Dax daily: 10 Jun 2020
A couple of times already, we mentioned that a correction is inevitable. That's exactly what we saw yesterday and our uptrend continuation bias along with the statistical probability of breaking previous day's High hadn't happened. Dax reacted with the sell-off right after the open and in correlation with the risk-off sentiment across the board. The downfall was held by the support level at 12 494 and the price was just slowly correcting its fall for the rest of the day.
Important zones
Resistance: 12 882
Support: 12 592, 12 494
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
20:00 CEST - Fed Rate + FOMC Statement
20:30 CEST - FOMC Press Conference
Today's session hypothesis
Yesterday's drop was caused by the risk-off sentiment and profit-taking after long runs of global Indices. It was commodity currencies and Indices that were weakening, while the safe-haven currencies gained considerably. Overnight, Dax slightly corrected its drop as the ascending gap gives us a signal to retest previous days' VPOC. The price is in the middle of the range between the support of 12 494 and the resistance of 12 882 and we now need to monitor the price action impulses to further establish directional bias. However, we incline to buyer's favour in the short-term horizon.
Important zones
Resistance: 12 882
Support: 12 592, 12 494
Statistics for today
Detailed statistics in the Statistical Application
Macroeconomic releases
20:00 CEST - Fed Rate + FOMC Statement
20:30 CEST - FOMC Press Conference
Today's session hypothesis
Yesterday's drop was caused by the risk-off sentiment and profit-taking after long runs of global Indices. It was commodity currencies and Indices that were weakening, while the safe-haven currencies gained considerably. Overnight, Dax slightly corrected its drop as the ascending gap gives us a signal to retest previous days' VPOC. The price is in the middle of the range between the support of 12 494 and the resistance of 12 882 and we now need to monitor the price action impulses to further establish directional bias. However, we incline to buyer's favour in the short-term horizon.
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