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DAX30 bulls sceptical after Powell’s Jackson Hole speech, 13,000 in focus

August 31, 2020 12:00

DAX30 bulls sceptical after Powell’s Jackson Hole speech, 13,000 in focus

Source: Economic Events August 31, 2020 - Admiral Markets' Forex Calendar

As FED chairman Jay Powell took a very dovish stance in his speech in Jackson Hole on Thursday, the DAX ceased taking on further bullish momentum after its strong start into the last week.

Market participants seemed to have been anticipating what was finally delivered on Thursday.

Powell brought up "average inflation targeting", meaning that the FED will allow inflation to run moderately above the FED target rate of 2% for a (not prolonged) period of time.

In general, and in our opinion, this stance can, all in all, be considered bullish for Equities, even though the communication from Powell does not really differ that much from what the FED already delivered over the past years.

Or, to put it differently: it remains to be seen how much influence the Fed has on inflation, especially after not reaching its 2% target even before the Corona-pandemic.

When looking at the price action in Equities and in the DAX30, it becomes clear that market participants are obviously sceptical, a scepticism which can be seen in the attack at the region around 13,000 points on Friday.

Into the start of the week, the region around 13,000 points, respectively around the Friday lows at 12,950 points, is in our focus.

A break below this makes a bearish acceleration likely, activating the first target at from around 12,750/800 points, to around 12,600 points:

DAX30 Hourly chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between August 10, 2020, to August 27, 2020). Accessed: August 27, 2020, at 10:00 PM GMT

DAX30 Daily chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart (between April 01, 2019, to August 28, 2020). Accessed: August 28, 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 after 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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