By Orbex
GER 30 resumes uptrend
With the fear of reflation now taking a backseat, improved risk sentiment is pushing equity markets into new highs.
The DAX has built a floor around 15160 following the latest rectangle consolidation. Bullish candles above the previous high at 15360 could draw more momentum players into the game.
The 20-hour moving average crossing the 30-hour one is the final confirmation that the uptrend is picking up speed again. 15270 is the demand zone if the index falls back in search of more bids.
USDCHF falls below major support
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The greenback remains underwater as US yields retreat from recent highs. Selling pressure has increased after the pair broke below the critical support at 0.9220 on the daily chart.
Recent rebounds have been opportunities for short-term trend followers to sell into strength.
A neutral RSI may encourage more sellers to jump on board. 0.9140 is the next target on the way down.
On the upside, the newly established supply area around 0.9240 could be a tough nut to crack.
USOIL breaks above consolidation range
WTI crude oil has rallied back after the US EIA reported falling inventories. After a four-week-long consolidation, the latest surge above 62.10 suggests that buyers may have retaken control of the price action.
64.80 from last month’s sell-off is a key resistance to lift if the bulls expect to turn the sentiment around once for all.
In the meantime, profit-takings driven by an overbought RSI may lead to a brief retracement.
The psychological level of 61.00 would be the support to keep an eye on.
By Orbex
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