• FxWirePro: dax30 daily outlook

    Source: FxWire Pro - Technicals / 22 Mar 2018 02:02:29   Eastern Standard Time

    • DAX index was trading flat yesterday and closed at 12309 0.01% higher. US markets declined slightly after showing a more than 1% jump. Dow and S&P500 closed at 24682 (0.18% lower) after Fed monetary policy. S&P500 futures is trading slightly positive and is at 2716 0.12% higher. Asian stock indices was trading mixed after Fed rate hike.
       
    • Fed raises interest rate by 25bpbs and dot plot continued to project 3 rate hikes in 2018). US dollar declined sharply after US Fed dot plot. Fed has upgraded US economic projection and signals faster pace in 2019.
       
    • DAX index has formed a minor top around 12605 and started to decline from that level. The index should close above 200- day MA at 12723 for further bullishness.             
                
    • The minor bullishness can be seen only if it closes above 12326 (20- day MA) and any close above will take the index to next level till 12500/12605. It should break above 12715 for further bullishness.
       
    • On the lower side, near term major support is around 11800 and any close below will drag the index till 11400/11000.The minor support is around 12000.

    It is good to buy on dips around 120100-150 with SL around 11975 for the TP of 12600/12715.