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European Open: The DAX is on track for its first bearish week in five

Steven Zhao

Aug 22, 2022 15:13

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The weakest major currencies overnight were the JPY and CHF, while the US dollar continued to gain ground overnight, albeit more slowly than during the US session. The BOJ is unlikely to take action considering that the inflation rate in Japan reached its highest point in 7.5% of the year and is predicted to peak in Q4. This served as the perfect impetus for additional USD/JPY support overnight.

 

DAX 4-hour chart: As we approach the final trading day of the week, the DAX is on track to form a 2-bar bearish reversal pattern on the weekly chart at present levels. As it would be forming close below trend resistance, projected from its record high, the pattern could possibly have some significance. It remains to be seen if it represents a meaningful swing high, but at the very least, we favor a deeper pullback from current levels.

 

Although prices are stabilizing in the bottom part of this week's range following a sharp decline from the highs, the 4-hour chart is still above trend support, and the bias is for a negative break. When the 13,605 support is broken, it is assumed that the bearish trend will continue and the 14,440 - 13,500 support zone comes into focus. If that zone is also broken, a run for the 13,330 support zone is then made possible.

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