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
  • Heads Up:🇯🇵 Industrial Production YoY Prel (SEP) due at 23:50 GMT (15min) Previous: -13.8%
  • 🇯🇵 Unemployment Rate (SEP) Actual: 3.0% Expected: 3.1% Previous: 3.0%
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:
  • Heads Up:🇯🇵 Unemployment Rate (SEP) due at 23:30 GMT (15min) Expected: 3.1% Previous: 3.0%
  • - #Biden is leading in the polls but a last-minute surprise could be in the cards - #Covid-19 case spike, fiscal stalemate souring sentiment and derailing outlook - #AUDUSD puncturing support at 0.7018 may open the door to further declines
  • The Dow Jones will look to earnings from Apple, which was once the largest component of the index. Get your #Dowjones market update from @PeterHanksFX here:
  • The Indian Rupee may weaken following a breakout higher in USD/INR. Despite rising global stock market volatility, the Nifty 50 has been holding its ground. Could it capitulate lower? Find out from @ddubrovskyFX here:
  • Relief rally ahead for $AUDNZD? Bullish RSI divergence at key psychological support (1.0600) suggests a rebound back towards the 21-MA (1.0626) and 50-MA (1.0659) could be on the cards Conversely, a break below 1.0590 probably opens the door for further losses. $AUD $NZD
  • WTI Crude Oil fell to a fresh four-month-low this morning. This fresh low broke through range support that’s held for the better part of two months. Get your #crudeoil technical analysis from @JStanleyFX here:
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.02% 🇳🇿NZD: -0.16% 🇦🇺AUD: -0.25% 🇬🇧GBP: -0.42% 🇨🇭CHF: -0.59% 🇪🇺EUR: -0.62% View the performance of all markets via
DAX – More Selling Ahead? Keep an Eye on These Levels

DAX – More Selling Ahead? Keep an Eye on These Levels

2017-05-19 08:28:00
Paul Robinson, Strategist

What’s inside:

  • DAX trying to follow through on yesterday’s minor reversal
  • 12660 area key resistance in the near-term
  • Looking lower below 12400 lies the biggest interest from a dip-buying perspective

Find out what’s driving global equity markets in our market forecasts.

The other day we took a close-up look at the DAX on the hourly chart, and one of the levels we made note of as support was right around 12660. It was undercut with ease and by a fairly wide margin once U.S. equities opened and investors ran for the hills on uncertainty surrounding the Trump presidency.

In the process, the market also closed well below the February top-side trend-line it was leaning on as support for the week or so before. So far, yesterday’s reversal day is showing a little follow-through this morning, but we’ll be quickly looking at 12660 as a hurdle to overcome if the DAX is to see the bounce grow legs and become a full-blown rally. For now, it’s resistance until it’s not. A move beyond 12660 will bring attention towards the underside of the Feb trend-line, and possibly new highs.

It’s still a little unclear whether this week’s down-move is all we’ll see, or whether another wave of selling will push the market lower. The thinking on this end is we will see another leg lower before making a serious attempt to resume higher. It’d be preferable, too, as key levels of support have not yet been met. Ideally, we see a move to the old record highs under 12400 and/or (depending on whether they collide for confluence or not) the trend-line rising up from December under the April swing-low.

Getting to the point: 12660 is our focal point as resistance; maintain below there on a closing basis and the market will continue to be vulnerable to further selling. A move beyond will bring the underbelly of the Feb trend-line into play, but may also mean the market is gearing up for another run at record levels. Yesterday’s low at 12490 is our first level of support followed by much more significant support around 12390/75 and the December/April trend-line.

DAX: Daily

DAX – More Selling Ahead? Keep an Eye on These Levels

Paul conducts webinars every week from Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of all upcoming live events.

---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.