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
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
More View more
Real Time News
  • Why do you require consistency in trading and why does it matter? Find out: https://t.co/f4y1FOOZnM #tradingstyle https://t.co/x5HgYopWc5
  • The USD may rise if the FOMC re-affirms its data-dependent approach and cools 2020 rate cut bets. US retail sales and CPI data may also give the Fed impetus to hold rates. Get your $USD market update from @ZabelinDimitri here: https://t.co/XnDITaDOox https://t.co/A480uVMqF2
  • What tools does the ECB have left to stimulate the Eurozone? Where is the #Euro heading? Find out from Chief Eurozone Economist at Pantheon Macroeconomics Claus Vistesen only on Trading Global Markets Decoded #podcast hosted by @MartinSEssex here:https://t.co/Twr44cZ1GB https://t.co/DXlDH5Cp9e
  • The price of oil extends the advance from the October low as #OPEC and its allies pledge to take additional steps to balance the energy market. Get your crude #oil market update from @DavidJSong here: https://t.co/llGq8yPFH4 #OOTT https://t.co/1OCVOIrK98
  • Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the XAU/USD weekly chart. Get your gold technical analysis from @MBForex here: https://t.co/ovGheRg4MQ https://t.co/ZEQSYktj0w
  • What is your #tradingstyle? Take the quiz and let us know: https://t.co/LPBOcS0Vtd https://t.co/l6FvtcADEH
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
DAX 30 & CAC 40 Charts: Continued Weakness Looks Likely

DAX 30 & CAC 40 Charts: Continued Weakness Looks Likely

2019-05-29 09:00:00
Paul Robinson, Currency Strategist

DAX 30/CAC 40 Technical Highlights

  • DAX breaking through December trend-line
  • CAC 40 breaking neckline of H&S pattern

Check out the DailyFX Q2 Trading Forecasts to find out where our team of analysts see the Euro, DAX, and other markets are headed in the coming weeks.

DAX breaking through December trend-line

The DAX is currently trading below the trend-line from December. With a little more weakness price support around 11844 will also be broken, helping carve out a lower-low from May 13. This occurrence will be arriving after the May 16 lower-high relative to the monthly high.

This creates a situation where you have not only an important trend-line broken, but also the first true bearish price sequence in place since the low to end last year. This is seen as potentially setting the market up for a broader decline.

First up as support under 11844 is a gap-fill from April 2 at 11755, followed by the 200-day MA at 11617 which is in confluence with the lower parallel tied to the t-line running off the monthly high, another gap-fill at 11526, then the March low at 11300.

DAX Daily Chart (December t-line broken)

DAX 30 & CAC 40 Charts: Continued Weakness Looks Likely

CAC 40 breaking neckline of H&S pattern

Last week, we looked at the possibility of a head-and-shoulders pattern coming into play, and as long as a close below the neckline takes shape today then the pattern will be validated. The 200-day is nearby at 5183 but may not present much support as it stands by itself and arrives shortly after an important pattern-break.

The height of the pattern from head to neckline points to a ~350 decline from the neckline around the 5250-mark, or to around 4900. There aren’t any real significant levels of support between here and there.

CAC Daily Chart (H&S neckline breaking)

DAX 30 & CAC 40 Charts: Continued Weakness Looks Likely

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.


News & Analysis at your fingertips.