05-dax-m5-chart

Dax Technical Analysis 07/10/2016

Hello traders!

The obvious talking point is the GBPUSD (Cable) flash crash, that was one of the more significant reminders of how brutal the markets can be. Anyone who was holding a long position on the cable overnight, would have woken up to either a margin call or a crazy hit to their account as it tanked 700 pips. And today it’s gone crazy again. So good luck trading it today.

We have NFP today, so this is going to cause so volatility, predictions vary as normal, I think we will get a print somewhere around 200k.

Trump vs Clinton is still high on the agenda as well, so right now there is plenty to distract the markets and plenty of things to create mania between traders.

On the daily chart we printed a bearish spinning top around 10600 and now we are testing the 10500 zone. This is a bearish signal especially if we close below 10485 today.

On the H4 chart we can see a bearish trend channel which was tested recently and now there is a cluster of bearish candles adding to the case.

On the H1 chart, 10485 is being tested, it’s a key level of support so once it’s broken, I am looking for it to be tested from the underside before going short.

On the 5 minute chart we have been all over the place, walking a path not dis-similar to one I would walk on my way home from the pub on a Friday night after 3/4 too many jars, bumping into walls everywhere. I know I use the following terms all the time, but there is bullish divergence here, at support.

Despite all of this, I am being patient, again and waiting until later.

Dax Support & Resistance

KEY LEVELS
Daily R210703
Daily R110650
Daily Pivot10592
Daily S110540
Daily S210482
200 Day EMA10246

Dax Charts

01-dax-daily-chart
01-dax-daily-chart
02-dax-h4-chart
02-dax-h4-chart
03-h1-dax-chart
03-h1-dax-chart
04-dax-m30-chart
04-dax-m30-chart
05-dax-m5-chart
05-dax-m5-chart