fxtechtrader

fxtechtrader

Actually I am neutral here, as we have a conflicting message. Notice the September and October candles. We are either at the top of a distribution zone or we might see an effort to rise to new highs. Weak bullish volume doesn`t confirm a breakout to higher highs.

fxtechtrader

If this momentum continues we might see 183.961, then 185.000 - or even 192.470.

fxtechtrader

October coming to an end and we can access the monthly close view. I am neutral in the DAX, it shows considerable weakness despite the most recent run-up higher.

fxtechtrader

Consolidation inside this Sept 04 bullish candle range, yet still above 20,800 and 20 EMA. Waiting.

fxtechtrader

More important at the moment than DAX - possibly the change in outlook due to the ABS program planned by the ECB, and some big players getting out at the top...

fxtechtrader

Big picture - weekly chart shows further potential up to 0.9000 and even higher.

fxtechtrader

I expect some correction here, but the weekly and daily trend is quite bullish. Monitor in conjunction with USDCHF and GBPCHF.

fxtechtrader

Could be more defensive and risk-adverse before the ECB press conference, a retrace is possible to the base of this recent bullish 4h candle. Price has to stay above 3140 zone for constructive bullish continuation.

fxtechtrader

It will be difficult for price to rise further if there is any stalling or correction in the US Indices, plus EUSTXX50 /DAX.

fxtechtrader

Some levels to watch, and I am comparing DAX / CAC40 / EUSTX50 with the Footsie, = = = ALL of Europe bearish or just " the Continent " ?! ....:-)

fxtechtrader

A bit stronger than DAX, could see 3080 and 3144. Both indices will show in their advance how serious the breaakdown was, or if this was only a carefully crafted shakeout by big players....

fxtechtrader

If you look closely at the whole structure in USDJPY 8 hours, it looks as if it is STILL only a retrace of a bullish W base formation. I believe the key level 102.067 will be broken to the upside. Any decline will be much more gradual - as big players need more time to unwind any positions. No trade yet, watching Nikkei225 closely as well.

fxtechtrader

We could see further price advance to at least 9200, but only if US Indices cooperate - and it will be very much endangered by political news ( IRAQ etc. ). Looking how major stocks/components behave as clue for recovery strength...

fxtechtrader

Could reach 9200 today, careful with ECB press conference and some wild stop hunting.

fxtechtrader

At least consolidating at the low end, we could see some advance tomorrow. I expect a move back to at least 9400. Only if no new political surprises or ECB statements cause further selling pressure.

fxtechtrader

I expect a recovery mode upswing here, conservative traders wait for more base building signs.

fxtechtrader

If this supply area between 3213 - 3229 is not broken to the upside I still see further downswings - or retests of previous demand areas, - major levels 3200 and 3144.

fxtechtrader

If price has exaggerated with the recent bull move, I will be looking for 147.49 and 147.00 as targets.