Morning!
Dax pushed down hard from my first level of R yesterday, but did not break the current strong level of support @ 12,100, well it did, but only briefly before coming back. So that S level still holds today.
On the upside, and I am pretty certain we will see upside activity today, the fibs from yesterday's high are 61.8% at 164, and the 76.4 at 182, which sits on top of the 30m 200ema, so this should be quite strong R if it gets there. If it does manage to break above the 76.4, then the H1 100sma at 200 today, should also be a strong R level.
Curreently it's looking like it'll come down before it goes up, but I'm making no predictions there right now. If the support holds, then from the current level, there are only about 30-40 pips on offer on the short side if London does take it down, and if they do, then for me there'll be a good long opportunity provided 12,100 holds. Have to wait and see what London brings though.
Just to recap on what I've written above, on the Daily tf we are still in down mode, but, important support sits just beneath in the 200ema, and a pullback up towards the 100sma , which currently sits at 520, is a strong possibility with the price at this sort of position. The daily fibs on the way up puts the 76.4% at 534, and the 61.8% at 448, so these are levels to watch if we do go up from here over the next few days.
If we break south though, then on the weekly tf, there's a long way to fall, and over the longer period, Dax looks like it's going to fall back down towards 11,000.
ps - My pivot levels today bare -
CP 131 R1 177
S1 050 R2 257
S2 005
Dax pushed down hard from my first level of R yesterday, but did not break the current strong level of support @ 12,100, well it did, but only briefly before coming back. So that S level still holds today.
On the upside, and I am pretty certain we will see upside activity today, the fibs from yesterday's high are 61.8% at 164, and the 76.4 at 182, which sits on top of the 30m 200ema, so this should be quite strong R if it gets there. If it does manage to break above the 76.4, then the H1 100sma at 200 today, should also be a strong R level.
Curreently it's looking like it'll come down before it goes up, but I'm making no predictions there right now. If the support holds, then from the current level, there are only about 30-40 pips on offer on the short side if London does take it down, and if they do, then for me there'll be a good long opportunity provided 12,100 holds. Have to wait and see what London brings though.
Just to recap on what I've written above, on the Daily tf we are still in down mode, but, important support sits just beneath in the 200ema, and a pullback up towards the 100sma , which currently sits at 520, is a strong possibility with the price at this sort of position. The daily fibs on the way up puts the 76.4% at 534, and the 61.8% at 448, so these are levels to watch if we do go up from here over the next few days.
If we break south though, then on the weekly tf, there's a long way to fall, and over the longer period, Dax looks like it's going to fall back down towards 11,000.
ps - My pivot levels today bare -
CP 131 R1 177
S1 050 R2 257
S2 005
2
