London, England -- (SBWIRE) -- 04/15/2011 -- Sandy Jadeja, Chief Technical Analyst for spread betting provider City Index (http://www.cityindex.co.uk/), looks at the latest movements in the markets.
Market Snapshot
With Futures already pointing to a healthy start on the US Dow Jones, the index looks set to tackle its upside price objectives. Technically the index maintains a bullish stance with positive momentum and also showing a healthy stance by staying above its 20-period Moving Average. The 12,545 does not seem too far away now as long as the index stays above a Key Support Pivot of 12,320. Over here in the UK the FTSE 100 has also seen a 0.72% gain trading at 6050 which is now within its Key Price Zone of 6050-6117. It will be important for the index to sustain 5980 as its support level.
Commodities
Crude oil continues to trade in a narrow range at the $108 level and will need to break above $108.78 as per the May contract to head towards the $115 target. Gold prices have risen today trading above $1,450 and closing in on $1,500 where the possibility to trade towards $1,6115 could be on the cards. There seems to be no signs indicating a correction is around the corner just yet.
Currencies
The euro has declined sharply against the Swiss franc. Trading at 1.3110 after seeing a low at 1.3068, the currency is looking weak and may see a test of 1.3053 if it does not turn bullish by trading above 1.3148. Sterling started the day on a positive note against the US dollar but then the trend quickly reversed at 09.45, bringing the currency down to its lows for the day. If a bullish reversal does not take place above 1.6303 then an ABCD pattern would suggest a move lower towards 1.6210.
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