Dax Technical Analysis 19/10/2015

Good morning traders!

Big rally this morning after a bounce from just short of the daily S1 and we currently sit around 10190. There could be an opportunity to trade a gap close on a break under 10160 and reload another long from the daily pivot.

Perhaps with Nowotny and Restoy’s comments about more QE based on the persistently low inflation figures has given traders a boost. Even though we knew that QE was likely to happen, the reintroduction of the topic will bring back a bullish trend in the European equity markets, music to my ears.

So today I decided to go long and I am looking to target 10500, the September highs. I may even look to go long on CAC40 and Eurostoxx too. My other trade is short EURGBP which I have sat on for some time now and it’s starting to come back again. Finally USDJPY looks to have some decent upside as well and with the correlation between DAX and USDJPY being pretty high, I like the idea of going long.

I am not trading intraday today, so my outlook today is more for the rest of the month, tomorrow I will look at intraday opportunities.

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Support & Resistance

Daily R210226
Daily R110174
Daily Pivot10115
Daily S110063
Daily S210004
200 Day SMA10630

Dax Charts

No charts today

1 thought on “Dax Technical Analysis 19/10/2015

  1. Hope it works out for you.

    I had a order at 10211 for today. I wanted to see a close above 10200 but although the 200 is a mental barrier and an area of O/H supply, I wanted to see it push past that. It tried to break right through a couple of times and failed.

    If sticks around the 210-300 mark then I’d be much more confident though.

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