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
EUR/USD
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Crude oil prices wilted in Asia on Friday despite a strong start as news that China will impose more stringent control over Hong Kong saw a broad retreat for market risk appetite. Get your #oil market update from @DavidCottleFX here: https://t.co/89SH5T3315 https://t.co/awlGiVCVpc
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.17% 🇦🇺AUD: 0.14% 🇬🇧GBP: 0.13% 🇨🇭CHF: -0.03% 🇪🇺EUR: -0.06% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WHghrcxnkR
  • RT @FirstSquawk: MORE THAN 90 COUNTRIES REQUEST IMF BAILOUT
  • Heads Up:🇰🇷 Consumer Confidence due at 21:00 GMT (15min) Previous: 70.8 https://www.dailyfx.com/economic-calendar#2020-05-25
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.50% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/kxAE18eIBf
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.43%, while traders in US 500 are at opposite extremes with 77.46%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lmh68Zio6T
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: France 40: 0.31% Germany 30: 0.24% FTSE 100: 0.09% US 500: 0.00% Wall Street: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/yYNbl2JFoG
  • The anti-risk US Dollar and Japanese Yen edged higher at the expense of the growth-anchored Australian and New Zealand Dollars as US equity futures pointed lower at the start of Asia trade. Get your $GBPUSD market update from @ZabelinDimitri here: https://t.co/eUY9y46j98 https://t.co/Aj3mxhsnDy
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.50% Gold: -0.32% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Rrzzjyfqmz
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.44%, while traders in US 500 are at opposite extremes with 77.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/jjChVG5cqm
DAX 30 Trades Lower After Trying To Break High

DAX 30 Trades Lower After Trying To Break High

2016-03-17 10:19:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • The DAX 30 (FXCM: GER30) made an attempt to trade higher today as yesterday’s dovish response from the Fed boosted risk appetite, however, that initial price boost has resulted in a short-term reversal.
  • The trend is bullish above the ECB rate meeting low of 9397 from Thursday of last week.
  • Later in the day, both the Philadelphia Fed and Jobless Claim figures are on tap.

The DAX 30 (FXCM: GER30) made an attempt to trade higher today on the back of yesterday evening’s dovish Fed response.

The Fed is now via the ‘dot plot’ projecting two rate hikes from four projected in December 2015. The fragile global economy and financial market developments are cited as reasons to lower the amount of rate hikes. We also note that the Fed projects PCE inflation to be at 1.2% YoY by the end of 2016 from 1.6% in December.

The effect of the dovish Fed sent yields lower, the U.S. 2 year swap rate declining from 105bps to the current 89bps being one example. The lower U.S. yields have tended to boost stocks.

Technical Trend Remains Bullish

The short-term trend is bullish above the ECB rate meeting low of 9397 and the DAX may reach the January 13 high of 10,166. Beyond the 10,166, the next line of resistance and potential target for bullish traders is the January 5 high of 10,395.

A pullback in price could well be viewed as a buying opportunity as long as price does not slide below last Thursday’s low of 9397. On a slide below Thursday’s level, the short-term uptrend would end. In this scenario, the price may reach the February 24 low of 9122, followed by the February 11 low of 8705.

Later in the day the Philadelphia Fed and Jobless Claim figures are on tap. For the estimates and more economic indicators on tap today, see our economic calendar.

Download 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.

DISCLOSURES

News & Analysis at your fingertips.