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
Bearish
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
Bearish
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
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Heads Up:🇬🇧 Supplementary Budget due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-08
  • 🇺🇸 MBA Mortgage Applications (03/JUL) Actual: 2.2% Previous: -1.8% https://www.dailyfx.com/economic-calendar#2020-07-08
  • The bullish engulfing candle is one of the forex market's most clear-cut price action signals for reversals and continuation. Learn more about this price action trading signal here:https://t.co/oiqExViqWI https://t.co/H9m1EEkyjg
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.13%, while traders in NZD/USD are at opposite extremes with 71.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/yiN2EWqwIX
  • Heads Up:🇺🇸 MBA Mortgage Applications (03/JUL) due at 11:00 GMT (15min) Previous: -1.8% https://www.dailyfx.com/economic-calendar#2020-07-08
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.17% Gold: 0.42% Oil - US Crude: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/BtAGz67Ot3
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.07% 🇪🇺EUR: 0.01% 🇨🇦CAD: 0.01% 🇦🇺AUD: -0.11% 🇳🇿NZD: -0.15% 🇬🇧GBP: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ejtBlW7ybn
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/td5WA4hCZC https://t.co/1D2C4JaPNG
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: US 500: -0.09% Wall Street: -0.22% FTSE 100: -0.44% Germany 30: -0.72% France 40: -1.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Rss87KyGtQ
  • Last week, USD/MXN reversed from a multi-week high and closed in the red. Will, today’s Fed member Bostic’s speech at (17:15UK) boost the US dollar price? #USDMXN, #Fed, #USD https://t.co/sCgHY69g38
DAX Tech Update: Staunch Resistance Stands in the Way

DAX Tech Update: Staunch Resistance Stands in the Way

2016-11-15 08:57:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The DAX rips from near 9/30 support to triple peak highs
  • Resistance is resistance until it isn’t, consolidation could eventually lead to breakout
  • Support and resistance levels outlined

Check out our regularly scheduled daily webinars for full analyst insights across an array of markets.

The last time we looked at the DAX was on Wednesday following the surprise victory by the US presidential candidate, Donald Trump. Markets were initially tailspinning at one point, with the S&P 500 futures trading down lock limit in the very early morning hours following the Republican’s victory. Markets recovered in ferocious fashion, though. The DAX traded a shade under the 9/30 low and rallied from 10175 to finish Wednesday at 10646. U.S. markets rallied huge, too. Since then the German index has pushed back up against triple peaks surrounding the 10800 level, but is struggling to overcome.

First things first – resistance is resistance until it isn’t. It’s a seller’s market at the moment. But that could change soon if the market doesn’t start hitting bids. A market which consolidates under a major area of resistance for an extended period often times, at the least, attempts to make a break for it. The DAX isn’t there yet.

On a downturn, we will keep an eye on the recaptured June trend-line as support, currently around 10630. Thursday and Friday daily lows at 10584/76 will also come into play. A drop below and nothing substantial until the trend-line rising up from the June low beneath the Wednesday gap-down day low, which isn’t for a few hundred points.

If the DAX can hang out and build up steam via the consolidation scenario, we will look to the swing high created on 12/29 at 10860 as the next short-term level to overcome if the DAX can break above the triple peaks . At that juncture, we will have our eyes set on the top-side trend-line with connecting peaks in April and August (~11050/100).

DAX: Daily

DAX Tech Update: Staunch Resistance Stands in the Way

Created in Tradingview

Check out our Forecasts and Trading Guides

---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

News & Analysis at your fingertips.