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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Bitcoin has taken a backseat to other volatile risk assets today, with the cryptocurrency down less than half a percent $BTC $USD https://t.co/YzaX09fLAS
  • Who needs a 2 and 20 when you have Reddit?? #GameStop https://t.co/ELWWjYPg3D
  • The #Bitcoin bull has taken a back seat, at least for now, but speculative fervor continues to run high as witnessed by the saga taking place in the stock of Gamestop. Get your market update from @JStanleyFX here: https://t.co/0Q8PxyUIkc https://t.co/A2JHReRTcf
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.57% 🇬🇧GBP: 0.45% 🇦🇺AUD: 0.45% 🇨🇭CHF: 0.17% 🇪🇺EUR: 0.17% 🇯🇵JPY: 0.13% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OyXArspzGL
  • USD/CAD continues to retreat, now trading below 1.27 $USD $CAD https://t.co/cgmNxBHsjo
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.44% Oil - US Crude: 0.27% Gold: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/38weW9olX9
  • Waiting for Kodak to claim it is the most shorted stock in the world. If blockchain and vaccine pivots don't work, maybe this will be the ticket.
  • US to order 100 million more doses of Pfizer and Moderna vaccines to fight supply shortages - BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/F22xKzHTZh
  • Mircosoft Earnings 2Q Revenues: $43.08 B, EST. $40.20 B EPS: $2.03 act. vs $1.64 est. $MSFT 246.46 +7.19%
DAX: Range-bound Price Action Continues, More Bull Than Bear

DAX: Range-bound Price Action Continues, More Bull Than Bear

Paul Robinson, Strategist

What’s inside:

  • Rangebound price action continues to dominate, looking like consolidation
  • Trading levels on the top and bottom-side
  • More time needed before a swing trade could develop, nimble traders can look to levels to fade until then

Join Paul on Wednesday (11/30) at 10 GMT for a look at charts of interest and potential trade set-ups across an array of asset classes.For a full list of upcoming live events, please see our webinar calendar.

Since last taking a look at the DAX on Wednesday, the market remains rangebound below the important 10800 area and not offering many additional clues as to which direction the index wants to move next. But as we said in our last post, horizontal price action below resistance with no clear rejection at overhead levels suggests a serious attempt to push above 10800 could be around the corner.

In today’s trade, selling pushed the DAX towards the low-end of the range, with 10576 penciled in as the lowest point (11/10 low). A break below this level of support wouldn’t be as significant of a technical event as the DAX taking out steadfast resistance surrounding 10800.

We’re not saying a drop lower couldn’t come with plenty of momentum, but just that the line-in-the-sand from the short-side isn’t as clear as the long-side.

On a drop below 10576 we will pay close attention to the strength of the move and whether the market can quickly rebound or not. The next meaningful level of support arrives at the trend-line rising up from the June low, currently below 10400. The next level of price support below that point, given the ‘chart-wrecking’ reaction to the US presidential election, isn’t until the 11/9 low at 10175.

On the top-side, there is a trend-line running off the 11/14 high around 10700 to contend with. This trend-line could become a part of a wedge. We’ll need more time to elapse before we have full pattern development, but a consideration worth keeping on the board. Above the trend-line a thicket of resistance will keep pressure on the market until a close well above 10800.

At the immediate moment, traders will want to avoid getting chopped up in these market conditions. Very short-term minded traders can find scalps off levels. (i.e. – This morning we are seeing a bounce develop from within 3 points of the 11/10 low.) Swing traders will need to continue being patient.

DAX: Daily

DAX: Range-bound Price Action Continues, More Bull Than Bear

Created with Tradingview

Check out one of our Trading Guides designed to help traders of all experience levels improve their skillsets.

---Written by Paul Robinson, Market Analyst

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