DAX30 CFD attacking trend-support at 12,200 – will it hold?
Source: Economic Events July 22, 2019 - Admiral Markets' Forex Calendar
With a thin economic calendar, we want to start the beginning of the week with a purely technical piece on the DAX30 CFD.
After the German index broke below 12,300 points Thursday or last week, driven by a short dip in US equities, the DAX30 CFD went for a test of the crucial region around 12,180/200 points.
'Crucial', because this region can be considered the trend support on the hourly chart, holding the sequence of higher highs and lows since the beginning of June in play.
Still, by the last weekly close bulls couldn't recapture 12,300 points what leaves the DAX30 CFD vulnerable to another test of the region around 12,180/200 today and in the days to come.
A successful attempt to break lower activates the psychologically relevant region around 12,000 points, while recapturing 12,300 makes another test of 12,430/470.
Then, on Thursday with the ECB rate decision, the cards will be re-shuffled.
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between July 1, 2019, to July 19, 2019). Accessed: July 19, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD daily chart (between April 10, 2018, to July 19, 2019). Accessed: July 19, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2014, the value of the DAX30 CFD increased by 2.65%, in 2015, it 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%, meaning that after five years, it was up by 10.5%.
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