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
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • AUSTRALIA PM MORRISON: - Businesses need to judge China risk, but iron ore trading figures reassuring - Reopening the economy over 3-5 years will be more difficult than closing it down, facing "most challenging [economy]...outside of wartime." #AUDUSD
  • (#ASEAN Fundy) The US Dollar could rise against ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data $USDSGD #USD $USDINR - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/05/25/US-Dollar-May-Rise-as-SGD-Falls-on-US-China-Woes-Indian-Rupee-at-Risk.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/BHR1vaN8vO
  • BOJ GOV KURODA: - will consider expanding ETF purchases if needed - monetary easing is needed until price-target is met - will consider new easing measures if needed - BoJ's extraordinary measures wont stay post-coronavirus #USDJPY #BOJ
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.44% Oil - US Crude: 1.02% Gold: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zbMOhIkpeW
  • As political tensions between the US and China increase, $gld is picking up a safe-haven bid ahead of the long weekend and may look to press higher. Get your $XAUUSD market update from @nickcawley1 here: https://t.co/boUn4vyfCO https://t.co/beDj1yEO0U
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.29% 🇦🇺AUD: 0.28% 🇬🇧GBP: 0.17% 🇪🇺EUR: 0.14% 🇨🇭CHF: 0.12% 🇯🇵JPY: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/qj45yOo16T
  • BOJ GOV KURODA: - will consider changing rates of yield curve control if needed - will consider expanding loan programs if needed #USDJPY #BOJ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.43%, while traders in US 500 are at opposite extremes with 78.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4TavGtwG3Z
  • Risk-on tone prevailing in APAC trade. #SPX futures up with #AUD and #NZD as #USD, #JPY and #bonds decline. #Gold interestingly up with stocks despite higher yields, weaker US$ may be the driver https://t.co/MJH6iKu3MX
  • China sets #USDCNY daily reference rate at 7.1293 vs 7.1277 yesterday
DAX Powering Higher Towards Target

DAX Powering Higher Towards Target

2016-12-13 11:12:00
Paul Robinson, Strategist

What’s inside:

  • The small consolidation on support was all that was needed to continue recent momentum
  • DAX on path to reach November 2015 levels over 11400
  • Short-term dips viewed as buying opportunities until price action tells us otherwise

For education resources, see our Trading Guides.

When we last took a look at the DAX on Friday, the day prior it had crossed over the top-side trend-line running back to April, turning a minor line of resistance into a line of support. We also made note then that a pullback and/or consolidation period would help reload the cannon. It didn’t take long to recoil as we are seeing today. During the Friday/Monday sessions the DAX consolidated briefly, with yesterday’s low coming right at a retest of the breached April trend-line. It was only viewed as minor support, but given how strong the market has been since breaking out it was all that was needed so far to sustain last week’s rocket higher.

With nothing in the way until our target at the late November 2015 peak of 11431, the path of least resistance is likely up between now and then. At the time of this writing, that is only about 150 points from here, so we’re not asking for much.

As the trend looks poised to continue forging on, traders will likely be best served looking to short-term dips as opportunities to establish long positions until price action gives indication that current momentum has run out of steam. That may come around the Nov ’15 peak, but with ‘nothing to the left’ on the charts until then we don’t have any visible resistance to hang our hats on as sellers.

A potential wrinkle in our bullish bias would be if by day’s end we see the DAX reverse and close towards unchanged or lower on the session. This would be a sign of short-term exhaustion and a warning of a short-term retracement at the least.

DAX: Daily

DAX Powering Higher Towards Target

Created with Tradingview

*Join me on Wednesday for the “London FX & CFD Trading” session at 10 GMT time, where we'll look at charts of interest ahead of the Fed. For a full schedule of upcoming live events, see the 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.


News & Analysis at your fingertips.