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
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
GBP/USD
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
USD/JPY
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
Oil - US Crude
Bullish
Bitcoin
Mixed
More View more
Real Time News
  • $NZDJPY climbing on hotter-than-expected New Zealand inflation data https://t.co/o5KHsyRBO6
  • #NZDUSD edges modestly higher after local CPI data beat forecasts https://t.co/NiTWwq9z3H
  • New Zealand Consumer Price Index (YoY) (3Q) Actual: 1.5% Expected: 1.4% Previous: 1.7% And CPI (QoQ) (3Q) Actual: 0.7% Expected: 0.6% Previous: 0.6% #NZDUSD #RBNZ
  • #Nasdaq: The widely-watched #FAANG group could fall to the wayside if Netflix’s earnings disappoint. Get your market update from @PeterHanksFX here: https://t.co/pDFxAlDVe2 https://t.co/X0ZDTPwjRu
  • Heads Up:🇳🇿 NZD Consumer Price Index (YoY) (3Q) due at 21:45 GMT (15min), Actual: N/A Expected: 1.4% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2019-10-15
  • Heads Up:🇳🇿 NZD Consumer Price Index (QoQ) (3Q) due at 21:45 GMT (15min), Actual: N/A Expected: 0.6% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2019-10-15
  • $EURCHF Daily Pivot Points: S3: 1.0879 S2: 1.0942 S1: 1.0971 R1: 1.1035 R2: 1.1069 R3: 1.1132 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • SKEW tail risk volatility indicator is currently at its highest level since July 29. Finally waking up it seems. What a leading indicator <end sarcasm>
  • Fed's Daly: -Sees US economy, FOMC policy in good place -Too soon to make sense of recent yield curve steepening -Wants 2% inflation achieved sustainably within a year -Data dependence still key for Fed policy
  • If you are harboring any designs for the Kiwi Dollar trades or have exposure, we have a 3Q CPI update coming shortly
Technical Outlook for Crude Oil, Dow Jones, DAX & More

Technical Outlook for Crude Oil, Dow Jones, DAX & More

2019-06-12 11:45:00
Paul Robinson, Currency Strategist
Share:

U.S. indices are set up for near-term weakness, pay attention to how it develops. The DAX is moving lower off an underside trend-line test, outlook is questionable. Crude oil remains quite weak and with a little more selling it will soon be at recent lows or worse.

Technical Highlights:

  • Crude oil very weak, recent lows at risk
  • Dow Jones set up to pullback
  • DAX turning lower off underside t-line

Make more informed decisions by checking out our trading forecasts and educational resources on the DailyFX Trading Guides page.

Crude oil very weak, recent lows at risk

Crude oil has failed to gain much of a bid recently and while last week’s reversal candle suggested some upside could be in store this week that has not been the case. The trend-line noted in the oil weekly forecast running down from three weeks ago indeed proved to be enough to cap an advance.

This has the recent lows at 50.54 in focus and at risk of breaking. Ideally, if support is to break we see at least one small bounce off of it to further it along as a notable level. A break will have further weakness towards trend support from the Feb 2016 low coming into focus down around the 45/46-area.

WTI Crude Oil Daily Chart (watch 50.54)

Technical Outlook for Crude Oil, Dow Jones, DAX &amp; More

Check out the Q2 Crude Oil Forecast for the intermediate-term fundamental and technical outlook.

Brent crude oil of course has a very similar look to WTI, with the 60.47 low in focus as near-term support. A hold of support and eventual drop through should continue weakness.

Brent Crude Oil Daily Chart (60.47 support)

Technical Outlook for Crude Oil, Dow Jones, DAX &amp; More

Dow Jones set up to pullback

The Dow Jones has become extended in recent sessions, setting itself up for some weakness. How much weakness is hard to say, conviction in equities in the near-term is lacking in either direction from where I sit.

Taking a wait-and-see approach to see how a decline unfolds to determine whether a consolidation pattern wants to materialize or sellers show up in earnest. The head-and-shoulders scenario is still on the table, but will require a turn down and eventual break of the neckline some distance lower before it becomes a scenario worth getting excited over.

Dow Jones Daily Chart (watch price action on pullback)

Technical Outlook for Crude Oil, Dow Jones, DAX &amp; More

Check out the Q2 Equities Forecast for the intermediate-term fundamental and technical outlook.

DAX turning lower off underside t-line

The DAX is turning lower off the underside of the December trend-line. Again, as is the case with U.S. equities the outlook isn’t clear here. The market may be posting a lower high from the May 16 swing-high in an ongoing bearish sequence since the peak at the beginning of last month. To the contrary, a gradual decline could be met with buying and a run towards 12400+ could be in store soon. Risk/reward does seem to be too appealing at this time for either side of the tape.

DAX Daily Chart (falling from December t-line)

Technical Outlook for Crude Oil, Dow Jones, DAX &amp; More

Resources for Index & Commodity Traders

Whether you are a new or an experienced trader, DailyFX has several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, and trading guides to help you improve trading performance.

We also have a series of guides for those looking to trade specific markets, such as the S&P 500, Dow, DAX, gold, silver, crude oil, and copper.

---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.