Source: Economic Events 21 September 2020 – Admiral Markets’ Forex Calendar
DAX traders were hoping for impulses from the FED last week, but were disappointed. As a result, the German index continued trading within a choppy trading range between 13,100 and 13,300 points.
Since the US central bank FED didn’t deliver anything really new at its rate decision last week on Wednesday and most market participants were expecting such a stance, the DAX30 went for a stint lower, but didn’t break below 13,000 points.
One main reason for the rejection against this level was probably the big expiration (“Triple Witching”) last Friday with the 13,000 point mark seeing an elevated open interest in terms of put options.
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Price action wise, the failed attempt for a break lower leaves the DAX within a choppy range with hopes rising among traders that we’ll get to see a break on the up- or downside sooner rather than later.
In our opinion, the German index still depends strongly on US Equities, especially the Nasdaq100:
A break lower in the Nasdaq100 makes a break below 13,000 points in the DAX30 likely, levelling the path for a run down to 12,900 points and even lower:
Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between August 31, 2020, to September 18, 2020). Accessed: September 18, 2020, at 10:00 PM GMT
Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart (between April 24, 2019, to September 18, 2020). Accessed: September 18, 2020, at 10:00 PM GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2015, the value of the DAX30 CFD increased by 9.56%, in 2016, it increased by 6.87%, in 2017, it increased by 12.51%, in 2018, it fell by 18.26%, and in 2019, it increased by 26.44%, meaning that in five years, it was up by 34.2%.
Check out Admiral Markets’ most competitive conditions on the DAX30 CFD and start trading on the DAX30 CFD with a low 0.8 point spread offering during the main Xetra trading hours.
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Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:
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