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
Mixed
Oil - US Crude
Bearish
Wall Street
Bearish
Gold
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
GBP/USD
Bullish
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
Mixed
More View more
Real Time News
  • The US Dollar has strengthened this morning ahead of the FOMC meeting and decision this afternoon, with the $DXY rising from 90.20 to above 90.50. $USD https://t.co/tcpZdj6nhT
  • French Government spokesman says EU considering stricter health border controls
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/uBxEGzUgyI
  • 🇺🇸 MBA Mortgage Applications (22/JAN) Actual: -4.1% Previous: -1.9% https://www.dailyfx.com/economic-calendar#2021-01-27
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in GBP/USD are at opposite extremes with 68.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/0UV4FpnWPq
  • Heads Up:🇺🇸 MBA Mortgage Applications (22/JAN) due at 12:00 GMT (15min) Previous: -1.9% https://www.dailyfx.com/economic-calendar#2021-01-27
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/MCTYExokOM
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.29% Gold: -0.41% Silver: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/o4xncYTemH
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.00% 🇨🇭CHF: -0.11% 🇯🇵JPY: -0.16% 🇨🇦CAD: -0.24% 🇪🇺EUR: -0.30% 🇦🇺AUD: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/I800dljvzk
  • 🇫🇷 Unemployment Benefit Claims (DEC) Actual: 0.5K Previous: 36.6K https://www.dailyfx.com/economic-calendar#2021-01-27
DAX – Shape-shifting, but Outlook Remains Bearish

DAX – Shape-shifting, but Outlook Remains Bearish

Paul Robinson, Strategist

What’s inside:

  • DAX continues to chop around since breaking down from H&S top
  • A little more time will bring a mature triangle pattern into view
  • As long as price stays below the low-12300s the outlook remains neutral to bearish

Check out our New Educational Guides designed for traders of all experience levels.

For over a month the DAX has done, well, nothing really. The index is trading right around the same levels it was towards the end of last month when it officially broke the neckline of the ‘head-and-shoulders’ top. It took some time but the glaring gap from the first round of the French elections was finally filled, and it was not far below the gap-fill in which the April low provided the market with support.

The area surrounding 12300 has been formidable during the course of the past few weeks, an area which we maintain as an important line-in-the-sand. As long as the DAX stays below then the sideways to downward bias remains intact. Today, we are seeing the market struggle around the trend-line off the June high. Overall, the price action for much of August is beginning to take the shape of a triangle. It won’t be long before it’ll tighten up towards completion.

Given we are still operating within the context of a broken H&S formation and general downtrend it appears likely we would see an eventual break lower with just a little more time for the pattern to mature. If full maturity is to be seen and lower prices as a result then we won’t see a push beyond the low-12300s, and likely not even much of an attempt from here to trade beyond this formidable threshold. If, however, the market does push beyond resistance (especially after a developed triangle) then of course the outlook will be altered and we’ll be certain to take note.

DAX: Daily

DAX – Shape-shifting, but Outlook Remains Bearish

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