Dax daily: 05 Jun 2020

Our prognosis of yesterday, just like the entire week has been 100% successful. Dax continued lower in the gap direction yesterday, yet the correction to previous day high was seen relatively soon after. Dax then failed to retest the 12 592 just by a few points and the trading activity then oscillated in the intraday range. As we hinted, some correction is likely to occur after the bull run of the recent past.

Important zones

  • Resistance: 12 592
  • Support: 12 151

Statistics for today

  • Detailed statistics in the Statistical Application
  • The statistical probability of closing outside of range is 83%

Macroeconomic releases

  • 14:30 CEST - USA - Non-Farm Payrolls, Unemployment Rate, Wages

Can you pass our Trading Objectives to receive money for Forex trading? Try our Free Trial to get started.

Today's session hypothesis

Dax slowed down on its bullish run yesterday, yet the price opened with an ascending gap today, exactly at the resistance level of 12 592. There are two decisive factors on today's agenda. The first one is the price action around the resistance level, especially during the European session. The second factor is today's NFP release in the United States. We estimate the price will first be repelled by the resistance above and the bearish attempt to close the gap. It is also very likely that Dax will only find its direction after the NFP release when the volatility is highly expected. Statistics suggest the closure outside of yesterday's range, hence the NFP can serve as the great catalyst.

Why to trade DAX on CFDs? Check out this article about the benefits and disadvantages of this topic.