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Buy the Dip on DAX? NZDJPY Still Ranging.

   

Welcome to this week’s Market Blast Technicals where we will look at the DAX (DE30), AUDJPY, GBPUSD and NZDJPY.

Last week we spotted an opportunity with NZDJPY and we see the range continuing with this bounce off the lower trend line.

Screenshot 2020-02-25 at 10.03.03

 

GBPUSD is continuing its downward trend and we are watching both the upper and lower trend lines.

Screenshot 2020-02-25 at 10.03.20

 

Zooming out to look at the Daily chart, we see a potential falling wedge forming which could prove to be an important bullish signal in the near future.

Just like NZDJPY, AUDJPY has been ranging.

Screenshot 2020-02-25 at 10.03.48

 

Resistance has been clear at the 50% Fibonacci level with price trying to break support at the 23.6% level so this could go either way this week.

In the past we have pointed out opportunities to “buy-the-dip” on the DAX and that gaps, like this one, very often are filled.

Also, the Daily chart shows that the index has tried and failed to break support 4 times.

That’s all for now. Happy trading with Valutrades and we will see you next week.

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Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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