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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
More View more
Real Time News
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here -
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here:
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here:
DAX Springing to Life After Thorough Test of Support

DAX Springing to Life After Thorough Test of Support

2017-03-01 09:32:00
Paul Robinson, Strategist

What’s inside:

  • DAX makes good on holding December trend-line
  • Trading strongly higher towards gauntlet of resistance ahead
  • Bullish market bias continues to remain intact

Looking for trading ideas? See our Trading Guides.

On Monday, we looked at the test the DAX was putting the December trend-line through; so far, so good as it not only held for three trading sessions, but this morning we’re getting a strong lift of over 1%. An ‘uplifting’ speech by President Trump to congress is helping put markets in a good mood to start the day (S&P 500 futures are trading higher by about 50 bps).

Moving on to the techs, this is what we had to say to start the week: if the trend-line can hold, then with a little work the DAX could find itself funneling back higher towards the top-side trend-lines it turned lower from and 12079 level.”

The word “funneling” was used because that is exactly what price action is beginning to do for much of the first two months of the year. The top-side trend-lines running back to a pair of peaks in 2016 are converging with the December trend-line. A matured rising wedge could end with a big rip, or warn of a top; we’ll worry about that more at a later time.

In the immediate future, the 2/22 high of 12031, April ’16 trend-line, 12079 (level from 2015), and then just a shade higher the August ’16 trend-line are our biggest concern. All of these technical events lie within closely proximity to one another. It’s certainly a gauntlet of resistance for the market to overcome, which is why it may initially find difficulty peeling through even if an assault on the 2015 record highs lies around the corner.

Key support remains the December trendline, which was further reinforced with importance on this last decline. We’ll continue to run with that trend-line and a constructive bias for as long as it holds and no other bearish price action rears its ugly head.

DAX: Daily

DAX Springing to Life After Thorough Test of Support

Created with TradingView

See the Webinar Calendar for a schedule of upcoming live events with Paul or any of the other DailyFX analysts.

---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.