Mike Van Dulken, Head of Research for Accendo Markets, presents the technical outlook for GBP/EUR, FTSE 100, Crude oil, DAX and Palladium.
GBP/EUR: Upside potential
Dulken uses the longer-term chart for GBP/EUR, and notes that the pair remains in a clear uptrend. With the US and the UK the only economies looking for a rate hike, the pair sees further upside potential.
FTSE 100: 6600 remains the topside target
The technical charts suggest the equity index remains in a rising channel. The FTSE 100 did drop below 6400, but sees a good support at 6350 levels, according to Dulken. He further sees bullish potential towards 6500 and even 6600 area.
Crude contract: The US – OPEC face-off continues
Looking at the crude oil contract, Dulken believes that this still remains a US – OPEC face-off. The charts suggest it did break below the trendline, but needs further confirmation.
DAX: Wait for a signal
Dulken highlights a possible bullish setup on the German DAX, with upside potential towards 11,300.
Palladium: An interesting trade
Dulken notes that the precious metal Palladium is seeing an interesting setup. The weaker dollar sent the metal in a good uptrend, and could see further gains on an upside break.
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