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DAX 30 Trades Higher Ahead of Eurozone Unemployment Report

DAX 30 Trades Higher Ahead of Eurozone Unemployment Report

2016-04-04 08:52:00
Alejandro Zambrano, Market Analyst
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Talking Points

  • The DAX 30 multi-week trend remains bullish above the March 10 low of 9397.
  • The Eurozone Sentix Investor Confidence Index printed 5.7 vs. the 7 expected in a Bloomberg news survey.
  • In the afternoon, U.S. Factory Orders are expected to decline by 1.8% MoM. Final Durable Goods Orders are also on deck.

The DAX 30 (FXCM: GER30) is up by 0.28 % at the time of writing. Telecommunications and Information Technology Sectors are the biggest losers, down by 0.39% and 0.15% respectively (delayed), whilst those gaining are the Utilities and Health Care sectors, both up by 1.29% and 0.89% respectively.

The ECB low of 9397, carved out on March 10, remains the trend-defining level as it’s the most prominent swing low. The trend is bullish as the March 10 low is higher than the preceding swing low of 9122 (February 24 low). The January 13 high of 10,166 is capping price, with the next resistance level beyond this being the January 5 high of 10,400.

The Eurozone Sentix Investor Confidence Index printed 5.7 vs. the 7 expected in a Bloomberg news survey.

Later today the Eurozone unemployment rate is on deck and is expected to remain unchanged at 10.3%. In the afternoon U.S. Factory Orders are expected to decline by 1.8% MoM and final Durable Goods Orders are also on deck.

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DAX 30 | FXCM: GER30

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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

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

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