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US Dollar failed to hold onto gains on friday as stronger inflation data was negated by Fed Mesters comments ...even though he rejected negative rate argument.
Daily chart holding resistance whilst 240 mins chart indicating IHS foramtion.
Daily chart retesting previous resistance and holding 200 MA support . Whilst 60 mins has H&S formation .
60 mins - Higher and higher lows still intact but has broken key diagonal trendline.
10 mins- Bearish channel , support at 5920.
Dailyc hart must hold 5860 in order make a move higher.
Stronger retail sales, Brexit concerns alleviated and Oil rig count falling will certainly help FTSE going into monday .
We must recapture 9350 in order for the bulls to fight back led by Draghis QE ....
If we fail to hold 5830 , then we test lower at 5770 and 5650 .
FTSE 100 is expected to hold support at 5880 if copper holds $2 and crude oil can hold double bottom support at $32 respectively.
The support level on S&P 500 and Shanghai index will also determine the next direction of the FTSE . All eyes on the Yuan for the next direction of the market.
Support ; 5875 , 5815
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DAX certainly has short squeezed higher after completing its H&S target at 10140 . The +150 point gap higher is expected to dissipate as Asian markets have failed to sustain the bullish tone from the US overnight.
German and EU ZEW data will dictate sentiment as the DAX is expected to hold the pivot low at 10140.
