Source: Economic Events January 24, 2020 - Admiral Markets' Forex Calendar
Last Wednesday, the DAX30 CFD finally made it to new all-time highs, but the question for the coming days is now whether bulls can gain further bullish momentum.
The strong weekly close after the important support around 13,380/400 points was successfully defended against the bulls last Thursday, and is a positive sign which brings the last weekly highs (and current all-time highs) of around 13,640 points into our focus for the start of the new week of trading.
A break higher activates targets on the upside around 13,800 and 14,000 points in the upcoming days, as long as we trade above 13,380/400 points.
From a seasonal perspective, we favour the long side, too: with the Fed rate decision on Wednesday, we'd like to point out several studies which show that since the 1980's, the days before the Fed rate decision and especially the 24 hours before the event, US Equities, but also the German DAX30, showed on average a positive performance when trading the Long side.
Still, if we, on the other hand, fail to break sustainably higher, get to see another test of the region around 13,380/400 points and a break lower, a test of the region around 13,250/270 points seems likely.
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between October 12, 2018, to January 24, 2020). Accessed: January 24, 2020, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2015, the value of the DAX30 CFD increased by 9.56%, in 2016, it increased by 6.87%, in 2017, it increased by 12.51%, in 2018, it fell by 18.26%, in 2019, it increased by 26.44% meaning that after five years, it was up by 34.2%.
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