Yesterday’s session was quite difficult to trade. Dax first closed the gap and we found sellers for a very nice short trade. To change things around, buyers took over and pumped the price all the way above Tuesday’s high. Then sellers appeared again. In the afternoon, the price action slowed down and the end of the intraday session was dominated by bears. Yesterday’s trading was pretty much a seesaw. Today we open with an ascending gap.
- Resistance: trend line
- Support: 12 337
Statistics for today
- Detailed statistics in the Statistical Application
- 11:00 CEST – Eurozone – CPI & PPI
- 14:30 CEST – USA – NFP
- 16:00 CEST – USA – ISM Non-Manufacturing PMI
Today’s session hypothesis
There are quite a few fundamentals scheduled for today, the main one being the NFP from the United States. We can expect a slower price action with higher volatility back after the NFP release. From the beginning of the session, we could find some sellers entering around the trend line and buyers around our support level. These zones, however, will only be valid if there is enough action in the markets. Should the price action be slow, Dax might not respect our zones and the outcome of such would be a day that respects the ranges of the past week. If the price goes below 12 337, it is likely we see some consolidation and a possible breakout of yesterday’s low.