I have 2005 bmw 735i park it last night this morning transmission failsafe an the car won't engage in Drive or reverse

First check transmission dip stick for correct fluid level. Next schedule a transmission filter change. This should have been done at 60,000miles

Transmission won't engage Drive or Reverse - EricTheCarGuy

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This transmission shifted smooth and strong through all gears until today when it stopped all of ... Any idea on where we should start tackling this issue? .... Also, make sure that the pressure tester is not leaking or you will run the tranny dry(use ...

Gear shifter goes from park to drive with no effect. Won't ...

THE SOLENOID PACK IN THE TRANS IS BAD

If you don't want to talk to a dealer then try the BMW X5 Owners club forum to see if its a common thread.

cound be transmission fluid too low or transmission filter could be clogged.

make sure you tested the level correctly. Sounds strange to be high, unless it got flooded.

The transmission has gone bad and all I can say is that you need to replace it.

Good luck.

Before you make any other moves, I would try having the transmission flushed and refilled and filters changed and if that doesn't work, you may have burned out the modulator so you may have to shop around for another transmission or have that one rebuilt, whichever would be feasibly financial for you.