{"id":106070,"date":"2020-10-22T17:32:10","date_gmt":"2020-10-22T16:32:10","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=106070"},"modified":"2020-10-22T17:32:10","modified_gmt":"2020-10-22T16:32:10","slug":"104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\/","title":{"rendered":"DAX 30 Could Fall Lower as Bunds Consolidate Above Support"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The market mood deteriorated in the Asian session on fading US fiscal stimulus\u00a0 hopes and on reports\u00a0 of foreign interference in the US presidential election.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Soaring coronavirus cases is threatening to derail the fragile economic recovery in Germany.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DAX 30 index set to\u00a0 extend losses as it forms a bearish topping pattern.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stock markets fell in Asian trade after the US government reported an attempted interference in the US presidential election by Russia and Iran.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Australia\u2019s ASX 200 declined-0.29% and Japan\u2019s Nikkei 225 dropped-0.62%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The safe haven US Dollar and Japanese Yen surged versus their major peers. The risk-sensitive Australian Dollar traded lower below\u00a0 0.71 .<\/span><\/p>\n<p><span style=\"font-weight: 400;\">US jobless claims data\u00a0 and existing home sales for\u00a0 September will be in focus..<\/span><\/p>\n<p><strong>Soaring Covid-19 Infections Weighing on DAX 30 Index<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Covid cases hid a record high in\u00a0 Germany dragging on theDAX30 which fell\u00a0 over 5% over the past week tracking the nation\u2019s rising Covid-19 cases. Covid cases\u00a0 climbed by a record 11,200 on October 21 boosting fears of further economically-devastating restrictions to stem the spread of the virus..<\/span><\/p>\n<p><span style=\"font-weight: 400;\">those municipalities deemed by the government as having a \u201chigh concentration\u201d of Covid-19 cases will see tighter restrictions. The government is advising to stay at home, whenever possible\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">high-frequency data reveals the impact that tighter restrictions are having as all three mobility trends \u2013 walking, driving and transit \u2013 continue to decline after peaking mid-September.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">German Health Minister Jens Spahn has ruled out a\u00a0 nationwide lockdown, which could be beginning to concern regional investors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The risk-gauging yield spread between Italian government bonds and German Bunds has increased after hitting a post-crisis low on October 13, Meanwhile, DAX 30 volatility index (VDAX) spiked to its highest level since mid-September.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Health developments could continue to dictate near-term price action. Rising cases and more restrictive measures potentially dragging on the DAX.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Europe\u2019s \u2018safe haven\u2019 , the German 10-year Bund, looks to be preparing to extend its 10-day rally from the monthly low set on October 7 (104.93), as price remains above key support at the 61.8% Fibonacci (105.84).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The RSI hints that additional gains could be coming; oscillator holds above 60 even though it reversed firmly lower from its first entry into overbought territory in over 6 months..<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Dax trades firmly above the 21-, 50-, 100- and 200-day moving averages and within an Ascending Schiff Pitchfork, signalling that the path of least resistance seems skewed higher.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A rise to retest the monthly high (106.20) looks likely in the coming days if the 61.8% Fibonacci (105.84) continues support. A daily close above 106.50 could open the door to resistance at the 100% Fibonacci expansion (107.06) and coinciding with a period of persistent risk aversion, could trigger a marked selloff of the Germany DAX 30 index.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The market mood deteriorated in the Asian session on fading US fiscal stimulus\u00a0 hopes and on reports\u00a0 of foreign interference in the US presidential election. Soaring coronavirus cases is threatening to derail the fragile economic recovery in Germany. DAX 30 index set to\u00a0 extend losses as it forms a bearish topping pattern. Stock markets fell [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5577,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380],"tags":[3160],"class_list":{"0":"post-106070","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"tag-dax"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DAX 30 Could Fall Lower as Bunds Consolidate Above Support - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"DAX 30 Could Fall Lower as Bunds Consolidate Above Support\",\"datePublished\":\"2020-10-22T16:32:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\\\/\"},\"wordCount\":445,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100628-gbp-eur-boe-announcement-pound-up.jpg\",\"keywords\":[\"DAX\"],\"articleSection\":[\"EUR\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104618-dax-30-could-fall-lower-as-bunds-consolidate-above-key-support\\\/\",\"name\":\"DAX 30 Could Fall Lower as Bunds Consolidate Above Support - 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