The German elections confirm that Merkel’s CDU remains the largest party, however, the coalition will go through some changes with the most likely outcome being the Jamaican coalition of Black, Yellow and Green (CDU / FDU and Greens). I didn’t see too many shocks in the market this morning, despite the potential volatility that the event was likely to cause. So we are starting to believe that we’ve seen the move and normal order will now resume.
Regarding the technicals, we are still trending higher, the daily targets remain in the 12750-12800, the hourly chart is also still trending higher, so the swings are intact and the forks remain useful for predicting the targets. We are getting much closer to the extended target, without any real meaningful pullback, so the risk of continuing to buy the minor swings becomes more clear.
There may be opportunities to fade the move, but we want to see a break of a minor swing first.
Watch the video for more
Dax & FDAX Technical Analysis 25-09-2017
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