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.

Free Trading Guides
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Mixed
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
USD/JPY
Mixed
More View more
Real Time News
  • EUR/JPY Forecast: Euro vs JPY Price Flirts With 120.00 Threshold More details in the link: https://www.dailyfx.com/forex/technical/home/analysis/eur-jpy/2020/06/01/EURJPY-Forecast-Euro-vs-JPY-Price-Flirts-With-120.00-Threshold-MK.html?CHID=9&QPID=917714 https://t.co/Hh9ZAi5YX4
  • 🇲🇽 Markit Manufacturing PMI Actual: 38.3 Previous: 35 https://www.dailyfx.com/economic-calendar#2020-06-01
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Silver: 1.73% Gold: 0.30% Oil - US Crude: -0.96% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/yeKhOfigUX
  • Heads Up:🇲🇽 Markit Manufacturing PMI due at 14:30 GMT (15min) Previous: 35 https://www.dailyfx.com/economic-calendar#2020-06-01
  • The Nasdaq 100 is approximately the equivalent of one-day ATR (10-day average) from record highs
  • 🇺🇸 ISM Manufacturing Prices Actual: 40.8 Expected: 36 Previous: 35.3 https://www.dailyfx.com/economic-calendar#2020-06-01
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.69%, while traders in US 500 are at opposite extremes with 76.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xsbXZjItmR
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Silver: 1.61% Gold: 0.29% Oil - US Crude: -1.62% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/l6nQsHDCAW
  • 🇺🇸 Markit Manufacturing PMI Final Actual: 39.8 Expected: 39.8 Previous: 36.1 https://www.dailyfx.com/economic-calendar#2020-06-01
  • GBPUSD currently trades either side of 1.2400, continuing last week’s push higher. Get your $GBPUSD technical analysis from @nickcawley1 here: https://t.co/PIzd1KlcMC https://t.co/AXo8x8qr07
DAX 30 Adds To Its Weekly Gains

DAX 30 Adds To Its Weekly Gains

2016-05-10 10:00:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • DAX 30 adds to its weekly gains, and the short-term trend is bullish above yesterday’s low, while a slightly more conservative stance is to view the trend as bullish above last week’s low of 9735.
  • German Industrial Production, published this morning, rose by less than expected in a Bloomberg News poll.
  • German Exports rose by 1.9% MoM, higher than the 1.3% prior and the 0% expected, while imports declined by 2.3%, vs. the -0.3% expected and +0.4% prior.

The DAX 30 (CFD: GER30) had, at the time of writing, added to its weekly gains. The index rose with the Telecommunication Services Sector leading the way (up by 1.49% on the day), while the Materials Sector being the only losing sector today, is down by 0.08% at the time of writing.

The next resistance level is the May 2 high of 10,156, followed by the April 29 high of 10,253. A short-term support level is yesterday’s low of 9874, followed by last week’s low of 9735. Below last week’s low, the April 12 low of 9615 is the next support level.

The short-term trend is bullish above yesterday’s low of 9847 as it is a higher low in relation to last week’s low of 9735.

German Industrial Production, published this morning, increased by 0.3% YoY vs. the 1.1% expected as per a Bloomberg News poll. As this is a slower pace of growth than expected and the fact that growth is not particularly strong, there is the implication that the German economy has weakened somewhat.

Over the last 20 years, the correlation between quarterly German GDP YoY and the Industrial Production is 0.90, while a simple regression analysis (using Industrial Production to explain GDP) shows the R^2 is 0.81, with a Standard Deviation of Error at 0.95.

An average from over the last three months of Industrial Production data and simple regression model outlined above, forecasts that first quarter GDP is at 1.38%, a figure not too dissimilar from the fourth quarter GDP reading of 1.3% YoY. The official GDP reading will be published on May 13.

Our forecasts for Q2 2016 are now live on the site. Download them for free.

DAX 30 | CFD: GER30

Please add a description for the image.

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.

DISCLOSURES

News & Analysis at your fingertips.