Dax daily: 01 Nov 2019

We welcome all our readers to the first Dax analysis of November. Yesterday's session was a true rollercoaster. Just in the first two hours, the price dropped prudently through the support at 12 903 and 12 886 and attacked the third support level in its way, laying at 12 797. This zone functioned well and stopped the freefall quite nicely, also forming a daily low. The price later recovered most of its fall. Today, we open with a big ascending gap.

Important zones

  • Resistance:  NIL
  • Support: 12 890, trendline

Statistics for today

Macroeconomic releases

  • 13:30 CET - USA Non-Farm Payrolls, Wages & Unemployment Rate

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Today's session hypothesis

Just as in the past couple of days, we estimate the initial price descend and then the entry of buyers. We see Dax retesting the support zone of 12 890 or flirting with the trendline to find some bullish momentum there. If this scenario doesn't prove right in the first two or three hours of trading, it is more likely we'll see a narrow band trading in yesterday's and Wednesday's range. Be careful around the NFP release time, volatility is expected across the board.

 

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