(GER 40) The Dax looking for direction
 

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(GER 40) The Dax attempts to move out of the recent consolidation as the index awaits the next signal. On the chart, prices are hovering above 23500, which is a critical floor to keep the price action afloat, as a bearish breakout would trigger broader liquidation. The RSI’s move into the neutral area could attract those looking to buy the dip in the hope of a bounce. The level of 23800 at the top of the recent swing high is the first obstacle to clear to turn the short-term mood around.
 

USDCAD fails to break support
 

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The US dollar failed to break the 1.3940 support as price action popped higher. The price saw a 50-pip jump, forcing some sellers to throw in the towel and paving the way for a bullish continuation above 1.4000. In the near term, the RSI has ventured into the neutral area and could cause a further bounce should intraday sellers take some chips off the table. 1.3970 is the first support, with 1.4040 being the next test higher, should prices break the 1.4000 barrier.
 

XAGUSD holding onto gains
 

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Silver took a step back from its recent rally as prices fell away from the recent record peak. The latest move stalled at the daily resistance around 59.00, as the metal now looks to consolidate whilst catching its breath. A break above this said resistance would see some buying interests reemerging with 56.50 as the second layer of defence to prevent a deeper correction, which would put the metal back on track and extend the rally above 59.30.

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