Trading within a formation.
Bespoke support is located at 12435.
Positive overnight flows lead to an expectation of a firm open this morning.
Further upside is expected although we prefer to buy into dips close to the 12435 level.
We look to Buy at 12435
Target 1: 12675
Target 2: 12800
The move to 12435 triggered our long trade
Updated: 2019-07-09 08:05:16
Trade ideas & daily market report July 9th 2019
Reduced expectations of aggressive Fed easing continued to support the US currency during Monday, although ranges were narrow.
Equity markets lost ground as expectations of aggressive Fed rate cuts declined further
Demand for the yen and Swiss franc weakened slightly as US bond yields edged higher with the Euro also unable to make headway.
Gold prices also declined as bond yields increased and the dollar maintained a firm tone.
Oil prices gained some support from Iran tensions, but failed to hold gains.
Commodity currencies were unable to make headway amid a solid US currency tone with Sterling also losing ground.
Bitcoin pushed above $12,000 which helped trigger further buying.