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DAX Index Forecast – DAX Likely to Stay Buoyant

Colin First
Updated

The DAX index continued to trade in a buoyant manner as we had mentioned in our forecast yesterday. This is likely to continue for today as well as the global stock indices, atleast the important ones continued to trade in a strong manner overnight and this is expected to rub off on the DAX for today as well.

DAX Pushes Towards 12500

The DAX had started the day yesterday also in a buoyant manner but as the day progressed, we witnessed some correction as the market awaited how the US stock indices would go and also waited to see what the FOMC minutes was going to add to what the markets already knew. As it turned out, the FOMC minutes was quite a drab affair and as a result of that, what we saw was that the US stock indices continued to trade in a bullish manner. This enthused the investors in the DAX as well and they showed their bullishness by setting about buying the same.

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DAX Hourly

This led the DAX to make its way towards the 12500 region in due course of time and the index managed to end the day just short of this region and thus this opens the way for the index to make further advance in the short term. After a long time, the traders in the DAX are able to get some volatility to trade and this trend is set to continue in the short term. Of course, the larger ranges are still at work and this should limit the amount of movement that we are likely to see in the index during this period.

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Looking ahead to the rest of the day, there is no major data from Germany though we have the Industrial production data from there but that is expected to have minimal impact on the DAX. We have the NFP data from the US later in the day but the focus would be more on how the trade war continues to take shape and how the global markets would respond to the same.

This article was originally posted on FX Empire

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