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DAX 40, AUD/USD await US CPI data as Brent crude oil rejected by resistance
DAX 40, AUD/USD await today’s widely anticipated US CPI data as Brent crude oil comes off key technical resistance.
DAX 40 comes off record high
Over the past few days the DAX 40 has been coming off its record high at 24,479 towards the 2 June low at 23,740. While this level holds on a daily chart closing basis, the uptrend remains intact.
Failure at 23,740 could provoke a more pronounced correction towards the 23 May low at 23,275.
Minor resistance can now be spotted around the 21 May high at 24,152 and at the 28 May high at 24,325.
Above the all-time high at 24,479 beckons the 24,500 region.
AUD/USD grapples with resistance
AUD/USD is inching towards its May-to-5 June highs at $0.6537-to-$0.6538. These levels remain in sight while the April-to-June support line at $0.6497 and the 6 June low at $0.6480 underpin.
Below it minor support may be seen between the 29 and 22 April highs at $0.6449-to-$0.6439 as well as along the 200-day simple moving average (SMA) at $0.6429.
A rise above $0.6538 would push the late November peak at $0.6550 to the fore.
Brent Crude Oil capped by resistance
The Brent crude oil price's advance has been rejected by the major $67.39-to-$70.45 resistance area going back to September 2024.
The early June high at $65.76 may offer short-term support ahead of the 55-day SMA at $65.27.
While the next lower 4 June low at $64.09 holds, the medium-term uptrend remains intact, though.
Were the $64.09 low to give way, the 15-to-27 May lows at $63.19-to-$62.82 may be revisited. While the next lower 30 May low at $61.99 holds, further sideways trading is at hand.
A currently unexpected rise above the key $67.39-to-$70.45 resistance area would put the 200-day SMA at $71.48 on the map.
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