrial Production for 8 years, suggesting that current FX tailwinds are the primary driver for indices on this side of the pond.
The UK Index is once again outperforming its peers, being led higher by DCC (results show company on track to meet upper guidance, Norwegian acquisitions), Housebuilders (positive House Price data) and Miners (translational FX gains despite stronger USD weighing on commodities), offsetting losses for BP (missed market expectations in Q4), Standard Chartered (profit-taking after 17-month highs) and Sterling earners (GBP/USD underperforming as short orders opened below $1.24).
The UK 100 has easily overcome 7205 resistance, now taking aim at 7220 weekly rising highs resistance for a breakout to 7260. The DAX 30 is shaking off negative macro data to recover to 11560 after yesterday’s sharp sell-off. Dow Jones Futures are challenging 20080 resistance, attempting to mount a fresh march towards January’s all-time highs. Gold is falling away slightly on account of dollar strength, however remains in uptrend as it looks to complete a bullish flag pattern to $1270.
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The UK 100 has easily overcome 7205 resistance, now taking aim at 7220 weekly rising highs resistance for a breakout to 7260.
Watch levels: Bullish 7220, Bearish 7195
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 is shaking off negative macro data to recover to 11540 after yesterday’s sharp sell-off. Can it mount a fresh challenge of 11560 resistance?
Watch levels: Bullish 11570, Bearish 11530
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 challenging 20080 resistance, attempting to mount a fresh march towards January’s all-time highs.
Watch levels: Bullish 20,095, Bearish 20,030
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 falling away slightly on account of dollar strength, however remains in uptrend as it looks to complete a bullish flag pattern to $1280.
Watch levels: Bullish $1236, Bearish $1225
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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