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
  • US President Trump says in regard to TikTok that China must give up on control or no deal
  • 🇨🇦 New Housing Price Index YoY (AUG) Actual: 2.1% Previous: 1.7%
  • 🇺🇸 Chicago Fed National Activity Index (AUG) Actual: 0.79 Expected: 1.95 Previous: 1.18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.77%, while traders in NZD/USD are at opposite extremes with 72.74%. See the summary chart below and full details and charts on DailyFX:
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the open of the week!
  • Heads Up:💶 ECB President Lagarde Speech due at 12:45 GMT (15min)
  • 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:
  • Weekly Strategy Webinar starting in 14mins on DailyFX!
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.46% 🇨🇭CHF: -0.18% 🇨🇦CAD: -0.25% 🇪🇺EUR: -0.45% 🇦🇺AUD: -0.46% 🇳🇿NZD: -0.87% View the performance of all markets via
  • Heads Up:🇺🇸 Chicago Fed National Activity Index (AUG) due at 12:30 GMT (15min) Expected: 1.95 Previous: 1.18
DAX Jumps Hurdle, Heading Towards New Record

DAX Jumps Hurdle, Heading Towards New Record

2017-06-02 08:58:00
Paul Robinson, Strategist

What’s inside:

  • DAX gaps above resistance and runs early
  • Barring a reversal, new highs soon; but there is a key line of resistance not far above in record territory
  • NFPs later today, sans a major deviation from expectations not likely to have a strong impact

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

On Wednesday, the sentiment we expressed regarding the DAX was one of patience, waiting for the range since mid-May to break – one way or another. The gap this morning came swiftly above recent resistance in the low 12700s; buying interest off the open was strong with about 70 points worth of gains added in the first twenty minutes.

General appetite for stocks is healthy.

Leading into the strong European showing this morning was Asia popping overnight, with the Nikkei tacking on 1.6% to finish out above the 20k psychological level and to its highest level since August 2015. Leading into that was a nice-sized rally in the U.S. yesterday, where the S&P 500 tacked on 76 bps of its own to close at yet another new record high.

As long as the DAX can hold onto most of its gains from here through the end of the session, or even better yet, add to them, then it stands to continue forging on to new highs. But if it does the market will be in for a quick test of an influential line with its origins dating back to February. There are several inflection points, and most recently it acted as support in May. So even if the DAX breaks to a new high above 12842 it will have to muscle through the top-side slope in order to gain further traction.

Heads up: Later today, the US jobs report is due out at 12:30 GMT. Non-farm payrolls are expected to print 180k for May, while the unemployment rate remains unchanged at 4.4%. Whether this report will be a market-mover will depend on how large of a deviation from expectations we see. Even then, as often times is the case with data releases, the brunt of impact is likely to be felt more in FX/rates/precious metals. In any case, traders need to be prepared. See the economic calendar for release details.

DAX: Daily

DAX Jumps Hurdle, Heading Towards New Record

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.