Setups On DAX, Gold and EUR/PLN

 Setups On DAX, Gold and EUR/PLN

Market optimism can be seen all over the place. First of all, we have an impressive surge on stocks. Is there still anyone that thinks that we should get another leg down and that we didn’t just experience the V shape recovery (on graphs, not the economy)? Those riskier instruments like emerging markets currencies are also gaining a bit of traction. Let me show you three, potentially very promising trading ideas.

The first one is gold, where the price is going lower after a false breakout at the 1740 USD/oz resistance level. This week the price tested that area again and again, but were sellers victorious? The price is currently hitting lower lows and highs and as long as that continues, the short-term sentiment is negative.

Stocks are currently taking a small break too. Over the last three days on the DAX did really great. The price managed to climb significantly higher crashing all bearish dreams – if any were still left. Currently, we do have a small bearish correction but it looks just like a correction. In the recent upswing we already had two of them, very similar to each other. This one should end, when the price breaks the upper red line. In my opinion, there is no ‘if’ here, just ‘when’.

The EUR/PLN is a great example of a better sentiment towards emerging markets currencies. Maybe not this week but the previous two weeks for sure. The price ended the sideways trend that we had since the middle of March and went lower. Currently, we do have a great looking hammer candle, which is promoting a further upswing. The place in which this formation is present is not random. The price is bouncing from the highs of 2018 and 2019. We already mentioned that this area can be a great bearish target and support. As it turns out, we were not mistaken.

[embedded content]

Axiory Analysis

Setups On DAX, Gold and EUR/PLN

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *