ZuluTrade Blog

Market View

GER30 approaches major resistances!

Thursday, August 31, 2017 10:45 AM GMT

GER30 is recovering most of the losses after North Korea effect, which pushed lower all major indices around the market. Reviewing the daily, the index is forming a falling wedge (FW) which defines pretty well the whole move from highs (12956). Therefore, we have noted few scenarios on how GER30 can play according to the above pattern. Heading to the hourly, the price is targeting a major resistance zone (Z1) where sellers may find a decent short trade setup. The Zone (Z1) has multiple technical confluence (200 SMA + H1 + TL1). Reviewing the 15m timeframe, we have noted the latest swing low (SL1). As long as it holds, the trend remains uptrend before created a new one higher.

Today’s agenda include critical events like US Initial Jobless Claims (Aug 25) (Previous: 234K, Forecast: 237K), US Personal Income (MoM) (Jul) (Previous: 0.0%, Forecast: 0.3%), US Core Personal Consumption Expenditure - Price Index (MoM) (Jul) (Previous: 0.1%, Forecast: 0.1%), US Pending Home Sales (MoM) (Jul) (Previous: 1.5%, Forecast: 0.5%). Therefore, traders should careful with their trading decisions especially during those events.




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