Dax daily: 16 Jul 2020

16 Tem 2020

Yet another great prediction. If you've read our analysis yesterday and traded it accordingly, we congratulate you for great profits. As we predicted, the price had an initial push lower to closed the gap, which correlated with past VPOC. This was the level which had double significance for buyers who stepped in to take the price to 12 882 and even broke out this resistance. This one functioned to suppress further bullish momentum and Dax quickly returned to retest its importance. The price was oscillating up and down, just to close the day on the same level and formed the VPOC slightly above it.

Important zones

Resistance: 12 882, 13 119
Support: 12 592

Statistics for today

Detailed statistics in the Statistical Application

Macroeconomic releases

13:45 CEST - ECB Main Refinancing Rate + Monetary Policy Statement
14:30 CEST - ECB Press Conference
14:30 CEST - USA - Retail Sales & Unemployment claims

Today's session hypothesis

Today's session opened below 12 882. Market participants will most likely attempt to retest yesterday's close as it correlates with the S/R zone and the VPOC too. This is the area where we'll need to monitor the price action to further establish directional bias. Dax is slowly aiming higher and if the continuation prevails, our bullish target lays up at 13 119. Stay on alert as we have a day packed with fundamental releases and these could easily rock the boat.