DAX 40 Nears Support While AUD/USD Probes Resistance And Brent Crude Oil Stays Sidelined

2025-07-02 02:23:22

(MENAFN- DailyFX (IG)) DAX 40 may probe support

The DAX 40's rally off its mid-June low at 23,052 has taken it to Monday's 24,121 high before coming off on rotation out of European stocks back into US tech stocks .

The April-to-July uptrend line at 23,720 may offer support on Wednesday. If not, the 20 June high at 23,482 and 25 June low at 23,467 may be revisited. Below these lies the 23 May low at 23,275.

While the next lower current June low at 23,052 holds on a daily chart closing basis, the medium-term uptrend remains intact.

A rise above the 24 June high at 23,812 would put the 12 May high at 23,912 back on the cards. Further up sit Monday's 24,121 high and the 21 May high at 24,152.

Source: TradingView AUD/USD grapples with resistance

AUD/USD probes the mid-August 2024 low at $0.6567 ahead of a 61.8% Fibonacci retracement at $0.6576.

If overcome, the September 2024 trough at $0.6622 and the November 2024 peak at $0.6688 would probably be targeted next.

Were a rise above $0.6688 to occur, the 16 October 2024 low at $0.6703 would be next in line.

Minor support is seen between the May-to-June highs at $0.6552-to-$0.6537. Further down meanders the 55-day simple moving average (SMA) at $0.6456.

Brent crude oil stays sidelined

Brent crude oil has been sideways trading in low volatility over the past week.

The May-to-July uptrend line together with the 55-day simple moving average (SMA) at $65.93 per barrel act as support.

If fallen through, potential support around the 4 June low at $64.09 may be reached.

Good resistance remains to be seen between the early March lows and the late April high at $67.72-to-$68.38.

Source: TradingView Important to know

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