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
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
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
Wall Street
Mixed
Gold
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
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • 🇲🇽 Unemployment Rate (SEP) Actual: 5.1% Expected: 5.3% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2020-10-21
  • 🇺🇸 MBA Mortgage Applications (16/OCT) Actual: -0.6% Previous: -0.7% https://www.dailyfx.com/economic-calendar#2020-10-21
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.67%, while traders in EUR/USD are at opposite extremes with 71.35%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/SuyI0wMhaq
  • Heads Up:🇺🇸 MBA Mortgage Applications (16/OCT) due at 11:00 GMT (15min) Previous: -0.7% https://www.dailyfx.com/economic-calendar#2020-10-21
  • Heads Up:🇲🇽 Unemployment Rate (SEP) due at 11:00 GMT (15min) Expected: 5.3% Previous: 5.2% https://www.dailyfx.com/economic-calendar#2020-10-21
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here: https://t.co/yXomAftdv8 https://t.co/GNUYwiesiM
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.55% Gold: 0.60% Oil - US Crude: -1.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zeXG8lHCy0
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.81% 🇳🇿NZD: 0.72% 🇯🇵JPY: 0.64% 🇨🇭CHF: 0.29% 🇪🇺EUR: 0.23% 🇨🇦CAD: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Au6kbo4WXL
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: 0.08% Wall Street: -0.00% Germany 30: -0.86% France 40: -1.12% FTSE 100: -1.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/pNZcZ7hQkI
  • Heads Up:💶 ECB Guindos Speech due at 10:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-10-21
DAX Technical Update: Pushing Back into Overhead Supply

DAX Technical Update: Pushing Back into Overhead Supply

2016-10-14 08:34:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The DAX reverses and attacks resistance zone
  • Bias neutral to lower below resistance a zone and upper parallel
  • Keep an eye on the S&P 500 for clues on global market directional bias

The DAX is swinging higher today, after a sizable gap and minor reversal yesterday. Trading conditions continue to favor the day-trader as choppy conditions continue to dominate the market landscape. In Thursday’s piece we noted the importance of resistance in the vicinity of 10440/510 on any bounce which may unfold following the break of this important zone.

As long as the DAX stays below resistance, then the bias remains shifted neutral to lower, and really until it can hurdle above the top-side parallel off the 9/8 peak the tilt will remain to the neutral to bearish side. Overhead supply (sellers) remain.

DAX: Daily

DAX Technical Update: Pushing Back into Overhead Supply

Created with Tradingview

Continue to keep an eye on US markets. The S&P 500 looked headed for a breakdown yesterday below the important Feb 11 trend-line and September low, but the S&P recovered and closed the day above key levels. If support can hold help put a bid in, this will help out global markets. A close below the Sep low will be reason to look for a bit of follow-through and likely put pressure on the DAX and other global equity markets.

For now, the focus will be on how the DAX responds to resistance on this bounce and take it from there. Trading conditions aren’t ideal beyond the 1 to 2-day time-frame, but at some point the market will find a direction. Until then we must be nimble in our operations and continue to implement good risk management and discipline.

Our Q4 forecasts are out for FX, commodities, and equity indices; you can check them out in our free trading guides section of the site.

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please sign up here.

You can follow Paul on Twitter at @PaulRobinonFX.

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

DISCLOSURES