Dax daily: 30 Oct 2019

As we highlighted in our analysis yesterday, Dax closed the gap and descended towards our support zone of 12 908, which was broken but stalled the price. Buyers took over and pushed the price higher from here, yet there was no strong momentum to celebrate new highs. The price oscillated until the end of the session and closed in Monday's range.

Important zones

  • Resistance:  trend line
  • Support: 12 872, 12 850

Statistics for today

Macroeconomic releases

  • 14:30 CEST - USA - Advance GDP q/q
  • 20:00 CEST - USA - Federal Funds Rate & FOMC Statement

Can you pass our Trading Objectives to receive money for Forex trading? Try our Free Trial to get started.

Today's session hypothesis

This day is packed with plenty of important fundamental releases globally, with the dominated news being the FOMC later in the session. The morning session should be relatively ordinary and we estimate Dax to respect our trend line or the support areas around 12 872. The afternoon fundamentals might bring a whipsaw in the Price Action so we advise all to be very careful with the increased volatility.

 

 

Why to trade DAX on CFDs? Check out this article about the benefits and disadvantages of this topic.