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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
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
More View more
Real Time News
  • Heads Up:🇯🇵 Bank Lending YoY (JUN) due at 23:50 GMT (15min) Expected: 7.2% Previous: 4.8% https://www.dailyfx.com/economic-calendar#2020-07-07
  • The ASX 200 and AUD/JPY are at risk of losses as cases of Covid-19 continue to climb in Victoria, Australia’s second-most populous state. Get your #ASX market update from @DanielGMoss here: https://t.co/O0LNvhy4eY https://t.co/D0gLVmr3Oy
  • Will be discussing the outlook for equities such as the #DowJones and covering the growth-linked Australian and Canadian Dollars. Signup below! #AUDUSD $USDCAD https://t.co/3zrxxRtpEf
  • If you missed yesterday's live coverage of the #RBA rate decision where I discussed the outlook for the Australian Dollar, check out the recording below - https://t.co/KyXcN0ExHg
  • #AUDJPY May Extend Losses as Growing #Virus Cases Sour Risk Appetite⬇️ https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/07/07/AUDJPY-May-Extend-Losses-as-Growing-Virus-Cases-Sour-Risk-Appetite.html
  • Join @ddubrovskyFX 's #webinar at 8:00 PM ET/12:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/G4L3ed3Lj4
  • The US Dollar is pressured as rising coronavirus cases fail to dent 2021 GDP bets. Could the Singapore Dollar, Indonesian Rupiah, Philippine Peso and Malaysian Ringgit rise? Find out from @ddubrovskyFX here:https://t.co/u1qhaIGGoC https://t.co/6APl3pMZhF
  • Join @ddubrovskyFX 's #webinar at 7:00 PM ET/11:00 AM GMT to find out what information you can gain from knowing what other traders are buying or selling. Register here: https://t.co/Bb3CTCTm44 https://t.co/NdLv5isHMg
  • A bullish 50-dma/200-dma crossover is about to be formed on the daily copper chart suggesting that further gains are likely in the short- to medium-term.Get your copper market update from @nickcawley1 here: https://t.co/arrykVq1nu https://t.co/bjmKvS7V0y
  • Hong Kong Monetary Authority (HKMA) boosts intervention to $HKD 10.331 billion to defend $USD currency peg
DAX Technical Update – Long-term Trend-line Met, Now What?

DAX Technical Update – Long-term Trend-line Met, Now What?

2018-08-14 08:18:00
Paul Robinson, Strategist

DAX Technical Highlights:

  • DAX drops down to long-term trend support
  • Bottom and top-side t-lines converging/H&S potential
  • Price action not giving good cues in the near-term

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

In last week’s DAX tech update, we were focused on a technical formation on the hourly chart which suggested near-term weakness. The target on a down-move was the February 2016 trend-line, and as it turned out, as far as we’re concerned given the long-term nature of the line, the line was tested. The test wasn’t a thorough one, but long-term levels need to be given a small buffer around them. These lines should be drawn with a crayon and not a fine-point pen.

So, what could be next? In the short-term, we will give support the benefit of the doubt as per usual. On the top-side, though, things are getting bunched up a bit with the convergence of the aforementioned long-term trend-line and the one running down off the record high. The convergence in price action since January suggests a big move is coming relatively soon (next ~6 weeks, just in time for one of the busiest times of the year).

One big-picture possibility, still, is for the developing head-and-shoulders dating back to June of last year to trigger. Its symmetry is coming into question given how far out the right side of the pattern is extending, but should the neckline break in the not-too-distant future it could still. This would first require a break below the Feb ’16 trend-line, followed by a break below roughly 11600. It’s not an immediate concern, so we’ll revisit it later should it become a relevant scenario.

In the short-term, it’s a tricky spot as shorts aren’t appealing with big support right at hand while longs have a bit of a headwind to contend with as price action thus far hasn’t been too reactive to the top-side (maybe a better test of the Feb ’16 t-line will change this.

So far this month, we’ve seen the FX market fly around but the same headlines hitting currencies haven’t impacted indices too much. This could change, but if things settle out across the board there may be a lull from now into September as this time of the year can be a relatively dull one. But don’t lose your focus if trading these markets, as we’ve seen in the past week things can heat up quickly.

For market sentiment and to learn more about how to use it in your analysis, check out the IG Client Sentiment page.

DAX Daily Chart (Feb '16 t-line)

DAX daily chart, Feb '16 t-line

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.


News & Analysis at your fingertips.