US10Y Technical Analysis
The first chart is the 10-year yield, and it is rising in America early on Thursday as we continue to bang around between 4.55% and 4.65%. With that being said, rates are somewhat elevated, and that could put a bid into the US dollar. It also could damage risk appetite. As long as the moves aren’t too quick, I think the market can deal with it, though. It’s whether or not we see some type of massive spike because, after all, we still have the war in the Middle East, which just doesn’t seem to want to go away. As long as that’s the case, there will be concerns about inflation despite the fact that both CPI and PPI this week have been lower than anticipated.
NZD/USD Technical Analysis
The next chart I’m watching is the New Zealand dollar. We are right at that 61.8% Fibonacci retracement level. We did fall to test the 200-day EMA, and it has offered support. That being said, this is an extremely overbought market, especially when you look at what’s going on around the world, where there certainly should be demand for the US dollar.
New Zealand’s a little bit of an outlier in the sense that the RBNZ recently did hike, and they are talking about inflation, so maybe this is an outlier currency. But I am watching to see if we break back down below the 200-day EMA. If we do, it might be good for a short-term selling opportunity.
DAX Technical Analysis
The DAX is below the 50-day EMA, and it is near the 24,900 euro level. This is an area that has offered support over the last week or 2. I’m watching this to see if there is any type of bounce. If we get that bounce, I might be willing to take a short-term trade. Just a simple range play, maybe trying to stay in the same range we’ve been in for about 8 trading sessions. If I don’t get the bounce, then fine, I’ll just move on, but this is just a simple, quick type of intraday potential setup.
INTC Technical Analysis
Finally, I’m watching Intel because Intel is sitting right on top of a massive support region, and it is gapping a little bit lower during the trading session. So, we’ll have to see whether or not it’s going to truly break down or whether we’ll bounce from this $100 region yet again.
DAX Price Forecast
Every new DAX analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all DAX forecastsI am bullish, I’m not necessarily bearish, but I also recognize a lot of this will be greatly influenced by the artificial intelligence trade in general. I don’t know that this is going to be an easy move to the upside, but we are sitting right on top of fairly significant support, so it piques my interest. I’ll probably look for a play the bounce type of trade. We’ll have to wait and see, but it is certainly sitting in an area that will attract a lot of attention.