Source: Economic Events October 12, 2020 - Admiral Markets' Forex Calendar
The German DAX30 saw a surprisingly strong weekly close above 13,000 points.
This was a surprise as it followed US President Donald Trump told his administration's negotiators around US Treasury Mnuchin to end their current coronavirus stimulus talks with Democrats until after the US presidential election on the 3rd of November. This didn't bode well for the equities outlook.
But, as it seems, Trump got spooked after seeing an instant drop in the stock market and intense backlash from his tweet and pushed US Treasury Mnuchin for a more comprehensive relief bill before the election. Negotiations have reopened and there seems to be a good chance for a deal.
Equities and, thus, the DAX30 took this as a positive sign and the German index now seems capable of clearing 13,100 points sooner rather than later. Most likely, into the start of the week, since the Economic calendar is very thin.
Even a short-push below 13,000 points wouldn't really darken the technical outlook on H1 with a potential long-trigger being found around 12,950 points.
The sequence of higher highs and lows stays intact and the mode bullish as long as the DAX30 trades above 12,770/800 points:
Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between September 22, 2020, to October 09, 2020). Accessed: October 09, 2020, at 10:00 PM GMT
Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart (between May 20, 2019, to October 09, 2020). Accessed: October 09, 2020, at 10:00 PM 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%, and in 2019, it increased by 26.44%, meaning that in five years, it was up by 34.2%.
Check out Admiral Markets' most competitive conditions on the DAX30 CFD and start trading on the DAX30 CFD with a low 0.8 point spread offering during the main Xetra trading hours.
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