DAX – Defying the double top
It was not to be expected anyway that the last two tops would become a double top. Accordingly, the support area was able to hold and the index pulled back up. The small resistance that had already formed in April and May was dynamically overcome by the end of the month. The indicator situation is rather neutral. Therefore, no further signal can be expected from this side. With the increase on Friday, sales were also able to pick up slightly. This is a sign that market participants are showing a willingness to buy. Here the opinion could arise that one could miss something. A renewed test of the recently reached record high has therefore become more likely.
Dow Jones – The next attempt is rolling
The Dow Jones broke off the countermovement after the failed attempt to break out and was able to start a renewed attempt at resistance at the end of the week. Although the indicators are now pushing into the overbought territory, the momentum of the last two days has been so great that a breakout can be expected this time. At least the probability of this has increased significantly. Just as with the DAX, an increase in turnover can also be seen in the Dow Jones. But more should happen here for an outbreak.
Gold – There is a small chance of holding.
Gold broke down from the resistance area on Thursday. However, a hammer formation could be generated (intraday mood swing) which was confirmed the following day. This could be a signal that a trend reversal is starting and the price is starting a recovery move. This would mean that the downtrend will be broken. The indicators, some of which have generated buy signals, provide a small amount of support. Overall, however, the situation remains fragile.
Euro – Between zones
Euro/USD
In the last few months, the euro has built up two zones between which it moves. The overriding downtrend line, which represents the upper limit of a trend channel, is getting closer and closer, so that a decision must be made in the coming months as to whether the trend channel will still stand or will be broken. The sell signals in the indicators started the recent short-term downtrend. So the next step should be another test of the support zone.
Oil – Support manifests
Oil North Sea Brent Futures (linked)
Oil has slipped again and has settled around the recent lows. This makes it clear that there is a clear interest in not falling below this range. The indicators here have long ceased to have any significance for the future trend. However, a breakout above the resistance should not necessarily be expected in the coming days. The overall downtrend is still intact.
Bitcoin/USD – How will the cryptocurrency react to the ECB?
The ECB has announced that it will introduce its own electronic payment currency. The thought behind it is clear. One would like to retain the authority to act even in the crypto age. The future will show whether this succeeds. At this point I will describe the Bitcoin against the USD technically in the future. However, this is only possible to a limited extent, since you do not receive any reliable data about sales or acting persons, even if this is claimed here and there. An analysis is nevertheless possible based on the course development. It is noticeable that the Bitcoin has a high volatility. Strong dynamic slumps are often followed by a dynamic counter-movement. Recently there has been a dynamic upward movement that has led Bitcoin into the area of a latent resistance zone. Since this zone has so far had little significance, it should not be overrated. The indicators have generated sell signals that make a bounce off this resistance likely.
What Charts: ProRealTime.com
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