Home Forex Forex Market Analysis DAX 30 Consolidating at 13,000 Points

DAX 30 Consolidating at 13,000 Points

28
0

Hot Topics:

  • DAX 30 continues consolidating close to 13,000 pts.
  • EURUSD could make a new connector.
  • The United Kingdom keeps its unemployment rate at 4.2% in April.

DAX 30 continues consolidating close to 13,000 pts.

The DAX 30 once reached 13,000 points. It still has a bullish objective pending in the area of 13,250, where it should complete the upward cycle developed since April. The invalidation level of the upbeat sequence is 12,665.3.


EURUSD could make a new connector.

The EURUSD is developing an internal bearish cycle which could be completed in the area between 1.18096 and 1.17371. From this zone, we anticipate that a new bullish connector could begin. The first target of this new cycle is 1.2413, which corresponds to the invalidation level of the current bearish sequence. As long as the single currency does not fall below 1.1717, this scenario remains active.


USDCHF continues moving sideways in the parity zone consolidating the bullish cycle started in April. The Swiss currency has pending levels to be visited as a corrective sequence, possibly as an A-B-C pattern. The target area is between 0.98097 to 0.97507.


The United Kingdom keeps its unemployment rate at 4.2% in April.

The unemployment rate in the United Kingdom in April remained unchanged at 4.2%, as in the previous period. The GBPUSD pair continues consolidating maintaining the bearish bias.  We expect the Pound to reach a new low that could happen in the area between 1.3433 to 1.3329. From this area, we will start looking for long positions. Should it fall below 1.3301, the Pound could go down to 1.3108.


The FTSE 100 continues with its bullish bias. However, the ascending wedge structure shows that this rally may be in an exhaustion phase. Short positions may be considered if the price falls below 7,687 pts., and the likely target would be 7,575.1.


 

LEAVE A REPLY

Please enter your comment!
Please enter your name here