Dax daily: 23 Jun 2020

Dax gave us a fake signal yesterday when it faked-out below the 12 151 S/R zone. The price very quickly returned to the consolidation range of the past week, levelled between 12 151 and 12 494. The daily range was relatively standard and we haven't even seen much volatility.

Important zones

  • Resistance: 12 494
  • Support: 12 151

Statistics for today

Macroeconomic releases

  • 09:15 - 10:00 CEST - Eurozone PMI reports

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Today's session hypothesis

Considering the fact Dax hasn't moved away from its consolidation range lasting one week already, we have no reasons changing the outlook. The Statistical Application also doesn't generate any probabilities in these situations and Dax awaits any decisive catalyst that will propel the price development. This could be today's PMI reports from the Eurozone or volatility in the main US Indices. These appear to be on the crossroad between the artificial positivism of re-opening the US economy, as created by Trump's administration, and a fear of the upcoming second wave of the pandemic. We now need to monitor the price action but mainly the breakout from the current consolidation.

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