Dax Technical Analysis 30/08/2016

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Good morning traders!

It was generally expected that the Dax would accelerate early this morning, due to the calmer waters in the US and the slower day yesterday due to bank holiday. Gains on Wall Street have also been expected to support the German stock market. Many markets are still waiting for a steer on when the Fed may look to hike again. Data due later today on US consumer confidence, could give new insight, and of course Friday’s labour report.

We had a decent lift this morning, within the first hour or so and reached a high of 10624, so we are approaching that key 10650 level that I mentioned yesterday. If we break past that, then the next target has to be 10800 and longer term targets even 11,000 (which is approximately a 61.8 retracement of the all time high of April last year, to the swing low in February).

I am currently bullish above 10450.

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