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. See our updated Privacy Policy here.

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
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
More View more
Real Time News
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here: https://www.dailyfx.com/forex/fundamental/forecast/weekly/CHF/2021/09/18/Gold-Price-Outlook-Hinges-on-Fed-Rate-Decision-Forward-Guidance.html https://t.co/dWWxtErjK0
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/4qxwiJsV1K
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/stMPuq0VXR
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/v6RGICQvge
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here: https://t.co/d8Re5anlG5 https://t.co/rws9LHJV3E
  • RT @FxWestwater: Japanese Yen Forecast: JPY Crosses Eye BoJ, CPI as Haven Flows Bolster Yen Strength Link: https://www.dailyfx.com/forex/fundamental/forecast/weekly/jpy/2021/09/18/Japanese-Yen-Forecast-JPY-Crosses-Eye-BoJ-CPI-as-Haven-Flows-Bolster-Yen-Strength.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:/…
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/FVisZuTP6M
  • Stocks appear to be in a corrective phase but could get put to the test; levels and lines to watch in the days ahead. Get your weekly equities forecast from @PaulRobinsonFX here: https://t.co/H1BaTlIHjY https://t.co/zP3mjfslSD
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here: https://t.co/4jsORznRTE https://t.co/Of1thU4zXw
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://t.co/p2FhEwym1E https://t.co/MjiYB85TSF
DAX 30 & CAC 40 Charts – Big-picture Price Pattern Remains Threat to Rally

DAX 30 & CAC 40 Charts – Big-picture Price Pattern Remains Threat to Rally

Paul Robinson, Strategist

DAX 30/CAC 40 Technical Highlights

  • DAX edging higher, trading around big-picture resistance
  • CAC has a sharp channel keeping price pointed higher (for now)

To see our intermediate fundamental and technical outlook for the DAX & Euro, check out the DailyFX Q1 Forecasts.

DAX edging higher, trading around big-picture resistance

Allowing for a little latitude on how you define the neckline of the 2017/2018 head-and-shoulders pattern, the DAX is currently trading around it. If the pattern is to play out to its full potential, then the market should begin turning down very soon. The March low from last year is also in rough confluence. This period right now may turn out to be crucial when we look back at it sometime later on.

The DAX is currently above the 2011 trend-line it broke in December, but given the larger topping pattern remains intact, it’s not viewed a strongly bullish recapture of broken trend support. A material push above the neckline of the H&S formation, though, will, and at that juncture the market may want to rise a significant way higher.

At the immediate moment, price action is a bit troubling for either side of the tape as it becomes extended over the past few weeks. Not an ideal spot to initiate fresh longs with a pullback at the least being the near-term risk, however; without any meaningful bearish price action shorting isn’t particularly appealing just yet. A little more time will tell if indeed we are at an important cross-road.

DAX Daily Chart (Big-picture resistance)

DAX daily chart, big-picture resistance

DAX Weekly Chart (H&S Top Still Intact)

DAX Weekly Chart, H&S top still intact

CAC has a sharp channel keeping price pointed higher (for now)

Since the low the CAC has risen in a very uniform fashion within the confines of a slender bullish channel. It continues to act as a solid guide for both sides of the tape – stay within and the outlook remains bullish, break outside and weakness becomes the risk. The next line of resistance doesn’t arrive until near 5400 where a trend-line off the May high lies. Keep an eye on the DAX and the relative performance of the CAC, the latter has been strong but a turn down in Germany will mean weakness of some sort in France.

CAC Daily Chart (Channel acting as guide)

CAC daily chart, channel acting as guide

Want to learn more about trading the DAX? Check out ‘How to Trade the DAX’, and join me weekly for technical updates in the Indices and Commodities webinar.

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