04-06-2019 Dax Technical Analysis

04-06-2019 Dax Technical Analysis

The DAX remains technically bearish below 11 923. On the 60 minute chart the downsloping fork line set still shows a significant median line and the series of lower lows and lower highs is still in play. This median line is a centre line in its own right. You can see multiple touches both from above and below the line going back to the beginning of May. But this does not mean that we should only be looking to sell. Instead it may suggest that there is a potential upside limit and allow traders to be cautious when choosing the long targets.

A break above yesterdays high opens up the opportunity for us to test 860 and beyond that 900 where there is an exposed point of control from last week. A break below 700 opens up a test of yesterdays low below that, perhaps a move towards 500.

DAX-Related Headlines

A job nobody wants: Germany’s Social Democrats seek a leader
Germany’s SPD proposes three caretakers to lead party
German government’s work continues despite SPD leader’s resignation: spokesman
Factbox: From Marx to Nahles: The rise and fall of Germany’s SPD
Germany’s CDU leader says her party wants to stay in power with SPD
German CDU leader: My party hasn’t discussed possibility of new elections
Germany’s Social Democrats seek new leader, question coalition
SPD will decide approach to coalition in late June: caretaker leader

Dax Key Levels

DAX CFD KEY LEVELS
POC : 11738.0
VAH : 11766.5
VAL : 11684.5
VWAP : 11716.8
R2 : 11887.6
S2 : 11550.6
Pivot : 11719.1
High :11792.9
Low :11624.4

Signals From Yesterday

DAX
Open price: 11648.27
Closed at price: 11697.55

FTSE
Open price: 7120.30
Closed at price: 7090.65

FX
GOLD – closed early at 1315.23
GBPCAD – sl
EURJPY, EURCAD, NZDUSD, EURUSD, AUDUSD – all comfortably in profit (taken 1/3 and moved the stop loss to break even)
USDCAD, GBPUSD, EURNZD, GBPJPY and EURGBP – still in play