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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
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
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • The US Dollar is attempting to find direction against the Singapore Dollar, Philippine Peso and Indonesian Rupiah as technical levels hold. The Malaysian Ringgit eyes a key trend line. Get your market update from @ddubrovskyFX here:https://t.co/lcSLkOnJgQ https://t.co/vryqn4rRU4
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.01% Oil - US Crude: -0.03% Silver: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/15QcnuOwHa
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.01% 🇬🇧GBP: -0.02% 🇯🇵JPY: -0.05% 🇪🇺EUR: -0.13% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vPJr6TpvF6
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.90%, while traders in US 500 are at opposite extremes with 78.20%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xNfVZWeHaL
  • The $USD is falling against #ASEAN currencies such as the Singapore Dollar and Indonesian Rupiah as stock markets rise. Watch out for US-China escalation and Brexit talks. Get your market update from @ddubrovskyFX here:https://t.co/PziC8KZaIC https://t.co/IhJHu2WCVZ
  • For those who argue a bullish case for stocks... Let me counter with a single chart of the gold to S&P 500 ratio. Looks to me like risk-reward favors bullion over equities. $XAU $GLD https://t.co/6qiSh8E0ht https://t.co/lKViSEnrMc
  • - Silver prices could pull back as negative RSI divergence shows slowing momentum - Copper prices have risen over 20 percent, are now trading above 17-year uptrend - Monthly perspective show the base metal has entered into a key compression zone https://www.dailyfx.com/forex/market_alert/2020/06/02/Silver--Copper-Prices-Enjoyed-a-Nice-Ride---Is-it-Time-to-Get-Off.html
  • What is it about a colorful Bloomberg Terminal that is so satisfying to look at? https://t.co/Qtv9wwQv75
  • I have finally found a way to express the social climate in San Francisco and the effects of peer pressure: https://t.co/yYFXFHG2Lb
  • The US Dollar, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop.Get your market update from @ZabelinDimitri here:https://t.co/L8cfAgVx94 https://t.co/vwChirq7SL
The DAX Cracks, Targeting Post-Brexit Trend-line

The DAX Cracks, Targeting Post-Brexit Trend-line

2016-12-02 09:25:00
Paul Robinson, Strategist
Share:

What’s inside:

  • The DAX continues series of lower higher and lower lows
  • Trading beneath lower parallel of channel
  • Looking for the post-Brexit trend-line as a target

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

On Wednesday, we looked at the DAX up close and made note of the lower highs, lower lows developing on the 60-minute time-frame. The market failed to push above resistance surrounding 10700 that day, then slipped back lower making good on continuing the series of lower highs and lower lows.

The short-term trend has been pointed lower within the confines of a channel dating back to the 11/14 high, but with the gap this morning it is now trading well below the lower parallel of the channel. On that we will look for the market to continue lower until meaningful support is met. Our eyes are focused on the trend-line rising up off the post-Brexit low as the next line of significance, which currently lies in the vicinity of ~10330/50. If that were to give way, then we would need to look to the 200-day MA, currently at 10197, then the 11/9 US presidential election gap-day low at 10175.

Given the current negative slant to the market, traders may want to look to stalling rallies on intra-day time-frames as potential opportunities for establishing shorts. The most solid line of resistance comes in on a retest of the bottom-side of the channel (~10475/85 as of now). A break back above wouldn’t immediately turn the trend around, but would be reason for caution on new short positions. As far as longs go, we have no interest until support is met and held with conviction.

DAX: Daily

The DAX Cracks, Targeting Post-Brexit Trend-line

Created with Tradingview

See our Trading Guides for educational resources and forecasts. For a list of live events with trading outlooks, key news coverage, and educational content, please see our webinar calendar.

---Written by Paul Robinson, Market Analyst

You can receive Paul’s analysis directly via email by signing 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.