Skip to Content
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. See our updated Privacy Policy here.



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
Please try again
More View More
DAX – Remains Range-bound, Important Levels to Watch

DAX – Remains Range-bound, Important Levels to Watch

Paul Robinson,

What’s inside:

  • DAX range-bound for now, predicting the break is a futile exercise
  • Daily close above 12705 clears path towards record high
  • A breakdown will quickly find support via a trend-line and strong horizontal support

Find out what’s driving the DAX in our market forecasts.

Since discussing the DAX last week, it has made very little progress for either side of the tape – range-bound price action has dominated since the May 17 sell-off sparked by political turmoil hitting the U.S. The question is whether the index is stabilizing for another push towards record highs, or preparing for another leg lower. Attempting to predict which way at this time looks like a futile exercise.

The level on the top-side we’ve been focused on is 12660, and while the DAX has crossed above it on a couple of occasions on an intra-day basis, it has failed to close above – which is the key. A daily closing bar above 12660 and the most recent swing-high at 12704 should go a long way towards skewing the short-term path of least resistance back in line with the longer-term trend. The next logical target on an upward range-break is the prior high at 12842, then beyond there the February top-side trend-line could come into play close to 12900.

With a bottom-side break below 12490 it won’t be long before support arrives by way of the December trend-line, and more importantly just below there lies the old record high level from 2015 and peak in March just a few points shy of that level – 12390/75. At that juncture, as long as the DAX can pique buying interest it may offer a good spot from a risk/reward perspective to join the trend higher.

For the time-being, we’ll remain neutral until we see a range-break take shape and provide better directional indications.

DAX: Daily

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.