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. See our updated Privacy Policy here.

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
More View more
Real Time News
  • GBP/USD has flattened overnight after its strongest rally in a month on Thursday. The British currency has been under pressure recently as an energy crisis has caused a number of gas providers to go bankrupt. Get your market update from @HathornSabin here:https://t.co/3D8s2eIVWv https://t.co/JDGNwKYyOn
  • Japanese candlesticks are a popular charting technique used by many traders, and the shooting star candle is no exception. Learn about the shooting star candlestick and how to trade it here: https://t.co/mfwJ0sIauS https://t.co/JIT5it2HAt
  • Gold could suffer further near-term losses due to rising U.S. Treasury yields and a weak technical picture for price action. Get your weekly gold forecast from @DColmanFX here: https://t.co/g9QvH3L4It https://t.co/Vz98E0Bl9U
  • Gold has been trending lower after failing to clear resistance in the $1835 area earlier this month. Get your $XAUUSD market update from @DColmanFX here:https://t.co/3hm1g3BHgf https://t.co/MdTQKEBCBx
  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March https://t.co/4cI6l210ui
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:https://t.co/CRWhuZ3sxD https://t.co/svHHqN2Zz8
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES https://t.co/qogkjs1Sx2
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:https://t.co/dlNXOrJnM9 https://t.co/LCQd26W1zF
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB https://t.co/N4EDfwD3nZ
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk. https://t.co/AazskXGjHq
DAX 30 Continues Its Retreat

DAX 30 Continues Its Retreat

Alejandro Zambrano, Market Analyst

Talking Points

  • The DAX 30 maintains a bearish bias, which has been in place since April 21.
  • Above the yesterday high of 10,156, the next resistance level is the April 28 high of 10,333, followed by the April 21 high of 10,448.
  • A short-term support level is the April 18 low of 9910, followed by the psychological level of 9750.
  • The Markit Eurozone Composite PMI remained unchanged at 53 and hints that growth for the second quarter has remained at a similar pace to the growth pace seen over the first few months of 2016.

At the time of writing, the DAX 30 (CFD: GER30) was resting above the April 18 low of 9910. However, the DAX 30 trading below the April 18 low would negate the bullish trend in place since the April 7 low of 9437, as price would not be creating higher lows on a breach to the April 18 low.

Below the April 18 low of 9910, the next potential support level is the psychological level of 9750, followed by the April 12 low of 9617.

The trend is bearish below yesterday’s high of 10,156 as it is the most recent swing high of the bearish trend, which has been in place since price hit a high of 10,448 on April 21.

Above yesterday’s high of 10,156, the next resistance level is the April 28 high of 10,333, followed by the April 21 high of 10,448.

The Markit Eurozone Composite PMI, an economy weighted combination of the Manufacturing, Construction and Services PMI, remained unchanged at 53 and thereby met the 53 expected in a Bloomberg poll. As the 53 reading is not too different to the average of the 53.2 in the first quarter of 2016, the Markit Eurozone Composite PMI is suggesting the Eurozone economy is growing at the same pace as the first quarter. Eurozone GDP increased by 0.6% QoQ in the first quarter.

This afternoon key U.S. data reports are on deck: the ADP Employment Change and April’s ISM Non-Manufacturing Composite. Please read today’s market update by Ilya Spivak, Currency Strategist, for more on today’s U.S. economic reports.

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