Slobodan Drvenica
Windsor Brokers
DAX
DAX is in firm bearish mode and accelerated further down after opening with gap lower on Wednesday.
Fresh strength of the Euro keeps the index under increased pressure as today’s weakness broke key short-term supports at 12906/12892 (25 Oct trough / Fibo 38.2% of 11862/13530 ascend).
Close below here would generate fresh bearish signal for extension of pullback from 13530 (07 Nov all-time high), as formation of daily Tenkan-sen / Kijun-sen bear-cross additionally pressures the price.
Next support lies at 12803 (55SMA) with further bearish acceleration capable of travelling towards 12666 (top of rising daily cloud / 138.2% Fibo projection of the downleg from 13530).
Bears could be interrupted in coming sessions by corrective action on oversold studies.
Res: 12906; 12991; 13104; 13186
Sup: 12842; 12803; 12753; 12666
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.