Brent crude oil, AUD/USD grapple with resistance while DAX 40 bounces off support

​​​DAX 40 bounces off support

​Over the past week or so the DAX 40 has been coming off its record high at 24,479 to the 23 May low at 23,275 which acted as support. While this level holds on a daily chart closing basis, the medium-term uptrend remains intact.

​Failure at 23,275 could lead to the 6 May low at 22,862 being reached and perhaps also the 1 April high at 22,573.

​Minor resistance can now be spotted at Monday's 23,711 high. While it isn't overcome, downside pressure should prevail.

​AUD/USD still grapples with resistance

​AUD/USD is once again trying to revisit its May-to-June highs at $0.6537-to-$0.6552. These levels remain in sight while the April-to-June support line at $0.6469 and the 13 June low at $0.6457 underpin.

​Below it minor support may be seen between the 20 and 22 April highs at $0.6449-to-$0.6439 and along the 200-day simple moving average (SMA) at $0.6424.

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

​Brent crude oil digs into resistance zone

​The Brent crude oil price is once more trying to break through its $75.11-to-$77.15 per barrel key resistance area amid heightened tensions in the Middle East. It encompasses daily highs going back to late January of this year.

​This area is likely to once again cap, unless the situation in the Middle East significantly deteriorates. In this case a break through the resistance area would likely target the next higher $80.54-to-$81.89 resistance zone. It is made up of the August, October and January peaks.

​While the $75.11-to-$77.15 resistance area caps, a gradual slide towards the 200-day SMA at $71.49 may gradually ensue. Below it minor support may be found between the psychological $70.00 mark and Monday's $69.89 low.

​Further down lies the $70.45-to-$67.39 support zone which goes back to September 2024.

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