DE30
First, let's look at the German DAX index (DE30). Looking at the H4 interval, one can see that sellers failed to realize the textbook range of the downward move which occurred after the breakout of the neckline of the head-and-shoulders formation. Moreover, the price returned above the 100-period moving average (purple line), which may suggest that the sellers took the initiative. In case the upward movement is extended, the nearest target for buyers is located around the resistance zone at 14,565 pts, which coincides with shoulders of mentioned SHS pattern. Should a break higher occur, the next resistance to watch lies at 14,865 pts.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile app
DE30 H4 interval. Source: xStation5
GOLD
Looking at the Gold chart on the H1 interval, one can see market bears negated the lower limit of the 1:1 structure, and then the price left the ascending channel. During today's session buyers made unsuccessful attempts to push the price above the lower limit of the channel. It seems that sellers may have control at least in the short term. If the price remains below the 1,950$ level, the continuation of the downward move is possible. In such a scenario, nearest support lies at $ 1,932.3.
GOLD H1 interval. Source: xStation5
USDIDX
Finally, let's look at the chart of the dollar index (USDIDX), which is moving in a strong upward trend. Looking at the D1 chart, the price managed to break above the upper limit of the upward channel, nevertheless pullback occurred today. If the price falls below the upper limit of the aforementioned channel, a downward correction will be possible. Considering such a scenario, the level of 98.78 should be treated as nearest support. This level coincides with the lower limit of 1:1 structure. However if the downward movement gains momentum, the next support is located slightly lower - at 97.75.
USDIDX D1 interval. Source: xStation5
