DAX trading – Page 25

Quiet Trading

April 27, 2021/in General News & Updates /by MaimarFX

Dear traders,

It has been a relatively quiet start to the new week with many trading instruments consolidating within narrow price ranges. Both EUR/USD and GBP/USD refrained from extending previous gains and consolidated below crucial resistance levels.

Let’s see what today brings.

EUR/USD: The pair proved unable to overcome 1.2120 – at least until now. If it now falls below 1.2040, bearish momentum may accelerate with lower targets being at 1.20 and 1.1950. For bullish action to revive we need to see a renewed break above 1.2115 or on the downside, a test of the current support zones at 1.20 and 1.1950.

GBP/USD: Watch out for breakouts either above 1.3920 or below 1.3860 for renewed momentum.

DAX: The ‘sleepy’ index is currently in a narrow sideways trading range and doesn’t offer traders any major chance. We will wait and see.

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Euro Virtually Unchanged Post ECB

April 23, 2021/in General News & Updates /by MaimarFX

Euro bulls didn’t get what they might have been looking for at yesterday’s ECB’s press conference. European Central Bank President Christine Lagarde said the ECB is not discussing to back out of its emergency bond buying program even as the central bank sees signs that the economy is picking up later this year. “The progress with vaccination campaigns, which should allow for a gradual relaxation of containment measures, should pave the way for a firm rebound in economic activity in the course of 2021,” Lagarde said.

Even though a hawkish rhetoric from the ECB was unlikely and premature at yesterday’s meeting, the euro took a brief look above 1.2060 before it came under increased selling pressure after there were no hints on the pace of the ECB’s PEPP program beyond Q2.

Technically, as long as the EUR/USD remains above 1.20 we see chances in favor of the bulls with next targets at 1.21 and 1.2130.

The GBP/USD corrected some of its gains towards 1.38 after the pair was unable to overcome the short-term 1.3950-resistance. As long as the cable remains below 1.39, we expect a deeper correction towards 1.3780 and possibly even 1.3750. Traders will watch the U.K. PMI report today at 8:30 UTC.

Elsewhere, stock investors captured some gains after President Joe Biden was said to propose almost doubling the capital-gain tax for rich investors, which could be as high as 43.4 percent for those earning $1 million or more. This has led to profit taking in the market while stocks dropped and the U.S. dollar advanced.

The DAX dropped from an intraday high at 15339 towards 15200 amid profit taking. Remaining below 15300 we will favor bearish momentum with the focus being on the crucial support at 15000.

Have a good weekend.

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Stock Market Takes A Breather, Euro And Pound Consolidate

April 21, 2021/in General News & Updates /by MaimarFX

The stock market has been taking a breather after the big rally and thus we saw the DAX falling like a stone towards 15100. While this correction was overdue after the latest gains, it will be interesting whether the 15000-support (red dashed line) will hold. If the index drops significantly below that support barrier, we see a lower support zone between 14800 and 14600. Bulls who want to go for 16000 could raise hopes after a break above 15550.

Both EUR/USD and GBP/USD finally refrained from extending their gains towards higher targets and consolidated Tuesday.

GBP/USD: The cable reversed after a test of 1.40 failed to ignite further gains. While the outlook remains bullish in this pair, we might see a deeper correction towards 1.3870 and possibly even 1.38 before bullish momentum accelerates again.

EUR/USD

Looking at shorter time frames (hourly chart) we see a head-shoulders pattern suggesting upcoming bearish momentum in case of a break below 1.2015 (red neckline). If 1.20 breaks, we will focus on lower prices between 1.1985 and 1.1950 (rectangle) that could attract more buyers in this pair. This short-term pattern becomes however void with an upside break of 1.2050.

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Daily Forex Signals

April 15, 2021/in General News & Updates /by MaimarFX

Not much has changed in the technical picture since yesterday with the U.S. dollar being little changed after several days of losses.

DAX: While the index dipped below 15200, bearish momentum was not sustained with the DAX hovering around the 15200-mark.

Let’s see what today brings. We will have U.S. Retail Sales scheduled for release at 12:30 UTC, a report that could increase volatility in USD crosses.

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EUR/USD

Long @ 1.2015

Short @ 1.1965

GBP/USD

Long @ 1.3810

Short @ 1.3735

DAX® (GER30)

Long @ 15240

Short @ 15190

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Investors Shrug Off Rise in U.S. Inflation

April 14, 2021/in General News & Updates /by MaimarFX

U.S. Consumer prices rose more than expected but the slightly higher reading was not enough to push the U.S. dollar higher as investors speculated the rise in inflation was not enough to lead to a change in the Federal Reserve’s policy path. Moreover, a lot of recovery and inflation have already priced into the market with higher taxes now becoming a bigger risk than the pandemic.

The best performer was the euro which rose against the greenback with the EUR/USD trading around 1.1965 this morning, entering a crucial resistance zone. We expect further gains until 1.1980 and possibly even a test of 1.20 before more sellers show up. A higher support is now seen at 1.1890.

The GBP/USD resumed its upward trend after a dip below 1.37 proved short-lived. We see a next bullish target at 1.3840 but recommend sterling bulls to wait for a sustained break above 1.3850 and more importantly above 1.3920 to expect further gains until 1.40 and 1.42. On the downside, the 1.36-support remains in focus.

The DAX continued its consolidation and as long as there is no breakout either above 15300 or below 15200 there is nothing new to report.

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Profitable Weekly Start – More Gains In Store?

April 13, 2021/in General News & Updates /by MaimarFX

It has been a profitable start to the new week with Sterling trading sharply higher against the U.S. dollar and the DAX steadying above 15200.

GBP/USD: The cable rose to a high of 1.3777 and provided shot-term bulls a good gain. Another break above 1.3775 could now lead to a test of 1.38 and further 1.3835. Below 1.3720 however, sterling could give up gains towards 1.3680. Bears in this pair should wait for a third test of 1.3670 which could consequently result in a clear break and steeper losses towards 1.36.

DAX: Volatility remains at muted levels with the index ranging in narrow price spans between 15280 and 15180. We generally favor the uptrend with a next higher target at 15850 but traders should also brace for potential corrections towards 15000 (blue rectangle). The 15000-zone could be a tempting entry area for bulls.

EUR/USD: The euro traded in a narrow price range and we will wait for a renewed break above 1.1920 in order to anticipate higher targets between 1.1970 and 1.1990. A bearish break below 1.1860 however, could drive the pair lower towards 1.1830.

Today we will have the U.S. CPI report scheduled for release at 12:30 UTC and if there is a strong upside surprise, the U.S. dollar will rise.

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British Pound Extends Slide While Euro Rebounds

April 8, 2021/in General News & Updates /by MaimarFX

The worst performer yesterday was the British pound which broke below 1.38 and extended its slide towards 1.3720. While the pound’s recent slide can be attributed to profit-taking and the subsequent drop below crucial technical barriers, traders should bear in mind that the pound’s overall upward trend is still intact. If GBP/USD remains above 1.37, we anticipate a rebound towards 1.3850. However, if the March low at 1.3670 breaks, chances are in favor of further bearish momentum with a next lower target at 1.36.

The euro, on the other side, rebounded against the U.S. dollar and tested the 1.1920-resistance area. Bulls will now wait for a renewed break above 1.19 in order to anticipate further gains. If bulls are unable to push the euro above 1.19, the focus shifts to the 1.1860-50-area and a break below that short-term support could lead to further losses towards 1.18. Breaking further below 1.1780, the euro could resume its downward trend towards 1.16.

The DAX found a short-term support at the 100-Day EMA (15160) from where it gained ground and finally ended the day above 15200. Let’s see what the market has to offer today.

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EUR/USD und GBP/USD mit Aufwärtspotenzial

April 6, 2021/in General News & Updates /by MaimarFX

Willkommen allerseits zurück nach einem langen Wochenende.

Die U.S. Arbeitsmarktdaten, welche am Karfreitag veröffentlicht wurden, übertrafen alle Markterwartungen und zeigten mit 916K Stellen das stärkste Jobwachstum in sieben Monaten. Jedoch überraschte das durchschnittliche Lohnwachstum nicht positiv und aufgrund der niedrigen Volatilität zu den Osterfeiertagen gab es somit auch keine großen Bewegungen.

Die rapide Erholung des U.S. Arbeitsmarktes könnte mittelfristig zu einem stärkeren U.S. Dollar führen denn Marktakteure schwenken ihren Fokus langsam in Richtung einer Wende in der Zinssatz Entwicklung der Federal Reserve. Investoren werden zudem die Auswirkungen der, von der Biden Regierung, geplanten Unternehmenssteuererhöhung beurteilen. Einige Wirtschaftler fürchten, dass höhere Steuern die Konjunkturerholung dämpfen werden.

Beide unserer Hauptwährungspaare starteten die neue Woche mit freundlicher Tendenz und weitere Bullendynamik könnte eventuell bevorstehen. Werfen wir einen Blick auf das technische Bild:

GBP/USD

Das Britische Pfund wartete im ersten Quartal generell mit Stärke auf gegenüber anderen Gegenspielern denn der Markt preist eine schnellere Rückkehr zur Normalität ein vor dem Hintergrund der erfolgreichen Impfkampagne im Vereinigten Königreich. Die U.K. Regierung geht in die nächste Phase ihres vier-Stufen Plans zur Wiedereröffnung der Wirtschaft und eben dieser Optimismus könnte das Pfund in den nächsten Wochen höher treiben. Solange das Paar oberhalb von 1.38 und 1.3750 verbleibt, rechnen wir mit steigender Tendenz und einem potentiellen Test von 1.40 – dem wichtigen Widerstandslevel. Sollte 1.40 nach oben gebrochen werden, so befänden sich höhere Ziele bei 1.42 und 1.4450.

EUR/USD

Die schwindende U.S. Dollarstärke hat dem Währungspaar geholfen sich nahe 1.18 zu stabilisieren. Während sich die Eurozone weiterhin mit Herausforderungen konfrontiert sieht, so besteht auch weiterhin Druck auf den Euro. Dennoch werden wir unseren Blick auf die Widerstandszone zwischen 1.1950 und 1.20 richten, welche eine profitable Verkaufsgelegenheit bieten könnte. Oberhalb von 1.2015 könnte hingegen das höhere 1.2150-Widerstandslevel getestet werden. Auf der Unterseite sehen wir eine kurzfristige Unterstützung bei 1.1670, gefolgt von dem gewichtigen Support bei 1.16. Sollte 1.16 zur Unterseite brechen, so sehen wir ein tieferes Ziel bei 1.12.

DAX

Der Index kennt nur ein Richtung- aufwärts. Während wir bereits ein nächstes höheres Ziel bei 15750 einzeichnen, bereiten wir uns auch auf eine Korrektur vor. Das 15000-Level könnte jetzt als eine Unterstützung dienen, doch sollte diese brechen, könnte es zu einer tieferen Korrektur bis 14800 und eventuell 14400 kommen.

Diese Woche steht am Mittwoch das FOMC Protokoll an, jedoch gehen wir hierbei nicht von einem Auslöser für große Marktbewegungen aus. Am Donnerstag wird Federal Reserve Präsident Jerome Powell an einer Diskussion zur globalen Weltwirtschaft teilnehmen.

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Der Inhalt des Beitrags spiegelt die persönliche Meinung des Autors wider. Dieser übernimmt für die Richtigkeit und Vollständigkeit keine Verantwortung und schließt jegliche Regressansprüche aus. Dieser Beitrag stellt keine Kauf- oder Verkaufsempfehlung dar.

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EUR/USD And GBP/USD See Upside Potential

April 6, 2021/in General News & Updates /by MaimarFX

Welcome back at the desks after a long weekend.

Nonfarm payrolls data released on Good Friday smashed all market expectations and came in at 916k which was the strongest job gain in seven months. However, average hourly earnings did not surprise to the upside and given the low volatility environment during the Easter holiday, there were no major market movements.

The rapid healing of the U.S. labor market could lead to a stronger U.S. dollar in medium-term time frames as market participants will slowly shift their focus towards a change in the Fed’s future interest rate path. Investors will also assess the impact of the Biden administration’s proposed increase to the corporate tax rate, fearing that higher taxes will hinder the economic recovery.

Both EUR/USD and GBP/USD started the new week on a positive note and further bullish momentum could be ahead. Let’s take a look at the technical picture:

GBP/USD

The British pound has generally strengthened against its counterparts in the first quarter as the market prices in a faster return to normality on the back of the U.K.’s successful vaccine rollout. With the U.K. government moving to the next stage of its four-stage reopening plan, optimism could drive the pound higher. As long as the currency pair holds above 1.38 and 1.3750, we anticipate an uptick with a potential test of 1.40 – a crucial resistance level. If 1.40 breaks to the upside, higher targets are seen at 1.42 and 1.4450.

EUR/USD

Fading U.S. Dollar strength has helped the currency pair to stabilize around 1.18. While the Eurozone continues to face challenges, the euro is likely to remain under pressure. Nonetheless, we will turn our focus to the resistance area between 1.1950 and 1.20 which could provide a profitable opportunity to sell euros at higher levels. Above 1.2015, the euro could even test 1.2150. On the downside we see a short-term support at 1.1670 followed by a crucial support at 1.16. If 1.16 breaks to the downside a next lower target is seen at 1.12.

DAX

The index knows only direction – upwards. While we pencil in a next higher target at 15750, we also brace for a correction. The 15000 level could now serve as a support but if it breaks, we could see a deeper correction towards 14800 and possibly even 14400.

This week we will have the FOMC meeting minutes on Wednesday but we don’t expect the minutes to serve as a catalyst for big market movements. On Thursday Federal Reserve Chairman Jerome Powell takes part in a panel about the global economy.

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Quiet Market Environment – Until Now

March 30, 2021/in General News & Updates /by MaimarFX

Not much was going on in the Forex market on Monday.

Headlines about the Archegos Capital Management implosion and concerns about a potential contagion effect did not affect the currency market. In a nutshell, the risk rally continues on the back of the protective shield of Federal Reserve stimulus and investors enjoy it while it lasts.

GBP/USD: The pound headed for a test of the 1.3850-resistance area but bullish momentum was not enough to push the pair higher, so the cable finally ended the trading day virtually unchanged. In short-term time frames, we will now focus on a downside break of 1.3750 which could lead to further losses towards 1.3670. On the upside and above 1.3815 again, we may see another leg up targeting at 1.3870-80.

EUR/USD: The euro remained stuck in a very narrow trading range between 1.1795 and 1.1760. We will have to wait and see.

DAX: The index climbed towards 14900 and the 15000-level is the next target for bulls. If the index falls however below 14800, chances could shift in favor of the bears.