Germam DAX and NZDJPY


Hi traders,

German DAX can be unfolding a bigger, overlapping decline down from 11692 level, which we see it as a EW ending diagonal. A EW ending diagonal is a powerful reversal pattern, that consists out of five waves, and each of them has three sub-waves. That said, at the moment we see price unfolding final stages of a wave 3, that can look for support and a bullish reversal near the 10880 region, from where corrective wave 4 can follow. This wave 4 can take price towards the 11200 area, where former gap can be covered.

The whole structure from 11692 can later look for support/bottom near the 10800/10650 region.

German DAX, 1h

intra-day dax 2018-12-06

In this expected sell-off, XXX/JPY crosses can be very interesting in the upcoming days. One of them can be NZDJPY, which can be unfolding five waves down from the highs and if we get it, then this would be a confirmation of a reversal and later then we would be looking for short opportunities after a three-wave pullback. That said, NZDJPY remains bearish as long as it’s moving beneath 78.85 previous highs.


intraday nzdjpy 2018-12-06

Latest News

USDNOK and EURNOK mixed short-term outlooks

USDNOK retains a positive short-term tone within a broader, intermediate-term range. EURNOK has a negative short-term bias, also in a neutral, intermediate-term environment. This tells us more about EURUSD than anything else, that the risks for EURUSD are to the downside. USDNOK upside threat A resilient consolidation for much of May, digesting the later April-early … Continued

Dow Jones
US equity averages cling to a positive tone

A consolidation theme has emerged for the major US (and in fact European) equity averages over the past 1-2 weeks, with no significantly new bad news emerging from the ailing US-Sino trade negotiations. This has allowed equity markets to rebound and ease bear forces from the aggressive selloffs seen in the first half of May. … Continued

USDPLN breaking out for renewed bullish theme

Another push higher Tuesday and again into Wednesday, reinforcing the previous tentative breakout from the Ascending Triangle pattern above 3.8594 and 3.8644 resistances, leaving both short- and intermediate-term bull themes intact and aiming higher for Wednesday. The intermediate-term outlook is bullish, sustained by 2019 solid consolidation above the 38.2% Fibonacci retracement of the 2018 rally. … Continued

Pound stays weak as PM May’s Brexit proposal falls flat

In our Monday report we highlighted ongoing Sterling weakness as Brexit talks between the Conservative and Labour parties have floundered amid the increasingly unstable position of Prime Minister (PM) Theresa May. The GB Pound did try a recovery on Tuesday (21st May) as PM May tried to bring a new version of her Brexit deal, … Continued

Forex Brokers in your location