DAX30 CFD range-bound 12,800 and 13,000–will it break higher?
After the FED cut by 25 basis points last Wednesday, along with stating that the US central bank will act in a more data-dependent way regarding future monetary policy decisions, the ISM Manufacturing PMI printed at 48.3 points for October, rising slightly from a decade-low of 47.8 points, but still missing market expectations of 48.9 points, keeping near-term recession fears in the US elevated and thus fuelling hopes of further rate cuts and liquidity injections from the FED.
The DAX30 CFD fell short of breaking 13,000 points, but since the economic calendar is quite thin today, the DAX30 CFD will mainly be driven by technical components. In this respect, the German index finds a clear advantage on the long side.
If we get to see an attack, a squeeze higher to 13,050/100 seems likely. Still, given rising fears around trade positions hardening again between the US and China, we wouldn’t be too optimistic and would take long-engagements in equities only with a reduced position size.
On the downside, the focus clearly lies on the region around 12,800 points.
A break lower makes a further drop as low as 12,600 points an option, a little more conservative bearish target can already be found around 12,650/670 points.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The DAX30 CFD fell short of breaking 13,000 points, but since the economic calendar is quite thin today, the DAX30 CFD will mainly be driven by technical components. In this respect, the German index finds a clear advantage on the long side.
If we get to see an attack, a squeeze higher to 13,050/100 seems likely. Still, given rising fears around trade positions hardening again between the US and China, we wouldn’t be too optimistic and would take long-engagements in equities only with a reduced position size.
On the downside, the focus clearly lies on the region around 12,800 points.
A break lower makes a further drop as low as 12,600 points an option, a little more conservative bearish target can already be found around 12,650/670 points.
Ready to start trading the live markets? Then open a free account with Admiral Markets - 8,000+ instruments to choose from, some of the market's tightest typical spreads, and the world's #1 multi-asset trading platform. admiralmarkets.com/start-trading/
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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