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Dow Jones, DAX 30, FTSE 100 Technical Forecast

Dow Jones, DAX 30, FTSE 100 Technical Forecast

2019-06-15 10:00:00
Peter Hanks, Junior Analyst
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Dow Jones, DAX 30, FTSE 100 Technical Forecast

  • The Dow Jones aims to consolidate after its recent rebound and ahead of Wednesday’s FOMC
  • The DAX 30 remains caught between two diverging trendlines
  • The FTSE 100 will look to hold above a key trendline from early January

Dow Jones, DAX 30, FTSE 100 Technical Forecast

The week ahead is loaded with event risk as the Fed, Bank of England and Bank of Japan are set to decide on their interest rate range. With the major indices consolidating in the latter half of last week, each has developed a springboard that it will look to launch from as volatility arises next week. Here are the levels to watch.

Dow Jones Technical Forecast: Bullish

The Dow Jones rocketed from May lows the last two weeks and has begun to consolidate above 26,000. Immediately to the topside, the Industrial Average will have to first surmount a trendline from mid-February which stalled an attempted move higher last Monday and Tuesday. Beyond that, technical resistance becomes less clear and if fundamental catalysts unfold as expected, May highs may provide secondary resistance.

Dow Jones Price Chart: 4 – Hour Time Frame (March – June) (Chart 1)

DJI

Conversely, minor support around 25,988 may assist in further consolidation. Beneath 25,988, confluent Fib levels around 25,800 will look to provide subsequent support. If all else fails, the 200-day moving average around 25,450 will come into play.

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DAX 30 Technical Forecast: Bullish

The DAX 30 remains beneath the ascending trendline from January, but now enjoys lift from a descending trendline from early May. The two levels will offer resistance and support respectively. To the lower side, the 38.2% Fib retracement around 12,000 will join the descending trendline and provide a confluent area of support. Thus, the Index looks to begin next week with a relatively buoyant technical landscape.

DAX 30 Price Chart: 4 - Hour Time Frame (March – June) (Chart 2)

DAX

FTSE 100 Technical Forecast: Bullish

After a brief break below in late May and early June, the FTSE 100 has recaptured the ascending trendline from January and will look to it for support moving forward. Similarly, the 23.6% Fib level at 7,297 will bolster the Index’s position.

FTSE 100 Price Chart: 4 – Hour Time Frame (April - June) (Chart 3)

UKX

As for resistance, topside levels to watch exist around May’s swing high at 7,375 and at June’s high around 7,425. If these levels are dispensed of, topside targets will extend their reach to April highs around 7,531. Again, given the fundamental gravity of the week ahead – notable volatility should be expected, and we could see drastic swings for the major global indices. For technical updates throughout next week, follow @PeterHanksFX on Twitter.

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

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