• 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

DAX and CAC 40 Technical Outlook: Turning Lower Off Resistance

Forex Tips by Forex Tips
August 18, 2022
in Technical Analysis
0
DAX and CAC 40 Technical Outlook: Turning Lower Off Resistance
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


DAX/CAC Technical Highlights:

  • DAX hit a trend-line dating back to the January highs
  • CAC 40 coming off a run-in with the 200-day MA, June highs

DAX and CAC 40 Technical Outlook: Turning Lower Off Resistance

The DAX turned forcefully lower yesterday after running into the trend-line running off the January high. The turn down further validates its meaning as we move forward, and on that will become a meaningful hurdle in the near-term and possibly longer-term.

Working within the framework that the rally off the July lows is countertrend in nature within an ongoing bear market, and given that the rally is extending into the most seasonally weak period of the year, it is anticipated we have already or will see a significant top form.

For now, as long as we don’t see the DAX climb back above the weekly high at 13947, then the outlook is seen as bearish. The first level of near-term support is at 13455 followed by 13042, a good distance lower. Ultimately, though, looking for the July low at 12390 to be broken by a considerable amount before the year is over.

DAX Daily Chart

dax daily chart

DAX Chart by TradingView

The CAC is turning off the 200-day moving average after very briefly trading over the June high at 6593. The turn down from near confluent resistance makes this a meaningful event. As long as we don’t see the weekly high at 6608 broken, then look for lower levels in the near-term at the least, and just like the DAX looking for a larger top (either this week or relatively soon).

The first level of near-term support clocks in at 6449, followed by 6338. More broadly speaking, at some point I expect 5756, the March low, to be broken by a material amount.

CAC Daily Chart

cac daily chart

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

Australian Dollar May Rise as Retail Traders Become More Bearish AUD/USD

Australian Dollar May Rise as Retail Traders Become More Bearish AUD/USD

by Forex Tips
September 20, 2023
0

Australian Dollar, AUD/USD, Technical Analysis, Retail Trader Positioning – IGCS UpdateAustralian Dollar cautiously climbing in recent daysRetail traders have...

Our data shows traders are now net-long Wall Street for the first time since Aug 24, 2023 when Wall Street traded near 34,133.90.

Our data shows traders are now net-long Wall Street for the first time since Aug 24, 2023 when Wall Street traded near 34,133.90.

by Forex Tips
September 19, 2023
0

Number of traders net-short has decreased by 17.36% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIWall StreetBEARISH51.31%48.69%27.10%...

XAU August Swing Low Nears, XAG Faces 2022 Trendline

XAU August Swing Low Nears, XAG Faces 2022 Trendline

by Forex Tips
September 15, 2023
0

Gold, Silver, Trendlines, Symmetrical Triangle – Technical Update:Gold prices remain focused lower as resistance holdsSilver faces key rising support...

Our data shows traders are now at their most net-long EUR/CHF since Sep 05 when EUR/CHF traded near 0.95.

Our data shows traders are now at their most net-long EUR/CHF since Sep 05 when EUR/CHF traded near 0.95.

by Forex Tips
September 14, 2023
0

Number of traders net-short has decreased by 18.42% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIEUR/CHFBEARISH85.65%14.35%6.02% Daily1.65%...

00 GMT when AUD/JPY traded near 94.15.

00 GMT when AUD/JPY traded near 94.15.

by Forex Tips
September 13, 2023
0

Number of traders net-short has increased by 9.13% from last week.SYMBOLTRADING BIASNET-LONG%NET-SHORT%CHANGE IN LONGSCHANGE IN SHORTSCHANGE IN OIAUD/JPYBEARISH50.65%49.35%15.92% Daily22.63%...

Load More

Recent Posts

  • 00 GMT when France 40 traded near 7,344.90.
  • Our data shows traders are now net-short EUR/GBP for the first time since May 04, 2023 when EUR/GBP traded near 0.88.
  • Japanese Yen Remains at Risk After the Fed, Retail Traders Unwind USD/JPY Bullish Bets
  • Australian regulator sues Kraken provider over margin trading product
  • XAU/USD, XAG/USD at Risk to Higher Treasury Yields
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.