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.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bullish
Gold
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
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • US House Speaker Nancy Pelosi says that congress is making progress on the #USMCA trade deal $USDCAD $USDMXN
  • Going live in 5 for today's webinar on @IG_US client sentiment Taking a look at $EURUSD today and $USDCAD Join here - https://www.dailyfx.com/webinars/586549347 https://t.co/eaOLnamQGt
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.21% 🇯🇵JPY: 0.03% 🇬🇧GBP: 0.01% 🇨🇭CHF: -0.10% 🇳🇿NZD: -0.10% 🇦🇺AUD: -0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HB5Rbvy73F
  • Fed's Kashkari: We need to get to fair trade with China, the trick is how
  • Indices Update: As of 15:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.23% Wall Street: -0.28% US 500: -0.30% France 40: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/OBd87XSIN2
  • Fed's Mester: -Worth considering standing repo facility $USD $DXY $TNX $XAU
  • Fed's Mester: -Fed is in 'really good spot' following 3 rate cuts -Sees no sign of weakness spreading to wider economy -Sees risks tilted to the downside amid weak business investment -Sees US GDP growth around 2% next year
  • "The Hong Kong issue has the potential to influence the process of the trade talks. China will have to respond … if Trump signs it into law," said one person who is familiar with the trade talks. https://t.co/DNPx94mSUE via @scmpnews
  • $GBPUSD is nearing a re-test of the 1.3000 level while $AUDUSD remains perilously close to the .6700 support. Get your technical analysis from @JStanleyFX here:https://t.co/pk8RId0dpk https://t.co/39EgYnCVvy
  • MN Fed Kashkari: -Not forecasting a recession but there are risks -Housing has responded to rate cuts in last few months
DAX Turning Higher from Key Area of Support

DAX Turning Higher from Key Area of Support

2017-06-26 08:53:00
Paul Robinson, Currency Strategist
Share:

What’s inside:

  • DAX holding onto support
  • Choppy price action making it difficult to arrive at conclusions
  • Favoring entries on pullbacks in light of weak momentum

What’s driving European equity markets? Find out in our trading guides.

On Thursday, regarding the DAX, we expressed our view that while the bullish tone was dented it remains supported. The failed breakout from the multi-week ascending wedge and trade back to the bottom-side of the formation put the index perilously close to a breakdown. Friday was a close one, but the market managed to hold on into today.

Generally, price action has become choppy, thus making it difficult to arrive at any concrete conclusions. Keeping it simple, as long as the DAX doesn’t experience a strong ‘sell-day’ through the lower trend-line extending higher from the April 24 French election gap the market will remain supported. The December trend-line just below the election trend-line is viewed with less significance even though it is longer-term in nature, simply because it has few connecting points (December/April). For the bias to fully shift lower a break below the gap trend-line and 6/15 low at 12621 would need to develop. But until then the market outlook remains neutral to bullish in-line with the overall trend.

Looking higher, the first obvious level of resistance is the gap-day high at 12951, then beyond there the top-side trend-line dating back to February.

Given that momentum is lacking, the best trading approach at this time is to enter on pullbacks versus chasing price action. This is most often times our chosen approach, but in times of low volatility and choppy trading conditions it becomes even more imperative that we take a disciplined approach which focuses on getting good prices over trying to catch large extended moves.

DAX: Daily

DAX Turning Higher from Key Area of Support

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.

DISCLOSURES

News & Analysis at your fingertips.