Charts of the Week: GER30 reversal; Aussie Dollar under increased pressure

AxiTrader

GBPUSD is trending lower ahead of the official Brexit day – which is Friday, January 31st, say senior analysts at AxiTrader

markets

The management team at AxiTrader takes a close look at the chart patterns that have defined this week’s trading.

GER30 recently reached a new record high, but failed to sustain momentum as sentiment turned sour. Traders will be keeping a close eye on the rising trendline support from the mid-October low, followed by the psychological support level at 13,000 points. To the topside, bulls would need a clear break back above 13,350 points to regain the upper hand.

UK100 broke beneath a major support level at 7465 points, and is currently approaching the 200 DMA around 7360 points. A clear break below that line could signal a continuation of the reversal towards 7127 support.

GBPUSD is trending lower ahead of the official Brexit day – which is Friday, January 31st. While the UK is certain to exit the EU on that day, plenty of uncertainties remain around the trade deal between the country and the Union, and this should keep volatility at elevated levels. Support is seen at the rising trendline from the November low, followed by the 200 DMA around 1.27.

AUDUSD is suffering from the risk-off sentiment in global markets. The currency pair is currently testing the 76.8 % Fibo of the Oct-Dec 19 rally, and a clear break below could hint at a continuation of the downtrend, with 0.6680 the next significant support level.

The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

Find out more about AxiTrader here.

The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Read this next

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

<