Good morning Traders!
According to the 30 minute chart from the new indicator, we have further room to move to the upside and the momentum is strong. Yesterday took me by surprise as we traded just below the daily R3 with no sign of wanting to pullback, we burst through the daily trend channel and have 12000 in our sights. More details here https://www.daxtrader.co.uk/forex-indicator-predictor-review/
I have been targeting 12k but have not expected to get there until nearer April/May.
The current rate of growth is so high it is beginning to look bubblish, when that ends the unwinding phase could be fast and sharp.
Today if 11750 holds then we could certainly have another go at creating fresh highs today and would find a break above yesterdays high interesting. Another option is a consolidation around 11700 and perhaps a retest of support at 11600.[twitter-follow username=”DaxTrader54″ scheme=”light”]
Support & Resistance Levels
|34 Hour EMA||11674||158|
|200 Day EMA||9999||2|
Daily Chart Analysis
One of the bigger candles we have seen for a while yesterday, just asking for a pullback[twitter-follow username=”DaxTrader54″ scheme=”light”]
Dax Intra-day Chart Analysis (30 minutes)
We were held by the weekly R2 yesterday and top of the regression channel. Pullback targets could be 11750 or even 11700
Dax Intra-day Chart (5 minute)
Fib zone for pullback is 11630 which takes us towards the daily S1, otherwise long on a break above yesterday’s high. Short term support at the daily pivot could also provide a long bounce entry.[twitter-follow username=”DaxTrader54″ scheme=”light”]
Dax Volume Profile Chart Analysis (5 minute)
The naked vpoc of 11703 is the obvious target if we still below the value area high because there was not much volume traded down to there yesterday. There is a large area of support here. If we break yesterdays value area low 11669, I suspect we could test the deviation low at 11600. I we hold 11750 then we could get a vwap bounce.[twitter-follow username=”DaxTrader54″ scheme=”light”]