Brexit deal or no deal – that’s the question for the DAX30 CFD
While the economic calendar is thin for the start of the week, what's of higher interest is the expectation of finally seeing a Brexit deal.
Over the weekend, the British parliament voted to put off a decision on the deal negotiated during the prior week, forcing Boris Johnson to ask the EU for yet another Brexit delay.
With that in mind, it remains unclear in which direction the equity markets, especially the DAX30 CFD will move.
When looking at the price action of the last week, one could assume that any deal should be initially bullish (and vice versa…), but with the erratic price action over the last few days has likely priced in a lot of these types of deals, so the positive impact remains low, at least in our opinion.
From a purely technical perspective, the key level on the downside can be found around 12,600 points. A break lower makes a weak weekly start very likely, activating the region around 12,400 points as a first target on the downside.
On the upside, the main focus can be found around the pre-weekly highs around 12,800/820 points where a break higher makes further gains up to 12,900/930 points an option.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Over the weekend, the British parliament voted to put off a decision on the deal negotiated during the prior week, forcing Boris Johnson to ask the EU for yet another Brexit delay.
With that in mind, it remains unclear in which direction the equity markets, especially the DAX30 CFD will move.
When looking at the price action of the last week, one could assume that any deal should be initially bullish (and vice versa…), but with the erratic price action over the last few days has likely priced in a lot of these types of deals, so the positive impact remains low, at least in our opinion.
From a purely technical perspective, the key level on the downside can be found around 12,600 points. A break lower makes a weak weekly start very likely, activating the region around 12,400 points as a first target on the downside.
On the upside, the main focus can be found around the pre-weekly highs around 12,800/820 points where a break higher makes further gains up to 12,900/930 points an option.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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