Dax: Best buying opportunity at 12380

Jason Sen DayTradeIdeas.co.uk

Dax

Dax 30 September futures NOT starting a new bull phase as predicted & remains in a summer sideways trend. HOWEVER unfortunately shorts at 12610/640 were stopped above 12660 before we collapsed from 12695. Longs at first support at 12490/470 with stops below 12440 also did not work as we bounced from 12430.

Daily Analysis

Dax I am going to stick with a first resistance level of 12610/640. Holding here re-targets 12530/520 & first support at 12460/430 but the best buying opportunity should be at 12380/350, with stops below 12310. A break lower is a sell signal seeing 12350/380 act as resistance to target 12230/210 for profit taking on shorts. First resistance at 12610/640 but shorts need stops above 12660. A break higher re-targets 12700/710 (which unexpectedly held yesterday) & 12770/780 before a retest of 12830/835. Further gains retest key resistance at the June high at 12925/935.

Trends

Weekly outlook is positive.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.