By Orbex
GER 30 tests key support
The stock markets recover as a discussion between Biden and Xi raises hopes of a thaw in US-China relations.
The Dax 30 has found buying interest on the daily support (15450).
A bullish RSI divergence suggests a loss in the sell-off momentum. Traders were eager to buy the dip in this area of congestion when the RSI showed an oversold situation.
A rally above 15740 would confirm the rebound. 16000 would be the target when buyers regain confidence. Otherwise, a slide below 15450 may trigger an extended correction.
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CADJPY hits key resistance
The loonie stalled after Canada’s mixed employment data in August. The pair has previously broken below the demand zone at 86.60, putting buyers on the defensive.
The latest rebound has turned out to be a dead cat bounce after the price saw strong selling pressure at 87.35. An overbought RSI was an opportunity for sellers to step in.
Sentiment remains bearish in line with the downtrend initiated in early June. 86.40 is the last line of defence for the bulls and a fall below may trigger a sell-off to 85.50.
XAGUSD sees bearish breakout
Bullions weakened after the US dollar advanced on better-than-expected producer prices.
The break below the rising trendline has put silver’s recovery at risk. Then the bears’ push below the critical support at 23.80 was an indication that they have gained the upper hand.
An oversold RSI may cause a limited bounce.
The bulls have the daunting task of lifting offers around 24.40 to turn the downbeat bias around. If momentum traders join in, a cascade of sell-offs may target 23.40 and then the psychological tag at 23.00.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
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