May Trump Meeeting and DAX Forecast Week of July 16-20
Updated
Fundamentals:
Friday was an interesting day both in political and financial aspects. May – Trump meeting caused a volatility in the markets.
Highlights:
Trump denied he criticized British prime minister after criticizing her ( CNN )
Both countries would not allow Iran to nuclearize
No matter what the Brexit plan is, he finds Theresa May successful.
Trade agreements between U.K and U.S will continue.
Stated that “he will not let the trade between the Eurozone and U.S. continue as it was before”.
It looks like his new “enemy” is the Eurozone Countries. – In other words: Germany –
Technicals:
We see a potential Head and Shoulder pattern forming in the bigger picture. 11.750 support is critical.
The smaller part of the picture is not positive either. DAX ended the week below EMA 50, 100 and 200 on the daily chart. The neckline of the double top has been retested. However, it failed to break and close above. 12540 support is important. Breakout of this support will trigger the bearish price action.
Break below 12540 will carry the price 12450, 12400 and 12200. The target of the formation is 12000.
The real game may start with the completion of the SHS pattern and the breakout of the 11750. It is out of our focus for a while but will keep an eye on it.
Friday was an interesting day both in political and financial aspects. May – Trump meeting caused a volatility in the markets.
Highlights:
Trump denied he criticized British prime minister after criticizing her ( CNN )
Both countries would not allow Iran to nuclearize
No matter what the Brexit plan is, he finds Theresa May successful.
Trade agreements between U.K and U.S will continue.
Stated that “he will not let the trade between the Eurozone and U.S. continue as it was before”.
It looks like his new “enemy” is the Eurozone Countries. – In other words: Germany –
Technicals:
We see a potential Head and Shoulder pattern forming in the bigger picture. 11.750 support is critical.
The smaller part of the picture is not positive either. DAX ended the week below EMA 50, 100 and 200 on the daily chart. The neckline of the double top has been retested. However, it failed to break and close above. 12540 support is important. Breakout of this support will trigger the bearish price action.
Break below 12540 will carry the price 12450, 12400 and 12200. The target of the formation is 12000.
The real game may start with the completion of the SHS pattern and the breakout of the 11750. It is out of our focus for a while but will keep an eye on it.
Note
Bullish Triangle Breakout 12.800 and 12903 can be tested
For alerts,special reports,news and singals over 15.000 + instruments our free discord channel
discord.gg/4DrmXHfvnG
About AI Discord Channel: bit.ly/470HjmP
Ücretsiz Discord Kanalımız
discord.gg/4DrmXHfvnG
discord.gg/4DrmXHfvnG
About AI Discord Channel: bit.ly/470HjmP
Ücretsiz Discord Kanalımız
discord.gg/4DrmXHfvnG
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.