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DAX Technical Analysis: Double Top Playing Out

DAX Technical Analysis: Double Top Playing Out

2016-09-12 10:11:00
Oded Shimoni, Junior Currency Analyst
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Talking Points:

- Index trading lower alongside other risk assets

- Break below 10,500 potentially playing out a double top pattern

- 10,340 still capping losses in the short term

If you’re looking for trading ideas, check out our Trading Guides Here

The DAX (CFD: GER30) is trading sharply lower today, as a bound rout worldwide is seeing yields surge while prices fall alongside equities.

Indeed, stocks and bonds correlation currently sits at the highest level since 2008.

The index broke a key support area below 10,500- perhaps signaling a breakdown from a double top pattern formed below the 10,750 resistance.

At this stage, the DAX is sitting at a potential support around 10,340 which coincides with a long term trend line from the April 2015 highs.

A breakdown might expose possible support at 10,125 followed by the big 10,000 figure.

A move higher seems likely to face resistance below 10,500, with price action appearing bearish as long as price stays below that level.

DAX H4 Chart: September 12, 2016

DAX Technical Analysis: Double Top Playing Out

--- Written by Oded Shimoni, Junior Currency Analyst for DailyFX.com

To contact Oded Shimoni, e-mail oshimoni@dailyfx.com

Follow him on Twitter at @OdedShimoni

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

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