DAX - Daily Technical Analyses

[4FXtrader]

DAX - Small tops and bottoms started to decrease

H1: Small tops and bottoms started to decrease on this time frame. Dynamics have changed bearish although, bulls pushed up the price at the end of the day. At the meantime DAX ranges between two zones (11170 and 11300).

Rise: If DAX will be able to break the daily zone of 11300 target price is the weekly level of 11500 and the top of 20/07/2015. In the longer term take profit levels are the 161.8% and 200% retraces of 11795-11041 fall.

Fall: If DAX turns down from the H4 level of 11170, target price is the Monday's bottom then the local bottom of 08/07/2015 in the longer term.

 

[4FXtrader]

DAX - Ranging continues in the slanting upward trend channel

H1: Ranging continues in the slanting upward trend channel which is above the bullish trend line. Friday started with little dynamics then DAX fell till the support of the slanting trend channel. This one-hour candle was engulfed by a bullish marubozu in the next hour. DAX reached the resistance of the slanting trend channel.

Rise: If DAX can break out from this channel initial target price is the weekly level of 11500 and the top of 20/07/2015. Take profit zones are the 161.8% and 200% retraces of 11795-11041 fall.

Fall: If DAX bounce down from the daily level of 11300 target price is the bottom of 27/07/2015 and the bottom of 08/07/2015 in the longer term.

 

[4FXtrader]

DAX broke out from the increasing slanting trend channel

H1: Yesterday morning DAX broke out from the increasing slanting trend channel and it reached the daily zone of 11400. Later DAX tested back the former resistance of the trend channel twice. It tried to overcome the weekly level at 11500 but it failed. The price stopped halfway and it returned to the level of 11400.

Rise: DAX tested back the slanting trend channel with two doji with lower shadows which indicates rising. Initial target price is the weekly level of 11500 and the top of 20/07/2015. Take profit zones are the 161.8% and 200% retraces of 11795-11041 fall in the longer term.

Fall: If DAX returns into the slanting trend channel target price is the support of the channel then the local bottom of 27/07/2015.

 

[4FXtrader]

Small-bodied candle sticks formed on DAX yesterday

H1: Small-bodied candle sticks formed on DAX yesterday. The price has not decided yet in which direction to move. At the meantime it ranges above the slanting trend channel in an increasing wedge.

Rise: If DAX breaks out of this wedge and it closes over the weekly level of 11500 target price is the top of 23/07/2015 and 20/07/2015. Take profit zones are the 161.8% and 200% retraces of 11795-11041 fall in the longer term.

Fall: If DAX returns into the slanting trend channel target price is the support of the channel then the local bottom of 27/07/2015.

 

[4FXtrader]

DAX broke out from the increasing wedge by gap

H1: DAX broke out from the increasing wedge by gap. First, it reached the top of 23/07/2015 where it rested a little. Later it gained strength and touched the weekly zone of 11660. Dynamics became flat. Candles with upper shadows indicate correction.

Rise: Today’s target price is the top of 20/07/2015. In case the market reaches this level, it may go further to the 161.8% and 200% retraces of 11795-11041 fall.

Fall: If bears will dominate today DAX will correct till the correction levels of 11172-11657 rise. If DAX breaks the 61.8% retrace with a large-bodied candlestick take profit level is the H4 zone of 11170 in the longer term.

 

[4FXtrader]

DAX tried to break the weekly zone of 11660 twice

H1: In the morning DAX tried to break the weekly zone of 11660 twice but it failed. The instrument turned down with two shooting star type candles. Afternoon bears gathered strength and DAX fell with powerful dynamics till the 23.6% retrace of 11172-11671 (31/07/2015 low and 06/07/2015 high) rise.

Rise: Rising is expected with initial sights till the weekly level of 11770 as local tops and bottoms are increasing. If the instrument corrects I draw a new Fibonacci Retracement from the top of 06/08/2015. In this case take profit levels will be 161.8% and 200% retrace.

Fall: If DAX continues correction I expect falling till the correction levels of 11172-11671 rise. In the longer term take profit level is the H4 zone of 11170 if DAX breaks the 61.8% retrace with a large-bodied candle.

 

[4FXtrader]

In the morning DAX tried to increase...

H1: In the morning DAX tried to increase. It has formed an engulfing candlestick then it broke the last small top. The enthusiasm did not last long. Bears pushed back the price. A large-bodied marubozu broke the last small bottom and the price returned into the slanting trend channel. DAX rests on the 38.2% retrace of 11172-11671 (31/07/2015 low and 06/08/2015 high) rise.

Rise: Although, DAX corrected by powerful bearish dynamics and it returned into the trend channel I see the chance of a further rise. The weekly level of 11500 was a strong resistance earlier. If it is able to hold the price DAX may bounce up. Target price is the 161.8% and 200% retrace of 11644-11492 fall.

Fall: As DAX returned into the slanting trend channel by a significant, bearish candlestick further correction may happen. DAX may fell till the correction level of 61.8% of 11172-11671 (31/07/2015 low and 06/08/2015 high) rise. If this zone breaks by a marubozu, DAX may reach the H4 level of 11170.

 

[4FXtrader]

DAX - Retracing into the trend channel caused fall...

H1: Retracing into the trend channel caused fall in the shorter term yesterday. Bears pushed down DAX till the 50% retrace of 11172-11671 (31/07/2015 low and 06/08/2015 high) rise. The weekly level of 11500 was broken but in the next hour bulls pushed up the price above the weekly level. Later DAX broke out of the trend channel.

Rise: The weekly level of 11500 proved itself to be a strong support. It was able to hold the price which bounced up. Target price is the 161.8% and 200% retrace of 11644-11467 fall.

Fall: Of course, until DAX do not break the weekly zone of 11660, it can turn down anytime. In this case initial take profit level is the yesterday’s bottom. Later it may fall till the 61.8% retrace of 11172-11671 (31/07/2015 low and 06/08/2015 high) rise. If this zone breaks by a marubozu, DAX may reach the H4 level of 11170.

 

[4FXtrader]

DAX could not overcome a strong level of 11660

H1: DAX could not overcome a strong level of 11660. The second high (10/08/2015) could not reach up to this weekly level. DAX turned down. It broke the support of the slanting trend channel, the 61.8% retrace and the bullish trend line by large-bodied candlesticks. The daily zone of 11300 stopped this fall.

Rise: As local tops started to decrease I watch for rising till the correction levels of 11620-11263 fall. The 38.2% retrace overlaps the daily zone of 11400. The 61.8% retrace is near the weekly zone of 11500. Any of them can pull the cross.

Fall: If DAX continues falling without a correction initial target price is the next H4 zone at 11170 then the weekly level of 11070. On the other hand, if the instrument corrects I draw a new Fibonacci Retracement from the bottom of 11/08/2015. In this case take profit levels will be 161.8% and 200% retrace.