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
Mixed
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
Mixed
GBP/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
USD/JPY
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
More View more
Real Time News
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/qtAmyhFU9A
  • 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/S74APOiQ3y
  • Two of the main Euro-pairs, $EURUSD and $EURGBP, are being driven by very different drivers. Get your market update from @nickcawley1 here: https://t.co/Vd32Y6HKEr https://t.co/Lgb5z5V1Xa
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4CnobJCss https://t.co/9uPXNvDBS5
  • We ended this past week with another cliffhanger. The $SPX teeters on the edge of a breakdown from the post-pandemic recovery. While we have NFPs and other key data ahead, the markets are likely to remain fixated on yields. My outlook for next week: https://www.dailyfx.com/forex/video/daily_news_report/2021/02/27/SP-500-Dollar-Reversal-Hinge-Not-On-NFPs-but-Markets-Risk-Imagination.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/mlNDDyTgex
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here.https://t.co/pb5E2KgRzW #DailyFXGuides https://t.co/70ZOJ0ZMwF
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/SyroornFf5
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4QhQGQ6 https://t.co/KrMcyZZqO7
  • The Reserve Bank of Australia (RBA) rate decision may spark a bullish reaction in $AUDUSD as the central bank is expected to retain the current course for monetary policy. Get your market update from @DavidJSong here: https://t.co/WbcR9ER0qT https://t.co/TynsqCtPQ6
  • Gold has broken below a critical support confluence we’ve been tracking for months now and the risk remains for further losses while below this threshold in the weeks ahead. Get your $XAUUSD market update from @MBForex here:https://t.co/xgN2obaIWR https://t.co/H71ufPNkPg
DAX & CAC Chart Analysis: Eyeing Breakouts Above Last Year’s Highs

DAX & CAC Chart Analysis: Eyeing Breakouts Above Last Year’s Highs

Paul Robinson, Strategist

Highlights:

  • DAX rises sharply, takes out December high; new highs look next
  • CAC is positioned to trade to its best levels since the very end of 2007
  • Both indices have long-term top-side trend-lines at new highs, but may only prove to be minor

What driving market forces are we paying attention to this quarter? See the Q1 Trading Forecasts for our outlook on the DAX, CAC, Euro & more.

Last week, when we last looked at the DAX, it looked poised to make good on the Jan 2 reversal-day and continue higher. As the market pushes upward it is looking increasingly likely we will see a new record high sooner rather than later.

The first price level of resistance we had penciled in last week was the December high at 13339, but that was overcome with the help of a gap on Monday. This morning at the time of this writing we are seeing a test of old resistance. But should the DAX trade back beneath, as long as selling doesn’t become heavy the bias will still remain favorable.

The record high at 13525 is only a short distance away. A continued rally to that point without a rest first might find the market too exhausted in the short-term to break out on its initial approach, but with general risk appetite strong and a weak-ish euro, odds favor a climb to a new record soon. Above 13525 lies a top-side trend-line from the 2015 high over November, but may not prove to be much of a hurdle to overcome. Price action at that juncture will be crucial to watch. Beyond there, nothing visible until close to 13900, where the 2007/2015/current t-line lies.

Check out this guide for ideas on Building Confidence in Trading

DAX: Daily

DAX daily price chart

CAC also rallying with a vengeance, seeking a breakout above 2017 high

After six weeks of choppy trade, the French index is on a straight line to its best levels since the very tail-end of 2007. A breakout above 5536 will do it, and bring a pair of top-side trend-lines into play as resistance. One from 2015 and the other from last year. They may only prove to be minor in nature, broadly speaking, but could present problematic in the short-term. The first level of support clocks in around 5442.

CAC: Daily

CAC daily price chart

---Written by Paul Robinson, Market Analyst

To receive Paul’s analysis directly via email, please SIGN UP HERE

You can follow Paul on Twitter at @PaulRobinsonFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES