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The US Dollar may well be off its Mnuchin-fuelled lows but corresponding GBP and EUR strength (best since Brexit and 4yr highs, respectively), derived from the Greeenback’s recent strong decline (3yr low), remain a hindrance for both the UK UK 100 and German DAX. All the while, Wall St flirts with record highs, oil and metals embrace the dollar’s fall and we get a constant stream of politicians and financiers filling the airwaves from Davos. This as we wait this afternoon’s ECB policy update, results from Caterpillar and UK PM May’s Davos address, before President Trump’s turn tomorrow.
The UK Index is off its lows thanks to contributions from defensives AZN/ VOD, DGE (trading update), Miners (metals rebound), SN (broker upgrade), STAN (extending breakout), ABF (extending rebound). This is tempered by the drag from HSBC (continued pullback, rotation from STAN?), and GBP-USD sensitive defensives RELX/GSK/BATS/ULVR.
The UK Index 100 has found support at 7623. The DAX 30 has found support at 13355. Dow Jones Futures are in a new rising channel towards 26500. After an overnight breakout, Gold is back testing $1358 for support.
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The UK Index 100 has found support at 7623. Rebound or just a pause?
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 found support at 13355.
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 in a new rising channel towards 26500.
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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After an overnight breakout, Gold is back testing $1358 for support.
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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