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
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • The recent surge in the Treasury market has pushed the benchmark 10Y yield back above the S&P 500 dividend yield https://t.co/x28BFkmjNv
  • S&P 500 on the verge of getting separation from March trend-line. Nasdaq 100 below March trend-line, triggering H&S pattern. Get your #equities market update from @PaulRobinsonFX here:https://t.co/quhMgBpoiq https://t.co/n0jtTnVNwl
  • Japanese Gov't recommends 2-week extension of Tokyo virus emergency - BBG $JPY
  • While the rise in yields is weighing on risk trends, carry trade didn't seem to take the hit. In fact, the charge in US yields seems to have far outweighed the de-risking from $USDJPY's perspective: https://t.co/KpOpgopOep
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.40% 🇦🇺AUD: -0.69% 🇳🇿NZD: -0.81% 🇯🇵JPY: -0.90% 🇨🇭CHF: -0.97% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8Tvotykz9y
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.33% Gold: -0.69% Silver: -2.64% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/faJTbi16VK
  • AUD/USD now off daily lows, remains much weaker as a result of broad US Dollar strength $AUDUSD https://t.co/OkdKWbepAR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 70.14%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/XXOjh5LmaB
  • Silver price action stalls between Moving Averages. Platinum prices currently confined by Fibonacci Support. Get your market update from @Tams707 here:https://t.co/Nbl8FDmfps https://t.co/VyuZzP8w2q
  • US Markets at the Close $NDX 12464.0 -1.73% $SPX 3768.49 -1.34% $DJI 30924.14 -1.11%
DAX Technical Outlook: Bounce Turn Into a Rally or Roll Over?

DAX Technical Outlook: Bounce Turn Into a Rally or Roll Over?

Paul Robinson, Strategist

DAX Technical Highlights:

  • DAX rallying into resistance zone
  • Lower-high or rally gain legs, soon find out

For a broader fundamental and technical outlook on major markets, and to see how our Top Trading Opportunities for 2018 are performing, check out the DailyFX Trading Guides.

The recent decline found buyers around 12600, an area which was previously resistance in April. The move thus far hasn’t been the most powerful, and begs the question as to whether the market is trying to get its legs under it or is simply in a corrective move that could turn into a deeper decline off last month’s high.

Resistance surrounding 12900 could at the least prove problematic in either case, so how a turn down from there, should one develop, will be watched keenly for further indications. A turn down will have a trend-line off the March low quickly in focus, but it’s not yet viewed as the most steadfast line at this time.

A push through the 12900-area will have a minor gap-day reversal high at 13041 in focus, followed by the trend-line of the record high, then trailed up by 13204. It seems the market will need some help to rally to and through that final level: via strong global risk appetite and/or euro weakness to again act as a boon for Eurozone equity markets.

See this guide for 4 ideas on how to Build Confidence in Trading.

DAX Daily Chart (Turn down again soon?)

DAX daily chart with levels and lines to watch, turn down soon or rally?

Tactically, for those looking to short, the area just ahead could offer a good backstop for assessing stops while looking for another leg lower to develop. On the flip-side, longs need to focus on the recent lows and to a lesser degree the trend-line extending higher since March.

Overall, the picture isn’t the cleanest at the moment, and conviction isn’t the highest from either side of the tape. We saw a big move out of European indices during April/May, extended slides out of currencies tied to those indices – we are in a bit of an ‘in-between’ period at the moment.

Forex & CFD Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

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