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Dax and Dow Drift Down, while Hang Seng Remains under Pressure

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​​The Dax is under pressure as it awaits the ECB’s latest decision, and the Dow is also moving lower. Meanwhile, the Hang Seng continues to fall back from its recent high. ​

​The index continues to ease back from the highs of last week, as investors await the European Central Bank’s latest decision today. ​In the short-term, this represents only a modest drop from the highs, though there is room for a short-term pullback toward the 50-day simple moving average .

​For this index, the pullback has been a little more extended, and a push to the 50-day SMA now looks more likely.​Below this the price may head towards the previous highs at 37,825, and then down to 37,129. ​The price has now reached trendline support from the January low, and this, for now, is helping to prevent a bigger move lower. A close below the trendline and below the 50-day SMA would provide fresh bearish impetus.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk.

 

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