The DAX 30 Gains, Whilst Asian Stocks Trade Lower

Talking Points

• The DAX 30 (FXCM: GER30) is higher by 0.47% at the time of writing, as trading resumes after the Easter holiday break.
• Asian stocks are on average softer and the S&P/ASX 200 and Shenzhen Composite are sharply lower.
• The January 13 high of 10,166 is capping the DAX, while the March 13 low of 9749 is supporting it.
• U.S. Home Price Index and Consumer Confidence are on tap this afternoon, followed by the Fed’s Janet Yellen who is set to speak later.

The DAX 30 (FXCM: GER30) is higher by 0.47% at the time of writing, as trading resumes after being closed for a few days due to the Easter holiday break. Asian shares are on average softer and the Australian S&P/ASX 200 (FXCM: AUS200) is lower by 1.44%, while the Shenzhen Composite is down by 1.75% (delayed).

DAX 30: Technical levels

The January 13 high of 10,166 is capping price, while the March 13 low of 9749 is supporting it. The last important swing low and the level which defines the multi-week trend, is the March 10 low of 9397. This low was shaped on the back of the latest ECB rate meeting, and on this day the bank lowered its key interest rates and decided to expand its QE program.

Beyond the January 13 high of 10,166, the January 5 high of 10,400 is the next resistance level.

Macro Data On Tap In Today’s Session

The only E.U. economic data report on tap this morning is the E.U. M3 Money Supply and this is expected to rise by 5% YoY according to a Bloomberg news survey.

In the afternoon, S&P/Case-Shiller U.S. Home Price Index and U.S. Consumer Confidence are expected to show an outcome of 5.75% YoY and 94 respectively.

By the end of today’s London session, Fed’s Janet Yellen speaks to the Economic Club of New York.

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DAX 30 | FXCM: GER30

Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

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original source

By: Alejandro Zambrano, Market Analyst