News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Democratic Senator Manchin open to President Biden's "human infrastructure" and undoing some GOP tax cuts - NBC
  • pretty sure I made a Time Variance Authority reference when critiquing strong form market efficiency earlier today in the @Nadex boot camp needless to say I’m hyped for #Loki episode 3 tonight
  • Bank of Japan member says need to enhance easing during the expected recovery - BBG
  • Bank of Japan member says vaccination delays will mean slower growth - BBG
  • Heads up traders! Will be covering the #Euro in the aftermath of last week's #Fed and incoming US PCE data and the BoE later this week, looking at retail trader positioning $EURUSD $EURGBP Starting the session in about 10min, signup below!
  • Please join @ddubrovskyFX at 20:00 EST/00:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here:
  • Heads Up:🇯🇵 BoJ Monetary Policy Meeting Minutes due at 23:50 GMT (15min)
  • The US Dollar may gain versus ASEAN currencies like the Singapore Dollar, Thai Baht and Philippine Peso after the Fed projected 2 rate hikes by the end of 2023. All eyes on US PCE data. Get your market update from @ddubrovskyFX here:
  • 5 out of 9 Dow Jones sectors ended higher, with 43.3% of the index’s constituents closing in the green. Consumer discretionary (+1.27%) and materials (+0.62%) outperformed, whereas industrials (-0.25%) and communication services (-0.21%) trailed behind.
  • 🇦🇺 Markit Manufacturing PMI Flash (JUN) Actual: 58.4 Previous: 60.4
DAX 30 Price Outlook: 2009 Trendline in Focus as Index Aims Higher

DAX 30 Price Outlook: 2009 Trendline in Focus as Index Aims Higher

Peter Hanks, Strategist

DAX 30 Forecast:

  • Last week the DAX 30 enjoyed support from a trendline drawn off the index’s 2007 high
  • Now, risk appetite has reemerged as investors assess implications of the various fiscal responses
  • Should bullishness continue, maintaining price action above the various trendlines may prove crucial in a prolonged recovery attempt

DAX 30 Price Outlook: 2009 Trendline in Focus as Index Aims Higher

Stocks continued to rebound on Wednesday following massive fiscal stimulus packages to combat the coronavirus and its adverse economic impact. In the case of the DAX 30 and Germany, officials have expressed a willingness to do whatever it takes to keep the economy afloat. Coupled with the $2 trillion package from the United States, price action would suggest investors have begun to wade back into the market. As a result, the DAX 30 has moved off the lows it established last week as it aims higher – for now.

DAX 30 Price Chart: Weekly Time Frame (2007 – 2020)

DAX 30 Price Outlook: 2009 Trendline in Focus as Index Aims Higher

In turn, the index will have to surmount nearby resistance if it is to continue higher. The first barrier to an extension is an ascending trendline derived from the index’s 2008 lows – currently existing around 9,640. That being said, a daily close above the level on Wednesday is an encouraging sign moving forward and may provide the DAX with a base from which it can attack the psychologically significant 10,000 mark slightly higher. If both are successfully breached, an ascending trendline from the 2011 and 2018 lows may be the next major area of resistance for the German equity index.

Either way, traders will have to sustain price action above the ascending line in the coming days for it to regain some semblance of its influence prior to the bearish break. Further still, lingering volatility should make consistent directional moves more difficult to establish. That, coupled with persistent uncertainty, could see the DAX 30 turn lower in the coming days. Should bearishness return, maintaining price action above last week’s low near 8,000 will be critical in warding off a deeper retracement.

Despite trading comfortably within a bear market, short-term rallies are not unheard of. While governments and central banks have made a substantial effort to buoy their respective economies, it seems illogical to suggest equity valuations should return to levels prior to the crash.

Then, economic outlooks were being revised upward and global travel was flowing steadily. Now, an average citizen in most developed economies cannot go to a bar, restaurant, book travel or even go outside without the goal of fulfilling an essential need. Thus, I suspect bearishness to resume in the days ahead for the DAX and overhead resistance offers an attractive opportunity to reduce long exposure or explore bearish trading opportunities. In the meantime, follow @PeterHanksFX on Twitter for updates.

--Written by Peter Hanks, Junior Analyst for

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.