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  • Big spike by the cable into the London fix. $GBPUSD up 50-pips in the last 15 minutes alone. US Dollar getting offered more broadly too. $USD #Forex #Trading https://t.co/HC3mb4DMFn
  • $MRNA Moderna says manufacturing partners face delays outside of the US -BBG
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.42% 🇬🇧GBP: 0.15% 🇪🇺EUR: 0.07% 🇨🇦CAD: -0.24% 🇦🇺AUD: -0.37% 🇳🇿NZD: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WzfKjhVb89
  • In the most recent CFTC report, sentiment in the USD has flipped net long for the first time since March 2020. Get your market update from @JMcQueenFX here:https://t.co/b2SLBieMth https://t.co/pNr8HMmG3E
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: FTSE 100: -0.41% Wall Street: -0.41% France 40: -0.57% Germany 30: -0.59% US 500: -0.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/i4iI8v7dDT
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: 0.22% Oil - US Crude: -0.09% Silver: -0.77% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ZBo4PP2Vq2
  • 🇺🇸 CB Consumer Confidence (JUL) Actual: 129.1 Expected: 123.9 Previous: 128.9 https://www.dailyfx.com/economic-calendar#2021-07-27
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.24%, while traders in Wall Street are at opposite extremes with 74.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/quIfTqIUg8
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Gold: 0.19% Oil - US Crude: -0.09% Silver: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Wx9svtAsnx
  • Heads Up:🇺🇸 CB Consumer Confidence (JUL) due at 14:00 GMT (15min) Expected: 123.9 Previous: 127.3 https://www.dailyfx.com/economic-calendar#2021-07-27
S&P 500 & DAX Technical Forecast

S&P 500 & DAX Technical Forecast

Justin McQueen, Analyst

S&P 500, DAX Analysis and News

  • S&P 500 | Bulls Take Control
  • DAX | Upward Pressure Resumes
Economic Calendar

Source: Thomson Reuters, DailyFX

S&P 500 |Bulls appear to be taking control with the index making a topside breach of the 2940-60 resistance zone. The S&P 500 looks to be making a move to test the 3000 level with the RSI providing confirmation of an upside bias having hit a 5-week peak. For now, the focus will be on how the market responds to any modest pullbacks. Initial support is situated at 2968 (76.4% Fibonacci retracement), while the 50DMA resides at 2937. If indeed the index posts a closing break above 3000, this implies a potential move back towards record highs again.

S&P Price Chart: Daily Time Frame (Jun 2019 – Sep 2019)

S&P 500 Daily Price Chart

DAX | Upward Pressure Resumes

In recent sessions the DAX continued to push higher having made a break above the 50 and 100DMAs. Subsequently, this confirms that the index looks to have bottomed out at 11500 in the interim. That said, with the 50% Fibonacci support holding at 11887, eyes are now for a test of 12291. As a reminder, focus will be on the ECB in the next, where the central bank is expected to unveil a new round of stimulus measures. However, with the markets setting the bar high for a dovish surprise, there is a risk of potential disappointment.

DAX Price Chart: Daily Timeframe (Oct 18 – Aug 19)

DAX Daily Price Chart

RESOURCES FOR FOREX & CFD TRADERS

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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