GER30 finds support after Chinese data disappoints

  • GER30
    (${instrument.percentChange}%)


The GER30 has shaken off some of the risk-off sentiment after China's quarterly GDP came in lower than expected – 6.3% vs 7.1%

Daily Chart (left chart)

  • The daily candle (still to complete) is a dragonfly doji (blue arrow). Bears lost control at the candle's low, and bulls have pushed price back up as they exert control.
  • The candlestick is in the bullish channel between the upper blue and red bands.
  • The RSI has oscillated around 50 over the last month (blue rectangle).
  • If the RSI can maintain above 50 (black rectangle), an underlying bullish support will be present and supportive of the daily GER30.

Hourly Chart (right chart)

  • Price has found a confluence of support – the S1 pivot which overlaps with price support (red shaded horizontal).
  • The trend-following EMAs and the momentum-based stochastic have both crossed up (black ellipses).
  • If the EMAs develop angle and separation to the upside and the stochastic settles above the 80+ levels (green arrow), the hourly GER30 chart will have an underlying bullish momentum.

Trade the News: View our Economic Calendar

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.

${getInstrumentData.name} / ${getInstrumentData.ticker} /

Exchange: ${getInstrumentData.exchange}

${getInstrumentData.bid} ${getInstrumentData.divCcy} ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%) ${getInstrumentData.priceChange} (${getInstrumentData.percentChange}%)

${getInstrumentData.oneYearLow} 52/wk Range ${getInstrumentData.oneYearHigh}
Disclosure

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.

Past Performance: Past Performance is not an indicator of future results.

Spreads Widget: When static spreads are displayed, the figures reflect a time-stamped snapshot as of when the market closes. Spreads are variable and are subject to delay. Single Share prices are subject to a 15 minute delay. The spread figures are for informational purposes only. FXCM is not liable for errors, omissions or delays, or for actions relying on this information.