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
Mixed
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
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
  • #Copper futures storming toward $3.50 as Chinese manufacturing and non-manufacturing PMI exceed market expectations Prices look set to challenge key resistance at the 127.2% Fib extension as RSI and MACD climb to their highest levels since July. $CPER #XCUUSD https://t.co/gdtX56jYP5
  • China A50 index attempts to defy gravity amid souring sentiment across the APAC. Financial stocks were leading the gains: - Ping An Insurance (+2.07%) - Citic Securities (+3.08%) - ICBC (+4.93%) - CCB (+2.79%) https://t.co/SN6wabgJpu
  • Tune in to @IlyaSpivak 's #webinar at 10:00 PM ET/ 3:00 AM GMT for insight on the cross-market outlook in the week ahead. Register here: https://t.co/E213bTtq5C https://t.co/Gyu02dXP46
  • #ASX200 futures pulling back aggressively as the Trump administration blacklists Chinese firms #SMIC and #CNOOC Breaching confluent support at the Pitchfork median and November 9 high (6551) could ignite a correction towards the November 7 low (6470) $XJO #technicalanalysis https://t.co/uctNXT2MMZ
  • Australian Dollar Dismisses Positive Chinese Data as US Blacklists #SMIC, #CNOOC - https://www.dailyfx.com/forex/market_alert/2020/11/30/Australian-Dollar-Dismisses-Positive-Chinese-Data-as-US-Blacklists-SMIC-CNOOC--.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $AUD $AUDUSD https://t.co/icKVzqbAfY
  • Swift risk-off turn may be linked to a @Reuters report saying the US is poised to add #SMIC and #CNOOC to a blacklist of alleged Chinese military companies https://t.co/LvVgTVBCsx
  • Asia-Pacific stocks trade broadly lower on the last trading day in November, retracing from recent highs. A vaccine-led rally appears to be overstretched, calling for profit-taking. Here is a summary of major indices performance in the past 1 month. https://t.co/uL4Zw7qUon
  • So much for a risk-on market open. #SPX futures have erased the upside gap, #jpy is up and the #dollar seems to be stabilizing. https://t.co/lrRhOA8PQM
  • Top trading lesson: My top trading lesson for 2018 is to remember why you entered the position in the first place. Listen to your analysis and stay true to your trading style and typical timeframe - @PeterHanksFX https://t.co/t7Yk0KBCuv https://t.co/3TfukLVsZg
  • 🇨🇳 NBS Manufacturing PMI (NOV) Actual: 52.1 Expected: 51.5 Previous: 51.4 https://www.dailyfx.com/economic-calendar#2020-11-30
DAX 30 Claws Back Some of Yesterday’s Losses

DAX 30 Claws Back Some of Yesterday’s Losses

2016-04-26 07:28:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • The very short-term DAX 30 trend is bearish below Friday’s closing price of 10,411.
  • Resistance levels above Friday’s close price of 10,411 are the April 21 high of 10,490 and the January 3 closing level of 10,692.
  • Yesterday’s low of 10,228 is the nearest support level and followed by the April 14 high of 10,110.
  • The IFO Business Climate Index rose to 106.6 and thereby failed to match the Bloomberg News projection of a rise to 107.1.
  • There are no German macroeconomic events on deck.

Yesterday, the DAX (CFD: GER30) breached its April 20 low of 10,283 and price fell to 10,228. The breach to the April 20 low turned the very short-term trend bearish below Friday’s close price of 10,411.

The trend is bearish as Friday’s close price of 10,411 is a lower high in relation to the April 21 high of 10,488. In addition, yesterday’s low of 10,228 is a lower low in relation to the April 21 low of 10,338.

The slide to the DAX 30 got the wind in its sails as the German IFO Business Climate rose to 106.6 and thereby failed to match the Bloomberg News projection of a rise to 107.1. While the outcome of the IFO Business Climate failed to rise as much as expected, some economists see the move higher over the last two months as positive. The IFO Business Climate has hinted that German economic growth picked up slightly when it entered the 2Q

The IFO Business Expectations index, which tends to lead German GDP by 6 months, rose to 100.44 from 100, which economists say bodes well for German GDP over the next six months.

We estimate that there is a +0.79 correlation between German GDP YoY and the IFO Expectations index upon the IFO index having been adjusted to lag behind by two-quarters. We have used the last 20 years of quarterly results to calculate the relationship and below is a chart showing this relationship.

Please add a description for the image.

Resistance levels above Friday’s close price of 10,411 are the April 21 high of 10,490, followed by the January 3 closing level of 10,692, and the December 30 high of 10,880

Yesterday’s low of 10,228 is the nearest support level, followed by the April 14 high of 10,110 and the psychological level of 10,000.

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