Talking Points The DAX 30 is consolidating between last week’s low of 9125 and last week’s high of 9594. ...
Talking Points
The DAX 30 is consolidating between last week’s low of 9125 and last week’s high of 9594.
On a break to the 9125 low the DAX 30 may reach its current yearly low of 8700.
A breach to last week’s high of 9594 and the DAX 30 may trigger a rally to the January 27 high of 9931
German unemployment rate and U.S. ISM Manufacturing on deck
The DAX 30 (FXCM: GER30) is consolidating between last week’s low of 9125 and last week’s high of 9594.
With the overall trend being clearly bearish since December, the path of least resistance is on the downside and a break to the 9125 low will align the short-term trend with the multi-month trend. In this scenario, the DAX 30 may reach its current yearly low of 8700. The FXCM SSI index is suggesting the same as 57% of traders are long while 43% are short.
On a breach to last week’s high of 9594, the DAX 30 may reach the January 27 high of 9931, which is also the next resistance in line.
German Unemployment Rate and U.S. ISM Manufacturing
The German unemployment rate is projected to remain unchanged at 6.2% according to a Bloomberg News survey. A better than expected outcome may boost the DAX, however, the heaviest market Volatility is expected on the release of U.S. ISM manufacturing this afternoon. A Bloomberg News survey projects a rise to 48.5 from 48.2.
China manufacturing PMI for February fell to 49.0 from 49.4, while the Caixin China manufacturing PMI slid to 48.0 from 48.4 in January. This has so far not impacted the DAX 30 in any major way.
The DAX 30 is consolidating between last week’s low of 9125 and last week’s high of 9594.
On a break to the 9125 low the DAX 30 may reach its current yearly low of 8700.
A breach to last week’s high of 9594 and the DAX 30 may trigger a rally to the January 27 high of 9931
German unemployment rate and U.S. ISM Manufacturing on deck
The DAX 30 (FXCM: GER30) is consolidating between last week’s low of 9125 and last week’s high of 9594.
With the overall trend being clearly bearish since December, the path of least resistance is on the downside and a break to the 9125 low will align the short-term trend with the multi-month trend. In this scenario, the DAX 30 may reach its current yearly low of 8700. The FXCM SSI index is suggesting the same as 57% of traders are long while 43% are short.
On a breach to last week’s high of 9594, the DAX 30 may reach the January 27 high of 9931, which is also the next resistance in line.
German Unemployment Rate and U.S. ISM Manufacturing
The German unemployment rate is projected to remain unchanged at 6.2% according to a Bloomberg News survey. A better than expected outcome may boost the DAX, however, the heaviest market Volatility is expected on the release of U.S. ISM manufacturing this afternoon. A Bloomberg News survey projects a rise to 48.5 from 48.2.
China manufacturing PMI for February fell to 49.0 from 49.4, while the Caixin China manufacturing PMI slid to 48.0 from 48.4 in January. This has so far not impacted the DAX 30 in any major way.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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