Mike Van Dulken, Head of Research for Accendo Markets, takes a look at USD/JPY, AUD/USD, the equity indices – DAX, FTSE, Dow Jones, and further shares the technical outlook for Gold and oil price.
USD/JPY: Dulken believes that the cross is seeing support at 118.50 and remains range-bound, while the markets remain in hope for further stimulus by the Bank of Japan.
AUD/USD: The cross had an upside break and is looking to test that support. Dulken expects the cross to hold this support and sees upside risks towards 0.75, but warns of a full retracement lower on a break and close below the support.
Brent Crude: Dulken sees Brent crude supported at $50/barrel. On risks, he does highlight that the dollar strength remains key for movements in oil price.
Dow Jones: Looking at the technical charts for the Dow Jones Index, Dulken notes that 17,000 is key for the index and it has to hold to prevent downside acceleration.
DAX: Dulken mentions that the index remains very quick to react to stories due to it being a 30 stock index. He notes that 10,000 remains key for price action.
XAU/USD: Gold is struggling to break above $1170 level, but breaking above this will see further gains.
FTSE: Dulken takes a look at the technical charts for the Footsie, and suggests keeping a eye on the Fibonacci levels for this trade.
Dulken ends the interview by stating the importance of the Chinese GDP data release next week for the markets.
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