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DAX 30 Outlook: Stimulus Outweighs China Second Wave Risks For Now

DAX 30 Outlook: Stimulus Outweighs China Second Wave Risks For Now

Justin McQueen, Strategist

DAX 30 Price Analysis & News

  • Central Bank Stimulus Outweighs China Second Wave Concerns For Now.
  • DAX 30 Gains Grind to a Halt

Central Bank Stimulus Outweighs China Second Wave Concerns For Now

Central bank largesse sees risk sentiment remain impervious to rising geopolitical concerns and risks of a second wave with dips being met with solid support. However, it will be crucial to remain focussed on COVID-19 developments in China as a renewal of lockdown measures could see risk appetite dented, despite the plethora of stimulus measures.

DAX 30 Gains Grind to a Halt

In the short term, topside resistance situated at 12450 may cap upside in the DAX for now, particularly as market participants remain cautious on the rise in virus cases. In turn, this opens the door to tactical pullbacks with the 200DMA in focus at 12096. However, failure of the 76.4% Fibonacci retracement curb gains, raises the likelihood of a retest of the post Q1 sell-off highs.

DAX 30 Price Chart: Daily Time Frame

DAX 30 Outlook: Stimulus Outweighs China Second Wave Risks For Now

Source: DailyFX

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

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