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
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Coming up on Fed Chair Powell's testimony. I doubt it will be a complacent, rosy outlook from the central banker. What kind of state are the markets in to receive a dose of cold reality?
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.91% Gold: 0.06% Silver: -1.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/e9DSxPTBLA
  • Heads Up:🇺🇸 Fed Chair Powell Testimony due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
  • 💶 Consumer Confidence Flash (SEP) Actual: -13.9 Expected: -14.6 Previous: -14.7 https://www.dailyfx.com/economic-calendar#2020-09-22
  • 🇺🇸 Existing Home Sales MoM (JUL) Actual: 2.4% Expected: 2.4% Previous: 24.7% https://www.dailyfx.com/economic-calendar#2020-09-22
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.45%, while traders in NZD/USD are at opposite extremes with 68.19%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/p5OuRi74U6
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Gold: -0.08% Silver: -1.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/IAVwDXVRQV
  • Latest RBNZ decision due in the early hours (03:00BST) - Don't expect fireworks, given last months easing package - Past three meetings have seen NZD drop 0.5-0.8%. - Cycle of post RBNZ Kiwi selling may reverse with Orr appearing less concerned over $NZD https://t.co/06ScYdcvBB
  • After yesterday’s risk aversion, it appears that a turnaround Tuesday is in order as European equities and US futures recover slightly, led by the tech space. Get your market update from @JMcQueenFX here: https://t.co/5Ao8aqSFhE https://t.co/JZGdLMC1IN
  • Heads Up:🇺🇸 Fed Evans Speech due at 14:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-22
DAX Price Outlook: Dax Eyes a Multi Months High as Rally Continues

DAX Price Outlook: Dax Eyes a Multi Months High as Rally Continues

2019-07-04 15:01:00
Mahmoud Alkudsi, Analyst
Share:

DAX Price Forecast

  • DAX Charts and Analysis
  • DAX price action.

See our free trading guide to help build confidence when you trade on EUR , USD and other main currencies Download for free our latest Q3 trading guides

DAX – Trading Higher

At the start of this week Dax opened with a runway gap breaking above the May 3 high at 12,465. Yesterday, the price printed its highest level in nearly 11 months at 12,662.

Alongside, the Relative Strength Index (RSI) yesterday tested the overbought territory, however; the oscillator has dropped below 70 today.

Just getting started? See our Beginners’ Guide for FX traders

DAX DAILY PRICE CHART (Aril 30, 2017 – JULY 4, 2019) Zoomed out

DAX price daily chart 04-07-19 Zoomed Out

DAX DAILY PRICE CHART (April 1 – JULY 4, 2019) Zoomed IN

DAX price daily chart 04-07-19 Zoomed in

Looking at the daily chart we notice Dax closed on Tuesday above 12,527 and is currently eyeing 12,740. Further close above this level could push the price towards 12,840, however; the weekly resistance at 12,799 would be worth monitoring.

In turn, a close below 12,527 may send the price towards 12,282, although; the weekly support levels marked on the chart should be considered.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

DAX Four-HOUR PRICE CHART (June 18 – July 4, 2019)

DAX price Four-hour chart 04-07-19

Looking at the four-hour chart, we notice on June 27 Dax started an uptrend creating higher highs with higher lows. The price corrected lower on Tuesday creating a lower high at 12,561, then resumed its rally on the following day however, with less impulse.

Therefore, a break below the July 1 low at 12,471 could see the price even lower towards 12,282, nonetheless; the weekly support zones highlighted on the chart should be watched along the way.

On the other hand, a break above 12,706 may cause a rally towards 12,840, although; the weekly resistance levels underlined on the chart need to be kept in focus.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES