Seven Days Ahead Weekly Multi-Asset Technical Strategies 19th June 2018
CURRENCIES
The drama of the Dollar Euro is dominant, with growing evidence that a top has been created for the Euro and further and growing Dollar strength is to be expected. Elsewhere Sterling looks under great and continued pressure - except against the Euro against which it remains solid.
STOCKS: The S&P remains the market leader in technical terms. Eurostoxx looks woefully vulnerable as it languishes below multiple failed Prior Highs. FTSE too, now has fallen beneath Prior Highs, and completed a powerfully bearish short-term pattern. The Nikkei is rather sidelined.
BONDS The end of the short-term bond bounce has not yet led to a resumed bear trend. While the major structure in the US still points to a major breakdown, the medium and short-term charts suggest a pause and potential for another sort-term rally. This is especially true of the Bund and possibly the UK gilt too.
COMMODITIES: Oil's sharp retracement within a well-established long-term bull market has found short-term support. It is not clear how strong that support is. Gold has broken down most convincingly in the short and medium-term, falling from the top of a long-established trading range. More to come there.
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