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DAX 40 trades marginally below record high as AUD/USD grinds higher and Brent crude oil slips

​​​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.

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DAX 40 Source: Adobe images

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

​​​DAX 40 hit new record high

​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.

DAX 40 chart Source: TradingView

​AUD/USD gradually rises

​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.

AUD/USD chart Source: TradingView

​Brent Crude Oil loses upside momentum

​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.

Brent crude oil chart Source: TradingView

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