Live Crude & Gold 15 minute & Daily Charts

Today's Economic timetable

Upcoming UK Ex-Dividend Dates

Reuters

Bloomberg Top Headlines

Marketwatch

The Wall Street Journal

The New York Times

Global Markets

Asian Markets News

South China Morning Post

Japan Times

Business Standard

China Daily

Moscow Times






FTSE / DOW YTD

Morning!

In the US last night, the Dow finished up 24.25 at 18,372.12 the Nasdaq down 17.09 at 5,005.73 and the S&P 500 up 0.29 at 2,152.43.

In Asia, the Nikkei was recently up 115.40 points at 16,348.20 - the Hang Seng up 9.99 at 21,332.36.

WTI crude oil traded at $44.75 a barrel and Brent at $46.26.

Gold settled at $1,342.40 an ounce.

Trade well and prosper!

The Papers

Good morning!

Opening Market Summary

Guardian Stock Brokers

INDICES
FTSE breaks higher following overnight consolidation

The FTSE has broken to a new intraday higher high, following a gradual drift higher overnight. This continues the trend of higher highs and higher lows. With that in mind, further gains are expected, unless we see an hourly close below the 6650 support level. That being said, with the BoE decision later today, it may make sense to be more cautious than normal considering the unpredictable volatility that is likely. The next key resistance levels are 6753 and 6767.


DAX rallies towards major resistance level

The DAX has seen a sharp move higher this morning, marking an end to the consolidation of the past two days. Crucially, this rally came in towards the massive 10121 level. This has acted as both support and resistance on a number of occasions in the past six months. With that in mind, this level is expected to be pivotal for price action today, where an hourly close above looking towards sparking another leg higher, or a rejection marking a potential turning point. Such a move would likely come from today’s BoE meeting. Until then, the bullish outlook holds unless we see an hourly close below 9900.


Dow breaks higher once more

The Dow is clearly enjoying life up in the clouds, for this morning has once more seen fresh highs printed with a sharp rally at the European open. Of course, there are no major resistance levels to refer to and as such we will be watching for the creation of higher highs and higher lower to continue this bullish momentum. As such, a bullish view remains unless we see an hourly close below 18310.


FX
GBPUSD

Trading this pair today requires a healthy awareness of what might happen at midday when the BoE announces. If we get no move, or only a 25 bps cut, which is largely priced in, then GBPUSD may actually continue to move higher, with an initial move back to $1.33 (yesterday’s high) and then on to $1.3465 and the bottom end of the 24/27 June gap lower. A bigger cut to rates, and even some form of stimulus (although unlikely this early in the game) would see sterling weaken versus the US dollar, pushing below yesterday’s low at $1.31 and then on towards $1.2850.


EURUSD

For three sessions $1.1120 has proved to be the limit of EURUSD bulls’ ambitions. While the upward move from $1.10 remains intact, we need to see a firm push through $1.11 and then on to $1.12 to suggest that the rally has not petered out. A drop lower targets $1.1040, yesterday’s low, and then on to $1.10, last seen on 8 July. A break below here would head towards $1.09, the June low.


AUDUSD

The rally goes on here, although we failed to see fresh highs yesterday. The first step is a push above $0.7640, which then clears the way to a test of the Tuesday peak around $0.7660. A close above here would put the pair in good stead to head back to the $0.78 peak seen in April. Downside support lies at $0.7580 and then down at $0.7520.


USDJPY

Further gains for USDJPY mean that we are seeing one of the strongest upward moves here in weeks. However, the pair is still stuck in a downtrend, which is likely to persist as long as it holds below Y108. Next resistance lies around Y106.30, the 50-day SMA, and then on to Y107, the downtrend line off the February highs.


COMMODITIES
Gold breaks down once more

Gold has seen a move lower from the 61.8% retracement overnight, in a move which follows on from the selloff on Tuesday. Given that we have seen a break below yesterday’s $1337 swing low and the $1335 support level, there is reason to believe we will see further losses irrespective of whether we see a bounce from here or not. Ultimately, a bearish short term view is in play unless we see an hourly candle back above $1347. Clearly the first hurdle to the downside is the $1327 support level.


Brent to break lower once more

Brent saw a nice move lower from trendline, SMA and Fibonacci resistance this week, with a sharp move towards the bottom of this triangle pattern. An overnight bounce has moved into the 38.2% retracement, which could ultimately prove the backstop to this resurgence. It makes sense that we will see another move lower, with a break back towards $46.35 and $46.16 support levels. We would need to see an hourly close above $48.43 to negate this bearish view.


US crude moving towards $45 once more

US crude is selling off once more this morning, with trendline and horizontal resistance in play. This comes off the back of the fleeting rally into SMA and trendline resistance earlier in the week. As such, further downside is expected, with a move into $45.00 seeming likely. An hourly close above $47.26 would be required to negate this bearish view.


Disclaimer

This research has been produced by an independent third party provider. Further details can be provided on request. Guardian Stockbrokers Limited is authorised and regulated by the Financial Conduct Authority (No. 492519). This report has been prepared using information available from public sources, which are believed to be reliable as at the date of this report. However, Guardian Stockbrokers, its employees and its independent third party provider make no representation as to the accuracy or completeness of this report. This report should therefore not be relied on as accurate or complete. The facts and opinions on this report are subject to change without notice. Guardian Stockbrokers, its employees and its independent third party provider have no obligation to modify or update this report in the event that any information on this report becomes inaccurate. This report is prepared for informational purpose only, with no recommendation or solicitation to buy or to sell. The background of any individual or other investor has not been considered in providing this report. Individuals and other investors should seek independent financial advice which considers their specific risks, objectives and specific constraints, and make their own informed decisions. Individuals and other investors should note that investing in shares carries a degree of risk and the value of investments can go up or down. Past performance is not a reliable indicator of future performance. Investments should be made with regard to an investor’s total portfolio. Guardian Stockbrokers, its independent third party provider and its employees make no representation or guarantee with regard to any investment noted on this report, and shall therefore not be liable with regard to any loss.

All trading involves risk and losses can exceed deposits.