Intraday Market Analysis – DAX Surges to a New High.
GER 30 jumps above previous high
The DAX 30 recoups last week’s losses as the EU sets to reopen its borders. The psychological level at 15000 has proven to be a solid demand zone.
The rally above the intermediate resistance at 15400 acts as a confirmation of the bullish MA cross.
By lifting offers around the previous peak at 15540 the index would break free of its recent consolidation range. Renewed interest from momentum buyers may send the market to new record highs.
15350 is the first support in case of a retracement.
XAUUSD trades in consolidation
Gold consolidates its gains as the US dollar index stays subdued at the start of the week.
The rally gained momentum after it broke above the daily resistance at 1855.
The latest sideways action has enabled the RSI to retreat into the neutrality area. This may attract more buyers without raising concerns of overextension.
A bullish close above 1890 could swiftly lift resistance at 1900 and resume the rally to 1917. On the downside, 1853 is the closest support if the price action requires more bids.
NZDJPY bounces off psychological support
The New Zealand dollar saw support after retail sales showed a 2.5% increase in Q1. The pair is hovering above a major support (77.70) from the daily chart.
The psychological level at 78.00 has seen strong buying interest after the bears’ failed to push lower on several occasions. The support-turned-resistance at 78.50 has so far capped the kiwi’s rebounds.
A bullish breakout would send the price towards 79.00. An overbought RSI may signal a brief pullback for the bulls to gather momentum.
