The German DAX index continues to be the high-flyer despite ongoing weakness in Europe’s largest economy. And thus, we got what we were looking for: A breakout of the DAX’s resistance zone with a fresh record high at 16731. We hope that you too were able to pocket some good gains amid increased bullish momentum. As for potential pullbacks, a higher support could now come in at around 16400.
The U.S. dollar has moved slightly higher against other counterparts since moving rate cut expectations have weakened the euro. The Federal Reserve is now expected to cut rates by 125 bp next year, while the European Central Bank may cut to 150 bp in 2024.
Tomorrow, markets will turn their attention to the NFP report ahead of next week’s central bank decisions by the Fed, the ECB and the Bank of England.
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Our trading ideas for today 7/12/23:
Long @ 1.0780
Short @ 1.0740
Long @ 1.2580
Short @ 1.2540
Long @ 16660
Short @ 16540
Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
We wish you good trades!
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