In today’s Press and Journal newspaper Deputy Governor of the Bank of England’s Ben Broadbent said, ‘in my opinion, it is a bit tricky at the moment to make a decision [to raise rates]. I am not ready to do it yet’.
In a joint survey by Mastercard and Tufts University of Massachusetts published yesterday Britain was ranked among the top 8 countries being ‘both digitally evolved and advancing quickly’. Estonia, Hong Kong, Israel, Japan, New Zealand, Singapore and the UAE are in this elite group. The Digital Evolution Index, according to City AM, looks at momentum in the economy when it comes to digital, including the number of people coming online, the value found there and how trustworthy the digital environment is.
Dax 30
Interesting to see how momentum has remained negative despite lack of progress one way or another. Consolidation this month might be a little A, B, C type move in an especially narrow range.
SHORT TERM TRADER: Small short at 12380; stop above 12600. Target 12000.
POSITION TAKER: Square.
SUPPORT
|
RESISTANCE |
12400 | 12500 |
12345 | 12540 |
12310 | 12600 |
12270 | 12735 |
FTSE100
Like the Dax, consolidating in a small range just under the pivotal 7400 level and momentum remains bearish. Yesterday’s dragonfly doji sees increased instability.
SHORT TERM TRADER: Small short at 7542; stop above 7415. Target 7200.
POSITION TAKER: Short at 7325; stop above 7455. First target 7125.
SUPPORT
|
RESISTANCE |
7300 | 7390 |
7285 | 7400 |
7200 | 7455 |
7145 | 7480 |
S&P500
Another index that saw slightly increased instability yesterday with a hanging man candle.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
SUPPORT
|
RESISTANCE |
2412 | 2432 |
2404 | 2454 |
2390 | 2475 |
2380 | 2505 |
British pound/US Dollar
Dropping back inside rectangle consolidation on the Deputy Governor’s comments taking EURGBP to £).8950, its weakest since November 2016.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
SUPPORT
|
RESISTANCE |
1.2800 | 1.2900 |
1.2755 | 1.2930 |
1.2705 | 1.2985 |
1.2635 | 1.3030 |
Euro/US Dollar
Rallying a little further, keeping the MACD bullish, on President Trump’s son’s release of emails linked to Russia ahead of his electoral win which has weakened the US dollar against many currencies.
SHORT TERM TRADER: Square.
POSITION TAKER: Square.
SUPPORT
|
RESISTANCE |
1.1400 | 1.1455 |
1.1315 | 1.1495 |
1.1190 | 1.1535 |
1.1110 | 1.1615 |
Gold
Bouncing on Monday from 1205, just ahead of our profit taking level, though keeping momentum bearish. At its weakest since early May (low 1195) with an increased chance of a double top at 1295 on the weekly chart.
SHORT TERM TRADER: Small short at 1235; stop above 1230. Target 1200.
POSITION TAKER: Small short at 1262; stop above 1235. Target 1200.
SUPPORT
|
RESISTANCE |
1207 | 1230 |
1205 | 1236 |
1200 | 1242 |
1195 | 1255 |
