GER30 Showing Signs of Positivity on Short-Term Chart

  • GER30

The DAX is benefitting from the pullback in yields, as a risk-on sentiment tries to take hold. To this end, FXCM's GER30 is showing signs of positivity.

The daily chart on the left shows the GER30 CFD moving from its bearish channel between the lower blue and red bands into the neutral area between the blue bands. This is a show of relative strength. Moreover, the daily RSI has popped above 50 (green rectangle). This is the bullish side of the indicator. If the RSI can maintain above 50, it will provide a tailwind for the GER30, suggesting that an underlying positive momentum is present.

The hourly chart on the right also shows interesting developments. Its trend following indicators have turned positive with the green 5-hour EMA crossing bullishly above the orange 10-hour EMA (black ellipse). Further bullishness will be connoted if the momentum-based stochastic also crosses positively (red ellipse). Assuming the stochastic cooperates, if it moves to the 80+ region and holds (blue arrow), a short-term momentum will be GER30 price supportive.

Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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