During the session on Tuesday, we get British PPI and CPI numbers, as well as the Chinese Trade Balance numbers, which of course have far-reaching effects. With that being the case though, we look at a couple technical charts around the world.
Silver has huge day
Silver markets had a huge day on Monday, but are getting fairly close to the $16 level. This is an area of significant resistance recently, so one would have to be a bit cautious. In order to continue going higher, we have to clear the $16 level, something that we have not done yet. With this, exhaustion could be entering the market soon, and give put buyers a reason to be involved. Ultimately though, given enough time there should be enough support below to perhaps build up momentum to break out.
EUR/GBP pulls back
With the British numbers coming out during the session today, that could be reason enough to see movement in this pair. However, one has to notice that we did bounce slightly off of the 0.80 level, psychologically significant barrier. On signs of support or a bounce, it’s very likely that call buyers will get involved.
DAX continues to show resiliency
The German index initially fell during the session on Monday but continues to find buyers of calls below. The €9600 level now looks like it is a significant area for call buying, so a slight bounce could be in the cards at this point.
No Comments