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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
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
Wall Street
Bearish
Gold
Bearish
GBP/USD
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
USD/JPY
Bearish
More View more
Real Time News
  • Fed's Kaplan: - Expecting above trend growth for 2021 - Local and state governments need grants, not loans from Fed - Dow Jones via BBG
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.23%, while traders in NZD/USD are at opposite extremes with 66.26%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/TLR8MDhm9L
  • $USD $DXY | US Dollar Ripping Higher as Markets Swoon Link to Analysis via @DailyFX - https://www.dailyfx.com/forex/market_alert/2020/09/21/usd-price-outlook-us-dollar-ripping-higher-as-markets-swoon.html #FX #Forex #Trading https://t.co/sVaB9lrjxu
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -2.40% Oil - US Crude: -4.81% Silver: -8.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/bO6biPyCKp
  • UK COVID alert level has moved from level 3 to level 4
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.14% 🇨🇭CHF: -0.56% 🇨🇦CAD: -0.70% 🇬🇧GBP: -0.93% 🇦🇺AUD: -1.14% 🇳🇿NZD: -1.44% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIoEwFiMLN
  • The DXY continues to build on a rebound off long-term uptrend support and the Majors are poised for some decent moves this week. Get your #DXY market update from @MBForex here: https://t.co/bjbs0gYT6I https://t.co/0OapScLca9
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.50% Germany 30: 0.49% FTSE 100: 0.32% US 500: -2.12% Wall Street: -2.95% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/nultu65SC6
  • UK PM Johnson is to announce a 10pm closing time for pubs tomorrow, according to the Sun
  • NI First Minister says local COVID 19 restrictions currently in place will apply to the whole of Northern Ireland from Tuesday
DAX at Serious Risk of Filling April Gap

DAX at Serious Risk of Filling April Gap

2017-07-04 09:12:00
Paul Robinson, Strategist
Share:

What’s inside:

  • DAX path of least resistance lower following ascending wedge failure
  • Early-week bounce tests support-turned-resistance
  • French election gap at serious risk of filling, risk/reward here for shorts is compelling

When we visited the DAX on Thursday and made note of the yet-to-be aggressive down-move which can develop as a result of a market breaking higher from a wedge formation but then failing, and subsequently taking out the bottom-side of the pattern. The idea is the fake-out to the upside catches the market leaning the wrong way. At the time of that writing, the DAX was positive in the early part of the session, but then proceeded to have its worst session since last summer. It took a few days to develop, but sellers finally showed up.

The Thursday/Friday move put the DAX through the first zone of support in the 12537/486 vicinity, which now makes this once-viewed support an area of resistance. The early-week bounce put it to test, with yesterday’s high coming right at 12486. Stay below this zone and a push towards the French election gap starting at 12289 is viewed as the most likely scenario. It will only require a small lower-low from the Friday low to do so. A firm push into the gap will have the market on its heels as the likelihood increases significantly that we see a gap-fill down to 12048. The next level of support below the gap comes in at a swing-low just prior to the gap comes in at 19941.

The technical landscape is shaping up nicely for the election-gap to finally fill. From a tactical standpoint, those looking to play for a gap-fill are offered a solid risk/reward set-up at current levels. Resistance is close by, so stops can be placed just on the other side should the market break higher, while the target lies a good distance away.

DAX: Daily

DAX at Serious Risk of Filling April Gap

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