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
Bullish
USD/JPY
Bullish
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
Bearish
Bitcoin
Bearish
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Traders should know how to confidently approach, enter and exit both Bull or Bear markets. Need some insight into it? Get it from @nickcawley1 here: https://t.co/GhvvFrB3gz https://t.co/HcUUXMO1bK
  • 🇬🇧 GBP BOE Asset Purchase Target (SEP), Actual: N/A Expected: 435b Previous: 435b https://www.dailyfx.com/economic-calendar#2019-09-19
  • 🇬🇧 GBP Bank of England Bank Rate (SEP 19), Actual: N/A Expected: 0.75% Previous: 0.75% https://www.dailyfx.com/economic-calendar#2019-09-19
  • European parliament favours Breixt extension if one is to be requested $GBP
  • Having a consistent trading strategy can’t be understated when it comes to the process of trading. How can having a consistent strategy avoid #FOMOintrading? Find out from @WVenketas here: https://t.co/f4y1FOOZnM https://t.co/2QHVgRlMc7
  • Heads Up:🇺🇸 USD MBA Mortgage Applications (SEP 13) due at 11:00 GMT (15min), Actual: N/A Expected: N/A Previous: 2.0% https://www.dailyfx.com/economic-calendar#2019-09-18
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.42%, while traders in France 40 are at opposite extremes with 79.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ReHxHQMPBJ
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Gold: 0.01% Oil - US Crude: -0.45% Silver: -0.93% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rq2EKnzq0p
  • Bitcoin breakout nears...#bitcoin #btc https://t.co/5si6ROEIBy
  • EUR/USD, EUR/JPY Technical Forecast: Failure at Crucial Resistance More details in the link below: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2019/09/18/EURUSD-EURJPY-Technical-Forecast-Failure-at-Crucial-Resistance-MK.html https://t.co/9sYz3Ee5wq
Dow Jones, Dax 30 Technical Forecast: Prices Eying a Test of Monthly High

Dow Jones, Dax 30 Technical Forecast: Prices Eying a Test of Monthly High

2019-09-09 14:28:00
Mahmoud Alkudsi, Market Analyst
Share:

Dax 30, Dow Jones Outlook

Have you seen our newest trading guides for USD, EUR and Gold ? Download for free our latest forecasts

Dow Jones – DAX 30 – Buyers in Control

On August 30, the Dow Jones corrected higher after creating a higher high at 26,551. On Tuesday, the index carved out a higher low starting a fresh uptrend. Similarly, the Dax 30 has been trading higher and printed on Friday 12,206 -its highest level in nearly five weeks.

Alongside this, the Relative Strength Index (RSI) on both indices climbed towards 60 indicting to the buyer’s domination at this stage.

Just getting started? See our Beginners’ Guide for FX traders

Dow Jones PRICE Daily CHART (Oct 25, 2017 – Sep 9, 2019) Zoomed OUT

Dow Jones price daily chart 09-09-19 Zoomed out

Dow Jones PRICE Daily CHART (April 20 – Sep 9, 2019) Zoomed IN

Dow Jones price daily chart 09-09-19 Zoomed in

Looking at the daily chart, we notice last week the Dow jones remained trading in current trading zone 26,050 – 27,403. The index tested the low end of the zone, then pushed higher. This could open the door for the index for a test of the high end, contingent on clearing the weekly resistance levels underlined on the chart (zoomed in).

Thus, a break above the high end of current trading zone could lead Dow jones to print its all times high. A close above the high end may push the price towards 112.2% Fibonacci extension 27,687.

On the other hand, any failure to close above the high end could reverse the price’s direction sending the index back to the low end of the zone. Further close below the low end, may see the Dow Jones trading even lower towards 24,860. Although, the weekly support levels underscored on the chart need to be considered.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Dax 30 Daily price CHART (DEC 20, 2018 – Sep 9, 2019) Zoomed out

Dax 30 daily price chart 09-09-19 zoomed out

Dax 30 Daily price CHART (DEC 20, 2018 – Sep 9, 2019) Zoomed In

Dax 30 daily price chart 09-09-19 zoomed in

Looking at the daily chart, we notice on Wednesday the Dax 30 rallied to a higher trading zone 11,935 – 12,490 eyeing a test of the high end of the zone.

Thus, a close above the high end could push Dax 30 towards 12,840. That said, the resistance area and levels marked on the chart (zoomed in) should be kept in focus. Further close above this level may continue bullish price action towards 13,208. Taking into consideration the weekly resistance levels underlined on the chart.

On the flip side, any failure in closing above the high end could change the price’s course sending it back to the low end of the zone. Further close below the low end may press the index towards the vicinity 11,690 – 11,720. Nonetheless, the weekly support levels underlined on the chart should be monitored.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.