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.

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
Bullish
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
Bearish
USD/JPY
Bullish
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
More View more
Real Time News
  • Emotions are often a key driving force behind FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here: https://t.co/eILWbFgHRE https://t.co/uf6KEYTes5
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • 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/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
DAX 30 Is Expected to Rise From Current Levels

DAX 30 Is Expected to Rise From Current Levels

Alejandro Zambrano, Market Analyst

The DAX 30 has managed to recuperate some of yesterday’s losses. Given that we are still trading above the 10,770 support level, the DAX index may bounce back to the 11k mark.

However, if the DAX 30 breaks below 10,770, the index may breach the November 2 low of 10,730, a stronger and more important support level. In the case that we breach this level, we may see a steeper pullback taking the DAX 30 to 10,472 which is a 50% correction of the 9884 – 11,057 rally.

DAX 30 Is Expected to Rise From Current Levels

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

Yesterday, the DAX index slipped 2%. The declines in the cash market were broad and with no gaining sectors. The only major change noted during the session was the rather more ‘hawkish’ than expected comments from the Chicago Fed’s CEO, Charles L. Evans.

He came out stating that he is not “predisposed against a December liftoff”, whilst also saying “the FOMC has gotten closer to lift off”. This boosted expectations of a Fed rate hike, which could justify the slide in the DAX index. Traditionally, the stock markets tends to soften on the first rate hike.

Today U.S. NFIB Small Business Optimism is on tap. The index is like an ISM or PMI indicator but for small businesses and is expected to print 96.4 according to a Bloomberg News Survey. The index itself has been increasing since June 2015 and we don’t place much emphasis on it but as the DAX is near support it may trigger a bounce in the DAX or a break of the bullish uptrend. U.S. Wholesale Inventories is also on tap and expected to rise by 0.1% MoM.

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

Learn more about trading, join a London Seminar

To be added to Alejandro’s e-mail distribution list, please fill out this form

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

DISCLOSURES