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
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • #Euro has rebounded off near-term downtrend support and the focus is on this near-term recovery. Get your $EURUSD technical analysis from @MBForex here:https://t.co/NmlEuNyfo6 https://t.co/Txjym8OG71
  • Heads Up:🇳🇿 Building Permits MoM (AUG) due at 21:45 GMT (15min) Previous: -4.5% https://www.dailyfx.com/economic-calendar#2020-09-29
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.86% 🇪🇺EUR: 0.67% 🇨🇭CHF: 0.59% 🇬🇧GBP: 0.18% 🇨🇦CAD: -0.14% 🇯🇵JPY: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/wQGKBz35p4
  • That is very disturbing news. Disney has announced it will layoff 28,000 employees owing to its struggle at theme parks. That follow up stimulus plan is even more necessary in the US
  • Disney plans to lay off 28,000 park employees. $DIS shares are 1.5% lower following the announcement
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.37% Gold: 0.91% Oil - US Crude: -0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OcKlpGbJvJ
  • #Gold Price Outlook: $XAUUSD Pops, Resistance at Prior Support - https://t.co/ZMukXQfl3z https://t.co/ApjvP4xb1F
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.19%, while traders in EUR/USD are at opposite extremes with 61.70%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2yhFXRJBjw
  • Micron Q4 2020 Earnings: Revenue: $6.06B vs $5.90B exp EPS: $1.08 vs $0.99 exp Guides Q1 revenue $5B to $5.4B vs $5.33B exp $MU shares just 1% higher in after-hours trading
  • Regeneron reports positive data for its Covid-19 antibody drug, saying it helped reduce viral levels and improved symptoms faster, according to CNBC
DAX: Tank and Reverse Reinforces Support

DAX: Tank and Reverse Reinforces Support

2016-09-13 10:28:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The DAX tanks and reverses from support
  • Unconfirmed double-top
  • Looking for more clarity on nature of decline moving forward

The dunk and reverse in the DAX on Monday came at a fairly significant spot on the charts, as key horizontal support was tested at the day’s worst levels. On a closing basis, with the DAX moving back above the 8/22 low, confirmation of a double-top from the 8/15 and 9/8 peaks was not completed. At least not yet.

Yesterday’s sharp reversal came as a bit of a surprise, especially in the States where the decline began on Friday and was largely erased in Monday trade. Was it just a shot across the bow, or a one-off event to shake the free before moving back to new record highs in the S&P?

The strong reversal in the DAX from support shows the importance of those peaks created from May through July as support. We will use yesterday’s low at 10320 as our proverbial ‘line-in-the-sand’; a closing daily bar below will expose at the least a retest of the broken 2015 trend-line. As long as it holds then the DAX has potential to recover back towards the top of the range near 10800 or better.

DAX: Tank and Reverse Reinforces Support

We had a nice look on the intra-day time-frame on Friday, with a trend-line holding the key to short-term guidance; in the days to follow we will be watching for any new key technical developments on the sub-daily chart which can offer us solid guidance moving forward.

Follow trader sentiment in real-time via SSI.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX.

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

DISCLOSURES