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DAX Weekly Forecast Look Ahead: Awaiting Signal from EU Auto-Tariffs

DAX Weekly Forecast Look Ahead: Awaiting Signal from EU Auto-Tariffs

2019-11-18 12:15:00
Justin McQueen, Analyst
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DAX Price Analysis & News

  • DAX Awaits EU auto-tariff announcement
  • Eurozone PMI surveys also in focus

DAX | The index remains elevated as US-China trade war optimism keeps the DAX underpinned. However, concerns continue to linger over EU auto-tariffs, given that President Trump has yet to announce a decision following the passing of last week’s deadline (Nov 13-14th). While US Commerce Secretary Wilbur Ross recently highlighted that EU auto tariffs may not be needed with reports hinting towards a delay of 180 days, the fact that President Trump has yet to make an official statement has subsequently curbed further upside in the DAX.

On the technical front, the DAX has shown little decisiveness with the index holding a relatively tight range. Consequently, 13300 appears to be the topside limit, given the continued failure for the index to make a firm breach above and as such official confirmation of an auto-tariff delay from President Trump could be enough to provide a decisive break. That said, there is a risk of the DAX topping out with both the RSI and stocks over 200DMA heading lower. On the downside, support is situated at 13140, which marks the Nov 11th and 13th low. Elsewhere, on the economic calendar, market participants will also look towards the Eurozone PMI surveys.

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DAX Price Chart: Daily Time Frame (Nov 2017Nov 2019)

DAX Weekly Forecast Look Ahead: Awaiting Signal from EU Auto-Tariffs

Source: IG Charts

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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