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
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
Oil - US Crude
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
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
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • NY Fed's GDP Nowcast model sees US Q1 GDP at 6.9% vs. 6.78% in prior week. #Fed $USD
  • Hey traders! Wrap up your week with a market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/zOiAQGMNzY
  • $EURGBP has strengthened today, rising back above the 0.8700 level for the first time in a week. The pair is trading near the highs set in mid April and late February. $EUR $GBP https://t.co/RSkMhvLQEQ
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.31% 🇦🇺AUD: 0.29% 🇨🇦CAD: 0.10% 🇬🇧GBP: 0.06% 🇨🇭CHF: 0.06% 🇯🇵JPY: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OODkBySEaS
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.66% Wall Street: 0.42% FTSE 100: -0.13% France 40: -0.28% Germany 30: -0.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/0PTPoUF2Jz
  • #Gold has slipped to its lowest level since Tuesday today. After meeting resistance around 1,795 this morning, the precious metal fell back to trade near the 1,770 level. $XAU $GLD https://t.co/tOiSk0n6t5
  • Biden’s proposed tax hike sees investors unload profitable assets. Bitcoin intensifies losses, falls below $50,000. Get your $btc market update from @Daniela here:https://t.co/pkHFvFotbz https://t.co/1R7T4HpfQX
  • With the US data beating expectations, we have all of the major developed world economies reporting April PMIs with a significant improvement in economic activity for the current month. Seems only black swans and regulations can stop the train now... https://t.co/HpOW5ul5YW
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.92% Gold: -0.24% Silver: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ck2iRms5Hp
  • Heads Up:💶 ECB President Lagarde Speech due at 14:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-23
DAX 30: To Remain Supported on Dips

DAX 30: To Remain Supported on Dips

Alejandro Zambrano, Market Analyst

Talking Points

  • DAX is nearing my target of 11k and I would expect it to rally further in the days ahead following Friday’s good NFP print
  • Both Euro-Zone Sentix Investor Confidence and German Industrial production disappoint

Get ahead in 2016 – Read The Traits of Successful Traders Guide

The break to the intraday high of 10,808 in Friday’s session and the 210k rise of U.S. Non-farm payrolls has left the DAX with a short-term bullish bias above Friday’s low of 10,630. I would expect the DAX to reach 11,000 here and then move to 11,250 over the next few days provided the low holds.

Short-term traders that are not already long will probably seek long positions within the 10,725 to 10,855 range. The trend is one of bullish bias above Friday’s low of 10,630.

Looking beyond the near term and even if Friday’s low were to fail to hold, the medium term trend will not fail until the DAX index breaches November’s low of 10,483. If 10,483 fails to hold as a support, price may slide to 10,200 and 10,000 over the coming weeks. However, stock markets tend to be strong at this time of year, hence, it is not my base scenario despite the ECB failing to deliver the amount of stimulus which the market expected.

Euro-Zone Sentix Investor Confidence Disappoints

Euro-Zone Sentix Investor Confidence, much like the German ZEW Expectations index, exhibits a positive correlation to the German DAX year-on-year returns and therefore, we watch it. The outcome for December was 15.7 which was lower than the 17 projected by economist consensus. However, it was higher than the November reading of 15.1. The market has so far shrugged off the report, which makes sense given that Friday’s U.S. NFP carries a higher weight.

In other news, German Industrial Production increased by 0.2% MoM, which was lower than the 0.8% projected by a Bloomberg poll. While this is less good than expected, most of the decline can be explained by drops in energy production and the fact that German PMI’s have been rising as of late, making a reasonable case for the market to ignore this data for now.

DAX 30: To Remain Supported on Dips

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

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

Contact and follow Alejandro on Twitter: @AlexFX00

Learn more about trading and 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