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
Bearish
Oil - US Crude
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
Wall Street
Bullish
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
Bearish
GBP/USD
Bearish
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
More View more
Real Time News
  • #FTSE 100 and S&P 500 could have room for weakness ahead as the #CAC 40 attempts to climb towards key resistance. Get your European #equities update from @ddubrovskyFX here:https://t.co/gepciUHqxT https://t.co/j1ONIxOoT7
  • Market snapshot: #AUD, #NZD edging slightly lower while US equity futures are trading mixed.
  • Update on #Cryptocurrencies #BITCOIN +3.19% #BITCOINCASH +1.80% #ETHEREUM +2.25% #RIPPLE +1.07% #LITECOIN +2.33%
  • $EURUSD Daily Pivot Points: S3: 1.0802 S2: 1.0883 S1: 1.0933 R1: 1.1014 R2: 1.1046 R3: 1.1127 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • So far this week, those fortunes have flipped as the Nasdaq is working on its second consecutive down-day while the Dow has, so far, rallied through both sessions. Get your #equities technical analysis from @JStanleyFX here:https://t.co/uafQxTayEY https://t.co/7iGh15koeL
  • That was an impressive recovery from the #SP500 during the #WallStreet session. What's interesting to see is the pro-risk #AUD and #NZD being unable to capitalize nearly as much versus stocks. Could momentum be fading? #USD $AUDUSD $NZDUSD https://t.co/YBg6wzgG2i
  • The U.S. House passes the Uyghur Human Rights Policy Act $FXI $USDCNH
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.25% 🇨🇦CAD: 0.20% 🇯🇵JPY: -0.16% 🇨🇭CHF: -0.27% 🇦🇺AUD: -0.43% 🇬🇧GBP: -0.60% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/WUkvzm2KzY
  • Silver has been beaten handily by gold in the rush to haven assets inspired by the contagion. However, the gold/silver ratio was rising steadily before this crisis and will probably continue to do so. Get your #silver market update from @DavidCottleFX here:https://t.co/00DiZn6XZS https://t.co/ygkaj7nHr6
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 0.83% Gold: 0.06% Oil - US Crude: -2.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fmPVQRIybZ
DAX 30 Near-term Support-break May Lead to Major Long-term Level

DAX 30 Near-term Support-break May Lead to Major Long-term Level

2020-04-22 11:00:00
Paul Robinson, Strategist
Share:

DAX 30 Technical Highlights

  • DAX 30 corrective pattern broke yesterday
  • Could lead to retest or worse (but big support below)
  • CAC trading weaker than German counterpart

DAX 30 corrective pattern broke yesterday

The DAX recovery is coming from a seriously strong level of support, but at the moment it is at risk of making a run back lower towards long-term support if the break of a short-term rising wedge can lead to the breaking of another near-term shelf.

The ascending wedge was triggered with yesterday’s 4% down day, and on that there are some gap-fills that could come into play in the coming sessions. However, there is decent support right around 10200 that needs to break first. A break below 10198 will have the April 6 gap-fill at 10069 within reach, followed by the April 3 gap down from 9841 to the fill at 9527.

Beyond there and we are getting into retest territory of the March low. If the area around 10200 holds, then the wedge-break may turn out to be false a trigger, so the key is to wait for that final piece of confirmation before running with a more aggressive short bias.

Top Trading Lessons
Top Trading Lessons
Recommended by Paul Robinson
Find Out the #1 Mistake Traders Make
Get My Guide

DAX Hourly Chart (wedge broke, watch support)

DAX hourly chart

DAX Chart by TradingView

The monthly chart is one of my favorite long-term charts of any market. The low in March arrived the trend-line dating back to 1982. It crosses under the 2003 and 2009 lows, also very important lows. Furthermore, that trend-line is in confluence with the 2000 and 2007 tops, very important bull market highs.

The March low is viewed as an extremely pivotal threshold moving forward from the macro-tech perspective. Stay above and the trend is at worst sideways, but still keeps the market pointed higher. A break below could usher in a very nasty prolonged bear market. For now support is to be respected.

DAX Monthly Chart (major long-term support)

DAX monthly chart

DAX Chart by TradingView

CAC trading weaker than German counterpart

The CAC didn’t recover as vigorously as the DAX did, which leaves it exposed to getting hit harder should another round of selling set in. The 4318 level is an important one followed by the 4154 gap from April 3. Beyond there we are in retest territory along with the DAX, which for the most part with the German benchmark being the larger market and having that massive level of support, will be the market to watch from a macro-tech standpoint.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Paul Robinson
Build confidence during these volatile times.
Get My Guide

CAC 40 Daily Chart (weaker than DAX)

CAC 40 daily chart

CAC Chart by TradingView

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

News & Analysis at your fingertips.