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
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
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
Bullish
Gold
Mixed
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • Gold goes overbought on Daily, Weekly and even Monthly Charts. Bit of resistance/pause potential from 78.6% retracement of 2012-2015 major move. As Treasury yields dive, Gold prices drive $Gold https://t.co/clHg5N7Y9I
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/MUDjaSoEf5
  • Fed's Bullard says market expectations likely to return to on hold outlook - CNBC
  • US Trade Advisor Navarro says will not worry about the deficit until the bond market reacts
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.87%, while traders in France 40 are at opposite extremes with 76.87%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/r7QG6ulRCb
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Gold: 0.91% Silver: 0.79% Oil - US Crude: -2.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ZJA1L67QmY
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/Twr44cZ1GB https://t.co/GREqjXZx0C
  • South Korea reports 2nd death of coronavirus patient - Reminder, South Korean 10yr yields have posted its sharpest weekly drop (21bps) since 2012 - Bank of Korea is scheduled to meet on Feb 27th $KRW
  • Gold Chart Highlights A Bullish Pattern - XAU/USD Weekly Price Forecast More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/xau-usd/2020/02/21/Gold-Chart-Highlights-A-Bullish-Pattern-XAUUSD-Weekly-Price-Forecast-MK.html?CHID=9&QPID=917714 https://t.co/2vXDFGHjXO
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.27% 🇬🇧GBP: 0.23% 🇨🇭CHF: 0.17% 🇨🇦CAD: -0.04% 🇦🇺AUD: -0.29% 🇳🇿NZD: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/h24H62VaQH
DAX 30: Corrective Phase or the Beginning of a Downturn?

DAX 30: Corrective Phase or the Beginning of a Downturn?

2016-04-27 09:59:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • The DAX 30 moves lower, against the bullish monthly trend.
  • The short-term trend defining level is yesterday’s high of 10,389.
  • German Import Prices declined 5.9% YoY.

At the time of writing the DAX 30 (CFD: GER 30) was lower by 0.5% on the day. The price also maintained its short-term downtrend, which has been in place since last week following a rise to 10,490.

The most recent swing high is the yesterday’s top of 10,389, which is preceded by the April 21 high of 10,490; the lower swing highs leaves the short-term trend bearish. Short-term support levels are yesterday’s low of 10,211 and the April 14 high of 10,110.

While the very short-term trend is bearish, the trend from early April is bullish. The relevant levels for this trend are the April low of 9437 and last week’s low of 9906. At some point, either the very short-term down trend or the monthly trend would need to break. We note that the longer-term trends tend to be more stable. However, it is impossible to know with certainty which trend will prevail.

DAX 30 | CFD: GER30

Please add a description for the image.

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

Earlier today, German Import Prices declined 5.9% YoY, which is a new low of the current downturn. The reading was higher than the -6.2% expected as per a Bloomberg News survey. Following the report, the Eurozone 2-year swap was little changed.

We do note that there is a high correlation between Eurozone CPI YoY and German Import Prices YoY and we ask ourselves - will the low German Import Prices prelude a lower Eurozone CPI? If it is the case then it may keep the ECB under pressure to keep rates low for longer, which is something that the DAX 30 tends to like.

This afternoon the Fed Rate Decision is deck and could affect the GER 30, for more on this, please see ‘Dollar and Equities Strategy Heading for Fed Decision’, by John Kicklighter, Chief Currency Strategist.

Please add a description for the image.

Data source: Bloomberg.

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

--- 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.