Yahoo Finance DAX Index Daily Fundamental Forecast – October 12, 2017
The DAX index continues to trade near the highs of its range as the bulls try and gather some momentum from somewhere to make the final clean push through the 13000 region which would then make their further progress much easier. They have been trying to do this since the beginning of the week and so far they have been unable to do so. The price action and the global rally indicate that the push through 13000 is only a matter of time and it could come as early as today.
DAX Index Trying to Push Through 13000
The index has been facing some large issues with pushing through the 13000 region mainly due to the fact that the region represents both the all time highs and also a psychological mark of 13000. That is the reason why we have been seeing the index struggle in the highs of the range for the past few days and unable to do so as yet. But yesterday, we had the FOMC minutes which was taken as dovish by the markets and this led to a rally in the US stock markets.
Unlike the DAX, the US stock indexes have been having a free run higher and yesterday, they brought about another all time high and this is likely to continue in the short term. The DAX failed to follow this rally for quite some time and it is only in the last couple of weeks or so, the index has been trying to play catch up. With the US stock indexes closing higher yesterday, it is expected that the index would open up in a strong manner today and there should be a real challenge to the 13000 region during the course of the day today.
Looking ahead to the rest of the day, we do not have any major news from Germany and so the momentum has to come from within as far as the DAX index is concerned. As we mentioned above, the fact that the global markets have been buoyant over the last 12 hours or so should give some momentum to the index and it remains to be seen whether the momentum will translate into a push through 13000 for good.
This article was originally posted on FX Empire
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