Dax: Holding first support at 10000 keeps bulls in control

Jason Sen DayTradeIdeas.co.uk

Dax 30 JUNE futures

Dax unexpectedly strong! We held first support at 9630/960 & climbed steadily to the 9950/10000 target before some profit taking to just above 9800/9790. We then shot higher to key resistance at range highs at 10050/120 & held before a late surge in to the close hit 10250.

Daily Analysis

Dax holding first support at 10050/10000 keeps bulls in control. We will need to hold above 10200 for a buy signal targeting 10350/400, 10500/550, perhaps as far as 10700/750. Expect minor resistance at 10850/900.

If bulls are to remain in control we will bounce from strong support at 10050/10000 if tested. Longs need stops below 9900. We do have very strong support again at 9750/9650. Below 9600 however is a sell signal.

Trends

Weekly outlook is negative.

Daily outlook is negative.

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 pushes back above $5,000

The daily chart shows spot Gold in a parabolic uptrend that accelerated sharply from the $4,600 area in late January, printing a record high at $5,598.25 before a violent reversal erased nearly $1,000 in value during the final days of the month.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

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.

Ripple exposed to volatility amid low retail interest, modest fund 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.