DAX 40 trades marginally below Wednesday’s record high as AUD/USD grinds higher amid contracting US services sector and weak private jobs data while Brent crude oil price slips following rising US inventories and Saudi price cuts.
On Wednesday the DAX 40 hit a new record high at 24,346, a short-term consolidation below which may be seen on Thursday.
Were this level to be overcome, though, the 24,500 region would be next in line.
Potential minor slips may find support around the 21 May high at 24,152 and then along the April-to-June tentative uptrend line at 23,968.
While the next lower 2 June low at 23,740 underpins, the short-term uptrend remains intact.
Further down the 23 May low at 23,275 represents the line in the sand for the medium-term uptrend. While it holds, further upside remains in store.
AUD/USD is inching towards its 7 May high at $0.6515, above which beckons the 26 May peak at $0.6537. These levels remain in sight while the April-to-June uptrend line at $0.6462 holds.
Below it minor support may be spotted 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 $0.6433.
The Brent crude oil price is seen coming off its 55-day SMA at $65.67 and may revisit Wednesday's $64.09 low.
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 rise above this week's high at $65.76 and the 21 May high at $66.03 would put the 13 May high at $66.51 back on the cards.
Above it sits the major $67.39-to-$70.45 resistance area going back to September 2024.