Germany 30 (DAX) Trading Analysis
Dear traders,
It has been a week since I have not shared with you trading related articles.
It feels like a whole eon.
Last time I shared with you my views on USDCAD.
So far, it has been performing as expected, just slightly slower than I would have expected.
It looks like the pair is building some momentum and getting ready to go to a new high.
I am still bullish on this pair.
On top of it, there was a bullish engulfing pattern on the Daily timeframe.
All in all, it looks like we are about to see some more buyers jumping on this wagon.
Let’s see what the market open holds for us.
Germany 30 (DAX) Trading Analysis
Today, I am looking at Germany 30.
We have had a turbulent ride down and up on this one.
Today I am looking at the demand zone, which has not been tested as much as I would have liked.
Otherwise, it has formed a bullish pin bar, which bodes for more bulls joining the scene.
There was a small bullish engulfing candle on Friday.
It did not engulf the whole candle, but I am putting more emphasis here on the pin bar from the previous session.
There are three possible scenarios here:
- Price goes down to re-test the demand zone and then continue its bullish uptrend
- Price goes down and breaks below the demand zone, thus continuing the bearish trend
- Price going higher and higher from here
I will be looking at market open and decide if the 4H gives me a green light to possibly go long.
Happy Sunday,
Colibri Trader