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DAX Index Price Forecast August 30, 2017, Technical Analysis
Updated: Aug 30, 2017, 04:17 GMT+00:00
The German index gapped lower at the open on Tuesday, and then fell through the €12,000 level. I think that most of this is due to the EUR/USD pair
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The German index gapped lower at the open on Tuesday, and then fell through the €12,000 level. I think that most of this is due to the EUR/USD pair breaking above the 1.20 level, which of course makes German exports more expensive. Ultimately, this is a market that I think will continue to find volatility due to currency headwinds, and with this being the case it’s likely that we will see a significant amount of noise near the €12,000 level. Although there is a gap above to be filled, I am hesitant to start buying as the move has been so drastic. Quite frankly, I’m now looking for selling opportunities on signs of exhaustion.
DAX Video 30.8.17
About the Author
Christopher LewisSenior Analyst
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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