DAX 30
Trading and settling just under this year’s high and clearly below April 2015’s record high. As has been the case since January the weekly RSI remains overbought.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
FTSE 100
Very close to the record high though not overbought on the weekly RSI.
SHORT TERM TRADER: Small short at 7265; stop above 7355. Target 6950.
POSITION TAKER: Square.
S&P 500
The highest ever weekly close has seen a tiny bit of follow through on IG’s chart this morning with a high print at 2358. Ridiculously overbought on the RSI.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
BRITISH POUND/US DOLLAR
Last week saw the smallest range in months as the US dollar didn’t strengthen against a raft of major currencies despite comments about Fed rate rises by Janet Yellen.
SHORT TERM TRADER: Small long at 1.2535; stop below 1.2400. Target 1.2730.
POSITION TAKER: Square.
EURO/US DOLLAR
Rallying from long term support at 1.0520 to end the week with a good-sized doji candle. This adds weight to our idea that the euro has found an interim long term low against the US dollar.
SHORT TERM TRADER: Small long at 1.0625; stop below 1.0500. Target 1.0730/1.0800.
POSITION TAKER: Square.
GOLD
Hovering at the 50 per cent retracement level at a badly drawn trend line. A little doji last week denotes instability.
SHORT TERM TRADER: Small short at 1222; stop above 1255. Target 1180.
POSITION TAKER: Square.
MORE FROM NICOLE ELLIOTT...
Nicole Elliott is a longstanding Member of the Society of Technical Analysts and provides the IC's trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker and author of several books on charting.
