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
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
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
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
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • $EURGBP is currently testing around the 0.8910 level, an area that has served as a key level of resistance this week. $EUR $GBP https://t.co/Uc34HhPjVD
  • 🇨🇦 Retail Sales MoM (NOV) Actual: 1.3 Expected: 0.1% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-22
  • What are some factors affecting the USD this quarter? Get your free forecast here: https://t.co/7G7pWntiyY #DailyFXGuides https://t.co/QRHi5s8Vm8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in NZD/USD are at opposite extremes with 66.59%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fEJdLlUmtf
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: -0.06% 🇨🇭CHF: -0.11% 🇯🇵JPY: -0.29% 🇨🇦CAD: -0.59% 🇳🇿NZD: -0.62% 🇦🇺AUD: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/ab9DM9x8QV
  • Heads Up:🇨🇦 Retail Sales MoM (NOV) due at 13:30 GMT (15min) Expected: 0.1% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-01-22
  • #Gold has fallen this morning, now trading back around $1,840. The precious metal had hit its highest level since the early January selloff yesterday as it tested around $1,870. $XAU $GLD https://t.co/AP8aqLSvOs
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/H19vRDCpUJ https://t.co/CRFKPoTOdL
  • 🇲🇽 Mid-month Inflation Rate YoY (JAN) Actual: 3.33% Expected: 3.17% Previous: 3.22% https://www.dailyfx.com/economic-calendar#2021-01-22
  • 🇲🇽 Mid-month Inflation Rate YoY (JAN) Actual: 3.33 Expected: 3.17% Previous: 3.22% https://www.dailyfx.com/economic-calendar#2021-01-22
DAX Continuing to Coil, Breakdown Seen as Most Probable Outcome

DAX Continuing to Coil, Breakdown Seen as Most Probable Outcome

Paul Robinson, Strategist

What’s inside:

  • DAX working towards apex of a triangle below critical resistance
  • Continuation-trade lower looks the likely scenario; key support levels outlined
  • A strong close into the mid-12300s required to negate bearish outlook

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

The DAX continues to remain one of the weakest global indices, as pressure from a strong euro continues and global appetite for stocks is fairly neutral at the time-being. Last month, the DAX triggered a bearish ‘head-and-shoulders’ pattern, but it has yet to garner much downward momentum.

That could soon change with the development of a triangle coming further and further into view with each passing day. Today, we are seeing some weakness to the underside of the maturing pattern; there isn’t but perhaps a few days left until price reaches the apex of the formation. It could break at any time.

In the event of breakdown, the 200-day arrives just a few points above the 12k mark. It could give the market some support, but if the topping H&S formation and broken wedge are to exert their forces then it may prove to be a speedbump at best on the way lower.

Significant price support to watch comes in at 11935, 11850 (to a lesser degree), then 11484. The measured move target of the ‘head-and-shoulders’ formation arrives near 11600, but is a projected target – preference is towards actual levels of support/resistance.

The triangle could always trigger to the top-side and end the slide since June. It would be against the trend and given the strong resistance surrounding 12300, traders would want to be careful until we see a strong close above ~12340; then the bias could quickly go from negative to positive.

DAX: Daily

DAX Continuing to Coil, Breakdown Seen as Most Probable Outcome

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