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
Mixed
Oil - US Crude
Bearish
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
Bearish
GBP/USD
Bullish
USD/JPY
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
More View more
Real Time News
  • 🇮🇹 GDP Growth Rate YoY Final (Q3) Actual: -5% Expected: -4.7% Previous: -17.9% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇿🇦 ABSA Manufacturing PMI (NOV) Actual: 52.6 Previous: 60.9 https://www.dailyfx.com/economic-calendar#2020-12-01
  • I mentioned before, but so far, the average seasonality for the $SPX is aligning to 2020's top months (April then November). This - along with record highs - will likely feed expectations for December: https://www.dailyfx.com/forex/video/daily_news_report/2020/12/01/Dow-and-Dollar-Enter-December-with-Technical-Breaks-and-Temptation-.html https://t.co/VaiOhtlGyO
  • 💶 Markit Manufacturing PMI Final (NOV) Actual: 53.8 Expected: 53.6 Previous: 54.8 https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇮🇹 GDP Growth Rate QoQ Final (Q3) Actual: 15.9% Expected: 16.1% Previous: -13% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇮🇹 GDP Growth Rate YoY Final (Q3) Actual: -5.0% Expected: -4.7% Previous: -17.9% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇩🇪 Markit Manufacturing PMI Final (NOV) Actual: 57.8 Expected: 57.9 Previous: 58.2 https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇩🇪 Unemployment Change (NOV) Actual: -39K Expected: 8K Previous: -35K https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇩🇪 Unemployment Rate (NOV) Actual: 6.1% Expected: 6.3% Previous: 6.2% https://www.dailyfx.com/economic-calendar#2020-12-01
  • 🇮🇹 IHS Markit Manufacturing PMI (NOV) Actual: 51.5 Expected: 52 Previous: 53.8 https://www.dailyfx.com/economic-calendar#2020-12-01
DAX: Bull-flag Consolidation Taking Shape

DAX: Bull-flag Consolidation Taking Shape

2017-01-10 10:02:00
Paul Robinson, Strategist
Share:

What’s inside:

  • DAX continues consolidation phase, looking for higher prices soon
  • Consolidation taking on the shape of a bull-flag
  • Top and bottom-side levels in focus

Q1 and FY 2017 Forecasts (FX, Equity Indices & Commodities)

When discussing the DAX on Friday this is what we had to say, “We’ll continue to reside in the bull-camp as long as price action remains as it has – higher, then sideways, higher, and so on.” A couple of days later and here we are furthering along a sideways phase in the uptrend; a healthy development so far for a market which has given little reason to be anything but long or flat.

The current chop is taking on the shape of a bull-flag and looks poised to break soon, but may need a day or two more of filling out first. The first level of contention on a push higher comes in quickly at the 1/3 swing high at 11637, and upon breakout the DAX will begin looking to test a series of swing highs created during the descent from the record high in 2015. Top-side levels in focus: Aug ’15 – 11670, Jul ’15 – 11802, and May ’15 – 11920.

Should the recent backing-and-filling turn into something more aggressive, we will look to the top of the late-December channel at 11481 and bottom of the channel around 11400 as key points of support. It would be important to hold onto the low end of that channel and the low of the day (1/2) which began the year. A drop below 11400 would be damaging for prospects of higher prices, and warrant a shift in bias towards lower prices.

But for now, the DAX is acting well, global risk appetite remains relatively healthy, so we will roll with the notion of seeing higher prices in the not-too-distant future.

DAX: Daily

DAX: Bull-flag Consolidation Taking Shape

Created with Tradingview

Join Paul on Wednesday at 10 GMT for charts and trade set-ups. For a schedule of all 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.

DISCLOSURES