FXCM's DAX CFD, GER30, daily chart continues to trade between the lower blue and red bands in its bearish area. The longer it maintains in this zone, the greater the chance of further declines.
Its hourly chart shows a potential rising wedge (converging turquoise lines). This pattern is of the bearish continuation family and, if it completes, suggests another leg down. The trend-following EMAs and the momentum oscillator underneath have crossed bearishly (black ellipses). If the EMAs develop angle and separation to the downside, and the oscillator heads toward the 20 level, the downside pressure will be mounting.
The Fourth of July celebration in the USA may affect market liquidity.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.