• Home
  • Contact
  • Privacy Policy
  • Store
my forex coaching
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Crypto
  • Technical Analysis
  • Stock Trading
  • Product Reviews
  • News
  • Videos
No Result
View All Result
my forex coaching
No Result
View All Result
Home Technical Analysis

At Risk of a Pullback, Possible Top

Forex Tips by Forex Tips
November 9, 2022
in Technical Analysis
0
At Risk of a Pullback, Possible Top
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


DAX/CAC Technical Highlights:

  • DAX trading around the 200-day MA, at risk of breaking down as US stocks look weak
  • CAC doesn’t have any significant technical threats but will of course go the way of the DAX

Recommended by Paul Robinson

Get Your Free Equities Forecast

DAX and CAC 40 Technical Outlook: At Risk of a Decline

The DAX outlook is quickly turning towards seeing a decline unfold as it has become extended around the 200-day MA and US stocks continue to look vulnerable to continuing the bear market. While Europe may hold up better it will be virtually impossible for it to escape the gravity of the US stock market.

Taking it one step at a time, the 200-day MA alone can present unique challenges for a market. This visitation is the first since January and is seen as likely at the least inducing a pullback, if not worse if the broader global market takes a sharp turn down here.

If the pullback scenario sis what is in play here, then we may see the DAX only decline a few hundred points before we find sponsorship again. There aren’t any highly significant levels to speak of at the moment, so this one may need to find some levels as we go.

If the broader bear market is to take hold again, then the DAX will participate in some way, and it would be unsurprising to see it get hit back towards the lows of September at some point in the relatively near future.

If the DAX can maintain up here and it turns out that the 200 is only a bump in the road, then the next level of sizable resistance clocks in at the summer highs at 13947. Given the general bear market bias that is in place this level could be highly meaningful if seen.

Recommended by Paul Robinson

Building Confidence in Trading

DAX Daily Chart

Chart, histogram  Description automatically generated

DAX Chart by TradingView

The CAC currently sits between the 200-day MA and the summer high, but if the DAX declines then this will follow suit in some manner. The first level of support to watch would be the 200-day at 6328 (& declining). On the top-side if the market can continue to trade higher then the 6608 level, the summer high, will come into focus as a highly significant point of resistance.

CAC Daily Chart

A picture containing chart  Description automatically generated

CAC 40 Chart by TradingView

Resources for Forex Traders

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





Source link

Share76Tweet47

Related Posts

EUR/USD, GBP/USD May Fall as Retail Traders Boost Upside Bets

EUR/USD, GBP/USD May Fall as Retail Traders Boost Upside Bets

by Forex Tips
June 6, 2023
0

US Dollar, EUR/USD, GBP/USD, Technical Analysis, Retail Trader Positioning – IGCS Update Recommended by Daniel Dubrovsky Get Your Free...

Base Building May Have Started

Base Building May Have Started

by Forex Tips
May 22, 2023
0

NATURAL GAS, NG - Outlook:Natural gas prices jumped to a ten-week high last week.The recent price action raises the...

A Reversal or a Dead-Cat Bounce in US Dollar? EUR/USD, GBP/USD, USD/JPY

A Reversal or a Dead-Cat Bounce in US Dollar? EUR/USD, GBP/USD, USD/JPY

by Forex Tips
May 17, 2023
0

US Dollar Vs Euro, British Pound, Japanese Yen – Price Setups:It would be premature to call the US dollar’s...

Resilience or a Lull Before the Storm?

Resilience or a Lull Before the Storm?

by Forex Tips
May 15, 2023
0

S&P 500, SPX, NASDAQ 100, NDX - OUTLOOK:The uptrend in S&P 500 and the Nasdaq 100 index remains in...

Is New Zealand Dollar Turning Corners? Price Setup in NZD/USD, AUD/NZD, GBP/NZD

Is New Zealand Dollar Turning Corners? Price Setup in NZD/USD, AUD/NZD, GBP/NZD

by Forex Tips
May 12, 2023
0

NZD/USD, AUD/NZD, GBP/NZD - Outlook:NZD has rebounded sharply in recent weeks.Growing expectations of a rate hike by RNBZ at...

Load More

Recent Posts

  • Can Stretched Long Positioning in XAU/USD Trump Technicals?
  • UK data shows home buyer net enquiry balance highest since May last year
  • Intuit introduces proprietary large language models for fintech with GenOS
  • Gold and Silver Prices in Peril as Yields Surge, Technical Setup on XAU/USD
  • Morgan Stanley says the RBA is likely to raise rates only once more
Forex Pulse Detector

Categories

  • Alerts
  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.