News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
DAX 30: Break To Last Week’s High To Resume Bullish Trend

DAX 30: Break To Last Week’s High To Resume Bullish Trend

2015-11-30 09:15:00
Alejandro Zambrano, Market Analyst
Share:

The overall trend is bullish above 10,866 and I see no reason for traders to change their bias so long as the DAX 30 remains above this level.

As the trend is bullish, traders will probably buy a dip in levels where the risk-reward-ratio favors long positions, like the 11,059 to 11,177 zone, or buy a bullish breakout e.g. a break to last week’s high of 11,367.

We note that the technical situation for the DAX is not much different to the FTSE 100, where profit taking after last week’s good gains seems to be the norm.

Get ahead in 2016 – Read The Traits of Successful Traders Guide

German CPI and Chicago PMI on Tap

German inflation data is on tap today and is key for the prospects of further ECB stimulus. However, the reading of German EU harmonized inflation is running at 0.2% YoY and expected to print 0.3% (Bloomberg News Survey). Inflation would probably need to remain above 1.3% before there is any talks about the ECB scaling back their QE program. The bar is therefore very high and I doubt this will be a market moving event until mid or late 2016.

Today’s market moving macro statistics will probably be Chicago PMI, which is expected to print 54 from 56.2 (Bloomberg News Survey). This economic indicator was nearing alarmingly low levels at the beginning of the year, but has since recuperated. Strong gains in new orders and production triggered the last round of gains. U.S. Pending Home Sale and Dallas Fed Manufacturing Activity for November are also on tap and expected to print 1.0% (MoM) and -10 respectively but I doubt whether these two indicators will have a long lasting impact on the market, and traders will probably use soft data and a lower DAX as an opportunity to buy dips.

DAX 30: Break To Last Week’s High To Resume Bullish Trend

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

Learn more about trading and join a London Seminar

To be added to Alejandro’s e-mail distribution list, please fill out this form

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

DISCLOSURES