akyong

DAX: Inverted Head and Shoulder Pattern

INDEX:DAX   DAX Stock Index
We have a inverted head and should pattern completed, with price breaking above the demand zone . We expect price to face some resistance at the 10116 level which confluences with the 1.618 fibonacci extension . Aggressive traders can look for a shorting opportunity around these region targeting a 61.8 retracement back in the demand zone (9550); and from there look for a potential opportunity to buy into it targeting further upside at 10855.

OUR DIRECTIONAL BIAS FOR THE WEEK
- AUD bullish (currently in a risk-on environment, RBA datas were mainly positive for the past week) - watch out for Chinese data
- NZD neutral (GDT Price Index was positive for the first time in 2016, but we remain cautious over the outlook from RBNZ) - watch out for RBNZ Rate Statement
- CAD bullish (GDP came in positive last week, oil             prices have been stabilising) - watch out for BOC             Rate Statement and Unemployment Rate
- EUR bearish (fundamental of EUR is still weak) - watch out for ECB Press Conference
- CHF & JPY neutral (recent market sentiment is shifting towards risk-on environment) - watch out for JPY GDP
- GBP bearish (fundamental data on GBP has been weak consistently) - watch out for Carney Speech and Manufacturing Production
- USD neutral (recent economic datas have been mixed) - no key risk event this week

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