Today we're looking at cable (GBPUSD), crude oil and the DAX in our technical analysis roundup.

GBPUSD

GBPUSD_Daily_May9

Cable has reached a potential pivotal support zone of 1.4385/1.4400. As you can see from the daily chart the recent rally failed to materially hold above the down trend from Augusts 2015, creating a rather bearish candle highlighting the potential shift in sentiment.

Interestingly cable found support at the 50% Fibonacci retracement level of 1.43846 of the rally from the lows of 06/04/16, moreover the 38.2% retracement from February’s comes in at 1.44136. This potential support zone is also highlighted by the recent break out of the potential inverse head and shoulders pattern and the set of previous swing highs.

However the MACD crossover may highlight selling pressure could continue should the support zone break. This weeks brings with it a string of Sterling data including trade balance data, industrial and manufacturing data along with the BOE interest rate decision.

NYMEX Jun Fut

Nymex_June_Future_May9

NYMEX managed to hold above the 43.35 level printing a bullish engulfing candle on the 4 hour chart. Today’s price action, so far, has managed to breach the 45.35 where it can be seen to be consolidating potentially stressing the indecisive nature of the recent move. Short term resistance now lies at the 46.00 level a decisive break above this could insinuate further upside and a resumption of the current upward trend, short term support lies around 44.41 and 43.35,and potential trend support in at 44.00.

DAX

Dax_May9

The DAX on Friday had its first test of potential trend support at the 9826. Today’s rebound in price maybe suggestive of a continuation of the trend from February's lows. However some hurdles remain: the 21-day simple moving average comes in at 10110 which also coincides with the set of swing highs from latter March, in addition this recent pull back in price down trend line comes in at 10100 which could cap any further gains.

Throughout the week important German data is to be released which could alter market sentiment. Data pieces include trade balance data, HICP,CPI and GDP.

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