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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bearish
Low
High
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
Wall Street
Bearish
Low
High
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
Gold
Bearish
GBP/USD
Mixed
Low
High
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
USD/JPY
Bearish
More View more
Real Time News
  • Crude oil prices are poised to continue their upward trajectory in 2021, but technical signals hint that a near-term pullback may precede the next major push higher. Get your market update from @FxWestwater here: https://t.co/ePFyh64cAG https://t.co/Btbz1n5Dfg
  • $USDMXN continues consolidation as bearish momentum eases and bias attempt to turn to the upside. Get your market update from @HathornSabin here: https://t.co/J9vJ76Lghq https://t.co/pJGnuuyJNQ
  • The US Dollar breaks out of the range bound price action from the first of January going into the inauguration of President-elect Joe Biden. Get your market update from @DavidJSong here: https://t.co/GVxAmCkhP5 https://t.co/OC6g9pGhGy
  • Sterling continues to nudge higher against most major currencies with traders placing their trust in the ongoing UK vaccination plan. Get your market update from @nickcawley1 here: https://t.co/OvFP8Zzz5b https://t.co/rwofebQHTq
  • $EURUSD has dropped sharply over the last few days and may well fall further. However, it is also possible that the bad news is now priced in to the exchange rate and that further weakness will be delayed. Get your market update from @MartinSEssex here: https://t.co/mDGlI1aS6o https://t.co/1xYg0muBJI
  • The Brexit timeline can be followed one event after another. Use this tool from DailyFX research to sharpen your knowledge on the Brexit timeline here: https://t.co/kFDzTWODDo https://t.co/TT1FwFK8cJ
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Uz6LKXdR2k
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/fGi6YgqqQt
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/fdigOgkmio
  • A forex trader is strategic, disciplined and always switched on to the markets. Learn how to build an FX mindset here: https://t.co/tB3aAErd70 https://t.co/Ilqz8BWTk0
DAX 30 Price Outlook: Overhead Resistance Looms as Index Melts Higher

DAX 30 Price Outlook: Overhead Resistance Looms as Index Melts Higher

2020-04-20 17:15:00
Peter Hanks, Analyst

DAX 30 Forecast:

DAX 30 Price Outlook: Overhead Resistance Looms as Index Melts Higher

The DAX 30 is nearing resistance once again after a brief jog lower last week even as crude oil plummets beneath $5 a barrel, suggesting investors are extremely pessimistic about economic activity in the weeks ahead. Since it seems traders are willing to discard concerning developments elsewhere, the DAX 30 may look to continue higher this week if risk trends remain consistent. As a result, chartists might take aim at the nearby Fibonacci level around 10,900.

DAX 30 Price Chart: 4 - Hour Time Frame (February 2020 – April 2020)

dax 30 price chart

The area in focus exists slightly beyond the index’s April high of 10,825 – which may provide a modicum of resistance itself – and marks a potential speedbump standing in the way of subsequent resistance around 11,025. Together, the two technical barriers will look to keep price contained if risk appetite continues, but recent price action may suggest the German equity index has slipped into a range from 10,200 to 11,825 and larger fundamental developments will be required to break above or below.

Germany 30 BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -4% -23% -16%
Weekly 80% -29% -6%
What does it mean for price action?
Get My Guide

That being said, IG Client Sentiment Data reveals retail traders are overwhelmingly short the DAX 30, a sign it may soon bleed lower. Since the index is trading near the middle of its projected range, risk sensitive assets are becoming disjointed and retail data offers a bearish signal, bullish entry points do not appear particularly attractive at this stage. On the other hand, traders looking to capitalize on the potential trading range might consider bearish opportunities while the index remains comfortably above Fibonacci support around 10,200.

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

Contact and follow Peter on Twitter @PeterHanksFX

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

DISCLOSURES