DE30
The German index has been moving in a clear consolidation recently, however at the beginning of the week price broke below the lower limit of the consolidation range. After breaking below the support at 12,950 pts, the sell-off grew stronger, but in the last two days price rebounded. However, the technical situation has not changed. As long as the index sits below the aforementioned level of 12,950 pts (which was also strengthened by the SMA50), further declines remain the base-case scenario. Currently, the nearest important support is located around 12,290 pts and is marked with previous price reaction. On the other hand, the downside scenario will be negated when price returns above 12,290 pts. In this case, the index could move quickly towards resistance at 13,300 pts.
DE30 interval D1. Source: xStation5
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In recent days, we can observe solid declines in the silver market. After sellers broke below the $ 26 level, the sell-off has intensified and currently the price of silver is trading 10% below the last week closing price. From the technical point of view, price is approaching a key support zone between 22.9 and 22.40. The area marked with green color is determined by the 38.2% retracement of the last bullish wave, previous price reactions and the geometry on the potential ABC straight line correction. If buyers manage to halt declines here, then there are chances for another upward impulse. Otherwise, a break lower could lead to deeper declines which could reach even $ 18.7 support level.
Silver interval D1. Source: xStation5
GBPUSD
This week we can observe a continuation of declines. Looking at the H4 interval, price broke below the important support at 1.2800 yesterday, so the sell-off may continue. Currently, as long as the pair is trading within the downward channel, the baseline scenario is the attack on the support at 1.2500, which is determined by the 78.6% of the latest bullish wave, along with previous price reactions. However, if buyers manage to break above the aforementioned 1.2800 level, then the correction could reach the level of 1.30, which is marked by the downward sequence and the 38.2% Fibonacci retracement.
GBPUSD interval H4. Source: xStation5
