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
Bullish
GBP/USD
Mixed
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
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • US House passes the Hong Kong Human Rights and Democracy Act $DXY $USDCNH
  • Since the metal’s peak on September 4, the total ETF holdings of #silver have fallen by 19.4 million troy ounces. Get your market update from @PeterHanksFX here:https://t.co/vaNAQE2wTm https://t.co/ycFfYCBYxN
  • RT @LiveSquawk: US House Approves Bill Requiring Regular Reviews Of Hong Kong's Special Financial Status, Sends To White House
  • Precious Metals Update: #Gold 1471.50 (-0.07%), #Aluminum 1731.00 (-0.40%), and #Copper 5875.00 (+0.77%). [delayed]
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: -0.02% 🇪🇺EUR: -0.05% 🇨🇭CHF: -0.06% 🇳🇿NZD: -0.21% 🇨🇦CAD: -0.27% 🇦🇺AUD: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AUNGS781ie
  • Canadian Minister of Foreign Affairs Freeland says hard work on USMCA ratification being done $CAD
  • While $XAG might enjoy a bump if risk aversion picks up over the next few days, I think the medium-term trend lower remains intact Read more - https://www.dailyfx.com/forex/market_alert/2019/11/20/Silver-Price-Forecast-XAGUSD-May-Fall-Further-Despite-Risk-Aversion.html?CHID=9&QPID=917701 https://t.co/TkkZgHVnDW
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.08% Silver: -0.02% Gold: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4Lmt9Z4SQw
  • Commodities Update: NYM WTI Crude 57.12 (+3.20%), ICE Brent Crude 62.47 (+2.53%), NYM NYH Gasoline 165.80 (+3.39%). [delayed]
  • RT @LiveSquawk: General Election Poll Shows Almost One In Five Labour Voters Are Considering Backing The Tories - Telegraph https://t.co/sQ…
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

News & Analysis at your fingertips.