FxWirePro
Long

DAX:Intraday trade idea

FX:GER30   DAX index of German listed shares
222 0 6
Major intraday resistance- 9370 ( trend line joining 9718 and 9592)

Minor intraday support -9305 (Hourly Tenkan-Sen)

The index has broken major intraday resistance 9370 and jumped till 9454 at the time of writing. It is currently trading around 9450.

DAX             has made a low of 9225 yesterday and started to recover from that level. It has formed almost a double bottom around 9200. The index should break below 9161 (Jun 24th low ) for further weakness.

Overall trend is weak as long as 9735 (90 H EMA ) holds. Any break above 9735 confirms that bearish trend from 10370 till 9161 has come to end. Any indicative break above 9735 will take the index till 9820/9900/10035 (200 4H MA). The minor resistance is around 9466 (Hourly Kijun-Sen), 9535/9600/9700.

So the index is expected to show a slight jump till 9700/9735.

It is good to buy at dips around 9425-9430 with SL around 9300 for the TP of 9595/9685
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