Chart of the Day: German Dax 30


Chart of the Day: German Dax 30 (30/07/2020) | alb.com

Germany announced its unemployment change figure for July, Actual. -18K versus a forecast of 43K as well as its GDP (QOQ)(Q2) with a forecast of -9.0% versus the actual figure of -10.1%. The worse than expected GDP figure was to be expected considering the ongoing coronavirus pandemic affecting the global economy. It is important to emphasize that Germany along with France did agree on a stimulus package totaling €1.8 trillion for the EU of which €750 billion would be allocated as loans and grants whilst a seven year €1 trillion EU budget for the EU recovery. Last night, U.S. Fed chair Powell, left interest rate unchanged at 0.25% in an effort to support the economy. From a technical perspective, the Dax is within the range created from the lows made on 10/07/2020 at 12384 and the high on 13/07/2020 at 12862. Price is also testing the swing highs made on 30.06.2019 at 12647 and above the daily 200 simple and exponential moving averages. From the 08/07/2020, we saw price unable to close at the lows for a few sessions suggesting that buyers are stepping in to shore this market and reject further decline. If we are to assume that such a scenario will occur today, then we could see the German Dax close above it’s low. However, from a weekly time frame, the inverted hammer made for the weekly ending 19/07/2020 could be a worrying sign of sellers taking control at least in the short term.

 

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