Good morning traders, welcome to the 11-06-2020 DAX 30 Analysis.
What Is The DAX 30 Doing Today?
The DAX is currently Bearish.
The DAX index is currently showing a progressive series of lower lows and lower highs. The trend defining level is currently 12616, so the market remains bearish below that level. In order for the market to remain bearish, we need to take out 12153. I will be looking to use the DAX trading strategy to provide some useful setups today.
11-06-2020 DAX 30 Analysis – Key Market News
The key event yesterday was the US FOMC meeting. Jerome Powell & co. kept rates at rock bottom until at least 2022 and is ‘not even thinking about thinking about raising interest rates’. And why would they? It would completely cripple them as the debt obligations to service their own debt would skyrocket! But this suggests they will create inflation down the line which leads to higher interest rates. Most of this is already priced into the market, hence the bullish recovery since the relaxing of certain lockdown restrictions.
The main event in the European market will be the Eurogroup meeting, where the finance ministers are expected to discuss the EU recovery fund as they are set to discuss the EU’s recovery package and Eurogroup presidency succession. So keep an eye on that.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 get to a session high of 12769 and a session low of 12465 giving us a range of 304 points compared to the average daily range of 295. At the close of play last session, the market closed at 12499 which was 720 points above the 200EMA and 1091 points above the 50EMA.
11-06-2020 DAX 30 ANALYSIS – My Trading Update
As for my index trading; during the last trading session I took a total of 4 trades (2 DAX trades and 2 FTSE trades). Breaking down my DAX trades, 1 was from the DAX trading strategy (DTI) and 1 was from the regular morning DAX signal. Breaking down my FTSE trades, 1 was from the DAX trading strategy (DTI) and 1 was from the regular morning DAX signal. Overall, I had a total of 1 winners, 1 break-even trade, which gave me a total profit of 1%. I’ve had a solid week so far. Perhaps i’ve let a couple of opportunities go, but you take pick them all.
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DAX Key Levels
Moving over to the key levels to watch today, watch out for the previous session Point of Control (POC) at 12563 and the previous session Volume Weighted Average Price (VWAP) at 12589. The value area high (VAH) is currently 12614 and the value area low (VAL) is currently 12476.
DAX Technical Indicators
| Indicator | Value |
|---|---|
| RSI | 69 |
| Stochastic | K: 49 and D: 65 |
| MACD OSMA | 36 |
| Point of Control (POC) | 12563 |
| Value Area High (VAH) | 12614 |
| Value Area Low (VAL) | 12476 |
| The DAX Pivot | 12578 |
| The DAX R2 | 12882 |
| The DAX S2 | 12274 |
| Daily 5 EMA | 12442 |
| Daily 8 EMA | 12374 |
| Daily 50 EMA | 11408 |
| Daily 200 EMA | 11779 |
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