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.

Free Trading Guides
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
More View more
Real Time News
  • Saudi Oil Official tells Amena Bakr that no deeper cut is being advocated by Saudi Arabia
  • RT @Amena__Bakr: “No deeper cut being advocated by the kingdom,” a saudi oil official tells @energyintel #OOTT #opec
  • Canadian Dollar Surges post-BoC, USD/CAD Breaks Down: CAD Outlook https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2019/12/05/canadian-dollar-surges-post-boc-usdcad-breaks-down-us-dollar-to-canadian-dollar-price-outlook-js56.html $USDCAD https://t.co/L8h3r6WHzE
  • OPEC+ Ministerial panel discusses deepening oil cuts by 500kbpd, according to two sources - RTRS #OOTT
  • Aside from key inflation indicators remaining on target, it seems like the risk of stoking financial vulnerabilities is another big factor the Bank of Canada has refused to capitulate and join other dovish central banks around the world slashing policy interest rates $CAD #BOC https://t.co/i3MGdZIIy8
  • BoC Deputy Governor Lane - There is no reason for the BoC to move in step with the Fed when it comes to rate moves
  • BoC Deputy Governor Lane - global economic uncertainty likely to persist even if US and China reach a trade deal - Heavy household borrowing creates vulnerabilities that could amplify any negative shock to the economy, in which lowering rates further could make this worse $CAD
  • Why financial market traders must monitor both monetary and fiscal policy?Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/LOaukAUEDa
  • LIVE NOW: Join Senior Currency Strategist @CVecchioFX as he talks about the most relevant information at the moment from the major central banks in the world. Register here: https://www.dailyfx.com/webinars/888096923?CHID=9&QPID=917720
  • How can you trade #forex after a major release? Find out: https://t.co/sdxcXb8q60 #tradingstyle https://t.co/PJxslDFdBd
DAX 30: And the Short Squeeze Continues

DAX 30: And the Short Squeeze Continues

2016-02-18 10:57:00
Alejandro Zambrano, Market Analyst

The DAX 30 remains buoyant, and a break to the February 4 high at 9478 may trigger further entry orders lifting the DAX 30 to its February 3 high of 9621.

The last important low for the market and bullish trend is the February 16 low at 9078. I expect traders to see a pullback to the 9305 to 9220 range as an opportunity to add to their bullish exposure. While a break to the February 16 low at 9078 will open the door for a test to the current monthly low at 8706.

Who Is Buying At These Levels?

For the U.S. stock markets we have seen a clear outperformance over the last week in the shares of heavily shorted firms. It’s fair to expect the same for the DAX 30, which means that a break to the February 4 high at 9478 may indeed generate a further run to 9621 (as bearish traders are forced to close out their bets).

The trigger for this rally has been better than expected data from the U.S.

Last week U.S. Retail sales beat expectations. Yesterday, U.S. Industrial production beat estimates by growing 0.9% MoM versus 0.4% expected, and from negative 0.4% in December. The year-on-year growth was -0.7%, which is not good but less severe than the 1.89% contraction in December.

This brings my monthly U.S. GDP estimator to suggest U.S GDP rose by 1.32% YoY in January from 0.92% in December. While these numbers are not great, they have taken the gloomy traders by surprise.

See the DailyFX Analysts' 1Q forecasts for the Dollar, Euro, Pound, Equities and Gold

DAX 30 | FXCM: GER30

Please add a description for the image.

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

Struggling with Trading? Join a London Seminar

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


News & Analysis at your fingertips.