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
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
GBP/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
USD/JPY
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
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
Bullish
Bitcoin
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
More View more
Real Time News
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: -0.05% 🇯🇵JPY: -0.10% 🇨🇦CAD: -0.10% 🇪🇺EUR: -0.17% 🇨🇭CHF: -0.19% 🇳🇿NZD: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/arLwVeemLR
  • POTUS on US economy and markets ahead of ECONY speech today ~17:00 GMT, expected to discuss trade and China tariffs https://t.co/I53mteo3vX
  • RT @MarketWatch: Treasury yields inch higher ahead of Trump speech https://t.co/cKBZVynjd9
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/0l2DckBD24
  • RT @LiveSquawk: Chinese Premier Li: Will More Effectively Use Counter Cyclical Measures
  • Spanish Socialists have reached preliminary agreement with far-left Podemos, according to sources
  • High potential for big moves in the Kiwi this week surrounding the upcoming #RBNZ rate decision. Join my colleague @ddubrovskyFX for free live webinar coverage of the @ReserveBankofNZ's latest monetary policy update and market's subsequent reaction. Register at the link below: https://t.co/ZzhufKK1KI
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/TfytlyACmr
  • The Race to the Bottom https://t.co/KhamkH6x33
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.50%, while traders in France 40 are at opposite extremes with 81.89%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/MSLRIRJtQh
DAX 30 Pulls Back As It Fails To Break Yesterday’s High

DAX 30 Pulls Back As It Fails To Break Yesterday’s High

2016-04-20 09:53:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • At the time of writing, the DAX 30 was little changed.
  • The DAX 30’s short-term trend was bullish above Monday’s low of 9906, as it remained the most recent swing low.
  • There are no major market movers on deck today. The only attention grabbing news piece is a report from the U.S. today, namely Existing Homes Sales.

The German DAX 30 (CFD: GER30) was little changed at the time of writing, but the sector performance paints a different picture. The Utility and Information Technology sectors were the weakest, down by 1% and 0.94% respectively. Winners were the Financial and Consumer Discretionary Sectors and they were up by 0.43% and 0.41% correspondingly.

Utilities (German energy producers) were the softest whilst the business press mentioned the softer crude prices as a reason for the sector’s decline. Crude oil prices slid as Kuwaiti gas and crude oil workers ended a three-day strike. Crude oil production in OPEC’s third largest oil producer is expected to rise from a low of 1.1 million barrels a day, to the normal 3 million barrels.

The DAX 30’s short-term trend was bullish above Monday’s low of 9906, as it remained the most recent swing low and preceded the April low of 9437, the price also having created higher highs, hence, the short-term trend was bullish.

Potential short-term support levels were the Fibonacci retracement levels of 10,202 (38.2%), 10,147 (50%) and 10,091 (61.8%), these levels having been derived using Monday’s low and today’s high as reference points. We do note that the 10,147 (50%) level is not a Fibonacci level, and even if the Fibonacci retracement tool provides for it, this level is highlighted as important amongst technical traders.

A short-term resistance level was today’s current high of 10,378, which was level relativity near to yesterday’s high; we note that price attempted to break yesterday’s high this morning but has since then pulled back. Beyond today’s high of 10,378, the next resistance levels are the psychological level of 10,500 followed by the December 29 high of 10,880.

There are no major market movers on deck today. The only attention grabbing news piece is a report from the U.S., namely Existing Homes Sales.

Our forecasts for Q2 2016 are now live on the site. Download them for free.

DAX 30 | CFD: 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

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

DISCLOSURES

News & Analysis at your fingertips.