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Equities are mixed on this US holiday-quietened session for Independence day. Oil and metals off their highs are hampering the commodity space, as USD extends its bounce. UK-focused financials are embracing potential for a UK rate rise and a takeover approach for Worldpay. GBP off its lows, however, driven by EUR weakness (disappointing EZ data) is holding back big-name defensives. On Germany’s DAX, Financials welcome yet more hawkish rhetoric (this time from Sweden’s Riksbank) but the weaker EUR is failing to help exporters.
The UK 100 is just offside as losses for HSBC, VOD, BATS, BP, RIO, GLEN and AZN outweigh gains for WPG, LLOY, RBS, FRES and WPP. Germany’s DAX underperforms as Financials (Deutsche Bank, Allianz, Commerzbank, Munich Re) and HeidelbergCement fail to overcome broad-based weakness for two thirds of constituents, suggesting a more hawkish outlook (higher interest rates) outweighing the benefits of a EUR off its highs.
The UK Index 100 remains hampered by 2-week falling highs resistance at 7370. The DAX 30 trades around 12450, consolidating a 2-day bounce. Dow Jones Futures are back from fresh record highs, but holding their rebound at 21490. Gold has bounced from 2-month lows and its channel floor at $1220.
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The UK Index 100 remains hampered by 2-week falling highs resistance at 7370, and still below last week’s 7380 breakdown. Falling channel.
Watch levels: Bullish 7380, Bearish 7340
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 trades around 12450, consolidating a 2-day bounce. Breakout or breakdown?
Watch levels: Bullish 12450, Bearish 12430
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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Dow Jones Futures are back from fresh record highs, but holding their rebound at 21490.
Watch levels: Bullish 21,500; Bearish 21,480
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 has bounced from 2-month lows and its channel floor at $1220. Back to the channel ceiling? RSI oversold again
Watch levels: Bullish $1226; Bearish $1223
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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