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
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
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
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
  • Interested in what factors are influencing the GBP this quarter? Get your free forecast here: https://t.co/BF0gzdigjn #DailyFXGuides https://t.co/psgpGWiWDl
  • The Dow Jones, Nasdaq 100 and S&P 500 stock indexes may find fresh catalysts as the release of Q4 US corporate earnings set the tone for what has been a record-scrapping rally. Get your market update from @margaretyjy here: https://t.co/5B9NlmVI6Z https://t.co/0xdeBE3L7Z
  • Crude oil prices are poised to continue their upward trajectory in 2021, but technical signals hint that a near-term pullback may precede the next major push higher. Get your market update from @FxWestwater here: https://t.co/ePFyh64cAG https://t.co/Btbz1n5Dfg
  • $USDMXN continues consolidation as bearish momentum eases and bias attempt to turn to the upside. Get your market update from @HathornSabin here: https://t.co/J9vJ76Lghq https://t.co/pJGnuuyJNQ
  • The US Dollar breaks out of the range bound price action from the first of January going into the inauguration of President-elect Joe Biden. Get your market update from @DavidJSong here: https://t.co/GVxAmCkhP5 https://t.co/OC6g9pGhGy
  • Sterling continues to nudge higher against most major currencies with traders placing their trust in the ongoing UK vaccination plan. Get your market update from @nickcawley1 here: https://t.co/OvFP8Zzz5b https://t.co/rwofebQHTq
  • $EURUSD has dropped sharply over the last few days and may well fall further. However, it is also possible that the bad news is now priced in to the exchange rate and that further weakness will be delayed. Get your market update from @MartinSEssex here: https://t.co/mDGlI1aS6o https://t.co/1xYg0muBJI
  • The Brexit timeline can be followed one event after another. Use this tool from DailyFX research to sharpen your knowledge on the Brexit timeline here: https://t.co/kFDzTWODDo https://t.co/TT1FwFK8cJ
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Uz6LKXdR2k
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/fGi6YgqqQt
DAX Remains Global Laggard, Favored Market for Shorts

DAX Remains Global Laggard, Favored Market for Shorts

2017-08-10 08:55:00
Paul Robinson, Strategist

What’s inside:

  • DAX stuck below strong resistance over 12300 following break of H&S top
  • Currently in a range-bound trading environment
  • Overall technical landscape favors shorts

Find out in our Q3 Forecast what’s driving the DAX and Euro.

The other day we were discussing the inverse relationship between the DAX and the euro and suggested that it may be possible if the euro declines we see some life come into the DAX. It was also said that while it’s a relationship worthy of attention it can weaken, leaving us without a reliable guide. So far, we’ve seen a little euro weakness and we’ve also seen some risk aversion come into global markets with tensions with North Korea rising, which has resulted in a declining DAX. The risk-off environment at this juncture is very modest at this time, however. Very. You’ll know real risk-off when it hits. This isn't it. Yet.

The technical outlook for the DAX remains the same – trending sideways to lower within the context of a triggered ‘head-and-shoulders’ top. Even though just a couple of days ago the market was trading above the neckline of the pattern, the 12300/40 region has been very difficult to overcome. On any attempt from here to break on through will also require a breakout above the trend-line running down off the June high. A lot to overcome before possibly turning the outlook bullish.

This morning we are trading right near several lows created over the past couple of weeks just below 12100 (12092 is the precise low). We could bounce around between resistance in the 12300-area and roughly 12100 in a range-bound trading environment. But if we break below 12092 look for not only the French election gap to fill at 12048, but for a drop to develop below 12000. Levels to watch come in at 11941, 11906(200-day) and then 11850.

The bottom line is the DAX has its work cut out for it to improve its outlook for the bulls, but doesn’t necessarily mean it will be an easy road for the bears. As long as the DAX stays below beforementioned resistance just over 12300 then the trading bias is from the short-side with in mind we’ll have a range-bound market environment with a negative tilt to it and the possibility of a breakdown looming.

DAX: Daily

DAX Remains Global Laggard, Favored Market for Shorts

Paul conducts webinars Tuesday-Friday. See the Webinar Calendar for details, and the full line-up of 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