dax potential final push up above 10630 support 1826822016
Daily Outlook, Tuesday 16 August 2016 (Click to enlarge charts) What happened earlier/yesterday After a high of 10806 seen yesterday, 15 August, the Germany 30 […]
Daily Outlook, Tuesday 16 August 2016 (Click to enlarge charts) What happened earlier/yesterday After a high of 10806 seen yesterday, 15 August, the Germany 30 […]
After a high of 10806 seen yesterday, 15 August, the Germany 30 Index (proxy for the DAX futures) has started to shape a pull-back of 1.6% to print a current intraday low of 10630.
Today’s (16 August) early European session decline has appeared to be triggered by a spill over of renewed risk aversion seen during the Asian session as the USD/JPY has breached below a short-term support of 100.60 without any fundamental catalyst. Do note that the USD/JPY is now hovering right above its key long-term support zone of 100.00/99.00 (click here for more details as per highlighted in a separate technical daily outlook /strategy report on the Nikkei 225).
Pivot (key support): 10630
Resistances: 10870/990 & 11050
Next support: 10380
Potential final push up towards significant medium-term resistance. As long as the 10630 daily short-term pivotal support holds, the Index is likely to shape a potential push up to target the 10870/990 resistance with a maximum limit set at 11050.
On the other hand, a break below the 10630 short-term pivotal support may invalidate the preferred bullish push up scenario for a deeper slide towards the next support at 10380 (lower boundary of the medium-term ascending channel and the pull-back support of the former significant descending rang top bullish breakout that occurred last week).
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