DAX: Strong support again at 15120/100

Jason Sen DayTradeIdeas.co.uk

Dax, EuroStoxx, Ftse

Dax 30 June bottomed exactly at support at 15120/100. Longs worked perfectly on the bounce to first resistance at 15290/330. As I write we topped exactly here.

EuroStoxx 50 June bottomed exactly at strong support at 3900/3890 & longs worked perfectly on the bounce to 3955.

FTSE 100 June recovered to the first target & strong resistance at 6900/6920. We topped exactly here.

Daily analysis

Dax longs offered almost 200 ticks profit on the bounce to our target & first resistance at 15290/330. A break higher targets 15440/450 before a retest of the all time high at 15500/529. A break higher in the bull trend targets 15650/700 & resistance at 15800/850.

Strong support again at 15120/100 today. Longs need stops below 15070. Further losses meet the strong support at 14990/940. Longs need stops below 14890. A break lower to targets 14820/800.

EuroStoxx longs at 3900/3890 work on the bounce to first resistance at 3935/45. A break above 3955 allows a retest of 3990/4000 Further gains target 4018/22 & 4032/35.

Strong support again at 3900/3890. A break below 3880 however risks a slide to 3865/62. Expect strong support at 3845/35. Longs need stops below 3825.

FTSE topped exactly at the first target & strong resistance at 6900/6920 as I write this morning. Holding here risks the formation of a head & shoulders reversal pattern. We will watch this carefully. Shorts need stops above 6935. A break higher targets 6965/70 before a retest of resistance at 6990/7000.

Shorts at strong resistance at 6900/6920 target 6870/60, perhaps as far as 6840/35. Strong support at 6790/80. Longs need stops below 6770. A break lower targets 6735/30. Best support then at 6665/35. Longs need stops below 6615.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.