Tuesday, 11 December 2018

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FDAX: general review

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Current trend Last week the German index DAX was supported by poor labour market data from the US, where the number of new jobs created outside of the farming industry came out at only 142 thousands (forecasted 203 thousands). Slowing economy growth in the US raises doubts regarding a possibility of an interest rate hike in the US this winter though many economists suggest it will be changed. Today attention needs to be paid to the data on Factory Orders in Germany. If the actual figure comes out better than forecasted 0.5%, the index could continue growing. Support and resistance The index is trading within a descending channel and the price approached its upper border at the level of 9797.2. If the price can consolidate above the level of 9853.9, it could grow to the level of 10313.9. Otherwise, if the price falls below the level of 9778.1 it could continue falling towards 9547.0. The nearest support level is at 9778.1. The nearest resistance level is at 9853.9. Trading tips Open long positions after the breakout of the level of 9853.9 with the target at 10015.1 and stop-loss at 9778.1.  

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Erick Gálvez
Author: Erick GálvezWebsite: http://www.asdforex..comEmail: This email address is being protected from spambots. You need JavaScript enabled to view it.
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