Nenad Kerkez
Independent Analyst
DAX 40 technical analysis
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Bullish Bounce.
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Resistance Q H5 Strong Zone.
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Entry zone.
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M L4 is the target.
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Bouncing spot & Order block.
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Top of the swing high.
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Entry zone.
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Target.
The DAX is bearish. The market is trying very hard to break the support around 15050. M L3 is support and the target if 15050 is taken out. Equities are correlated to Yen and commodities. When commodities prices go down, Stock Markets go down and there is no demand for positive swaps on AUD pairs currently as opposed to JPY. When its a risk-off environment, usually the opposite occurs, and as a result, the JPY appreciates as foreign flows from Japan are repatriated back to their local currency. We can see that in the DAX which also correlates to EUR and JPY simultaneously. The final target is 14435 if the drop below 15050 happens.
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