DAX 40, AUD/USD lose upside momentum as Brent crude oil price stabilises

Germany 40 loses upside momentum

The Germany 40 rally off last week's 23,052 low has taken it to Monday's 23,812 high before losing some upside momentum.

While this level caps, the 20 June high at 23,482 may be revisited. Below it lies the 23 May low at 23,275.

While the next lower current June low at 23,052 holds on a daily chart closing basis, the medium-term uptrend remains intact.

A rise above Monday's 23,812 high would put the 12 May high at 23,912 on the map. Further up sits the 21 May high at 24,152.

Germany 40 daily chart

AUD/USD continues to bounce off support

AUD/USD is seen heading back up towards its May to June highs at $0.6537 to $0.6552, having bounced off Monday's $0.6373 low.

These levels remain in sight and the medium-term uptrend intact while the $0.6373 low holds on a daily chart closing basis.

Minor support above this level may be seen around the 13 June low at $0.6457, the 19 June low at $0.6446 and the 55-day simple moving average (SMA) at $0.6433.

The 200-day SMA at $0.6418 may also offer potential support.

A rise above $0.6552 would likely target the November 2024 peak at $0.6688.

AUD/USD daily chart

Brent crude oil finds minor support

Following an over 14% drop from Monday's high, the Brent crude oil price is trying to level out above Monday's $69.96 per barrel low. Together with the 55-day SMA at $65.69 it may act as support. If not, the May to June support line at $65.08 may do so.

Further down potential support may be seen around the 4 June low at $64.09.

Good resistance can now be spotted between the early March lows and the late April high at $67.72 to $68.38.

Brent crude oil daily chart