Dax daily: 19 Mar 2020

Yesterday's price action was slower compared to previous volatile days. Overall, the session was dominated by sellers again who managed to break the support zone of 8 346 and stalled lower at 8 200. Dax is still in the consolidation range of the past 3 days.

Important zones

  • Resistance: 8 880
  • Support: 8 000

Statistics for today

Macroeconomic releases

  • 09:30 CET - Switzerland - SNB Policy Rate + Statement

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Today's session hypothesis

Today's session opened with the gap sized 66 points which was already closed very quickly. The price is currently in the consolidation range of the past 3 days and there are two decisive zones around. 8 800 as the fairly balanced resistance above and 8 000 as a round number of support below. Subjectively, we incline for a retest of the resistance above and staying in the consolidation range, yet this thesis is not supported with any other clue or statistical probability. It's important to monitor the development of the coronavirus situation in Europe and its impact on the economy. Australia has cut interest rates overnight and we have the decision coming up from Switzerland in the morning. SNB is known to move the markets with unexpected measures so be on the look.

 

 

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