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Devata Tseng

DAX Slides As German Economic Outlook Worsens

The German ZEW Economic Sentiment and German ZEW Current Conditions data released this morning underperformed, the former falling significantly 26.0 points to -6.8 compared to the previous figure of 19.20. The latter falling to 49.8 compared to the expectation of 51.8.

The DAX spot index fell from 10052.46 to a low of 9920.96 this morning, a 1.31% drop. KD indicator crossed over from the level above 80, indicating a downtrend. Downside support at 8 EMA at 9919 on the daily chart, same level as 61.8% Fibonacci retracement post referendum followed by 50 EMA at 9867. Yet on the 4 hourly chart, KD indicator is at a low level around 20, implying a rebound prior to further downturn. Upside significant resistance at 10,000 points followed by yesterday’s intra-day high of 10163.08.

germany30-d1

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