Welcome to this week’s Market Blast Technicals where we will look at the DAX (DE30), AUDJPY, GBPUSD and NZDJPY.
Read MoreWelcome to this week’s Market Blast Technicals where we will look at US Oil (WTI), USDCAD, the DAX, EURCAD, AUDUSD, USDJPY, and USDCHF.
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In the last week the German index has eased a little bit and in doing so has formed a lower peak and continued its medium term down trend which started in June. In the few weeks leading up the recent peak, the index had done reasonably well to rally higher and return to back above the 12000 level however it was on the back of a significant fall after running into a wall of resistance at the key 12600 level at the end of August. The index was rejected in no uncertain terms and it now struggling to remain above 12000. The 12600 level has established itself as a level of significance as the index has responded strongly to this level on several occasions in the last few months. It is likely to provide some resistance to the index should it rally higher again. The index is now relying on support from the 12000 level having supported the index on several occasions in the last 12 months.
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In the last week the German index has done reasonably well to rally higher and return to back above the 12000 level however it was on the back of a significant fall after running into a wall of resistance at the key 12600 level a few weeks ago. The index was rejected in no uncertain terms and it now struggling to remain above 12000. The 12600 level has established itself as a level of significance as the index has responded strongly to this level on several occasions in the last few months. It is likely to provide some resistance to the index should it rally higher again. The index is now relying on support from the 12000 level having supported the index on several occasions in the last 12 months.
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In the last week the German index has fallen strongly after running into a wall of resistance at the current key 12600 level. After falling sharply through this level several weeks ago, the index did well to rally strongly back however ran into the level and was rejected in no uncertain terms. Clearly now the 12600 level has established itself as a level of significance as the index has responded strongly to this level on several occasions in the last few months. It is likely to provide some resistance to the index should it rally higher again. Having bounced higher from around 12100 twice in the last couple of months, you could reasonably expect to do so again shortly.
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In the last week or the German index has rallied well back up to around 12400 after recently falling sharply through the key 12600 level. The 12600 level has established itself as a level of significance as the index has responded strongly to this level on several occasions in the last few months. It is likely to provide some resistance to the index should it continue to rally higher. The recent fall has seen the German index returns all of its gains from the strong rally throughout July which saw move from a two month low down near 12000 back up to the current key level of 12600.
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The last few days has seen the German index falter at one month highs forming some key candlestick reversal patterns before falling sharply lower in the last couple of days. This fall has seen it return to the current key level of 12600 which the index has responded to on several occasions in the last few months. Generally in the last month, the German index has rallied well from a two month low down near 12000 back up to the current key level of 12600, where it seems content to trade around for the time being.
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The last few weeks has seen the German index rally well from a two month low down near 12000 back up to the current key level of 12600, where it seems content to trade around for the time being. Prior to its recent rally, the index was sold off strongly forcing it back down below the key 13000 level down to another key level in 12600 and below. Before this sharp decline, the index came close again to reaching the four month high above 13200 set towards the end of May. This latest rejection above 13000 demonstrates the significance of this level as resistance.
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The last few weeks has seen the German index sold off strongly forcing it back down below the key 13000 level down to another key level in 12600 and below. Before this sharp decline, the index came close again to reaching the four month high above 13200 set towards the end of May. This latest rejection above 13000 demonstrates the significance of this level as resistance. In the last week or so it has consolidated a little above the key level of 12000.
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