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.

Free Trading Guides
EUR/USD
Bullish
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
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
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
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • CPI in fact is at its highest point since January 2012 https://t.co/2XPVc7RxbB
  • China CPI and PPI came in better than expected but #AUDUSD isn't really giving much of a reaction, suggesting traders are waiting for the December 15 tariff decision and other major fundamental developments this week like the FOMC rate decision
  • 🇨🇳 CNY Producer Price Index (YoY) (NOV), Actual: -1.4% Expected: -1.5% Previous: -1.6% https://www.dailyfx.com/economic-calendar#2019-12-10
  • 🇨🇳 CNY Consumer Price Index (YoY) (NOV), Actual: 4.5% Expected: 4.3% Previous: 3.8% https://www.dailyfx.com/economic-calendar#2019-12-10
  • The $AUD erased half of November’s down move in a mere two days but the dominant trend bias continues to favor weakness ahead. Get your market update from @IlyaSpivak here:https://t.co/ShYksfwmHk https://t.co/W9iOmofo7d
  • Heads Up:🇨🇳 CNY Producer Price Index (YoY) (NOV) due at 01:30 GMT (15min), Actual: N/A Expected: -1.5% Previous: -1.6% https://www.dailyfx.com/economic-calendar#2019-12-10
  • Heads Up:🇨🇳 CNY Consumer Price Index (YoY) (NOV) due at 01:30 GMT (15min), Actual: N/A Expected: 4.4% Previous: 3.8% https://www.dailyfx.com/economic-calendar#2019-12-10
  • -How exposed are crude oil prices to weather-induced disruptions? - Flooding, high heat, climate change risks rattling key supply chain - Increased volatility in weather patterns may become a key concern https://www.dailyfx.com/forex/fundamental/article/special_report/2019/09/11/How-Crude-Oil-Prices-React-to-Weather-Induced-Disruption-Fears.html
  • 🇦🇺 AUD NAB Business Confidence (NOV), Actual: 0 Expected: N/A Previous: 2 https://www.dailyfx.com/economic-calendar#2019-12-10
  • The $USD may rise on the FOMC rate decision, while the British Pound, Swedish Krona and Norwegian Krone may gain on the UK election and ECB outlook. Get your market outlook from @ZabelinDimitri here:https://t.co/WvWHP8D710 https://t.co/6e5mzqwicG
DAX Technical Update – Upward Grind Brings Resistance into Focus

DAX Technical Update – Upward Grind Brings Resistance into Focus

2018-08-01 09:36:00
Paul Robinson, Currency Strategist
Share:

DAX Technical Highlights:

  • Channel off the June low keeping DAX pointed higher
  • Trend-line running off record high not far ahead
  • Seasonality turns negative for global markets

For the intermediate-term fundamental and technical outlook for the DAX & Euro, check out the DailyFX Q3 Forecasts.

Channel off the June low keeping DAX pointed higher

Not a lot has changed since discussing the DAX last week. The channel off the June low continues to act as our guide, and as long as price stays contained within it, then a neutral to upward bias remains intact. There is resistance via the trend-line off the record high just ahead, which if met, may be problematic.

If we see a rejection at resistance unfold and subsequent break of the lower parallel, then focus will quickly shift towards neutral to bearish. The same could be said if the channel were to break without seeing the January trend-line, but ideally for strengthening a short bias resistance is first tested.

It’s been a decent little summer rally for the DAX, but seasonality is turning against global stock markets. There has been a good deal of discussion in the media about seasonal headwinds the market faces the next couple of months, as is the case every year, but given the earlier year woes and where we are in the current cycle, it may be more important this year.

Whether we get a major swoon or minor weakness is yet of course to be seen, but should we start to see momentum come in on the downside in a big way in the weeks ahead we’ll be prepared to take advantage of a rising volatility environment. Keep in mind, though, August can also be a real snooze-fest as lots of traders leave their desk to squeeze in a summer vacation before time runs out.

Check out this guide to learn 4 core tenets for Building Confidence in Trading.

DAX Daily Chart (Channel remains the guide)

DAX daily chart, channel remains the guide

For live weekly updates on the DAX and other indices, join me live on Tuesdays for ‘Indices and Commodities for the Active Trader’.

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

News & Analysis at your fingertips.