Daily Markets Broadcast 2019-02-19

Daily Markets Broadcast

2019-02-19

Wall Street edges higher on trade hopes

US indices traded marginally higher yesterday, with activity muted due to the President’s Day holiday. Oil prices extended recent gains on supply-side curbs.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index extended recent gains to the highest since December 3, eking out small gains on the day
  • The next resistance point could be the December high of 26,085. The 200-day moving average at 25,054 may act as near-term support
  • US Commerce Dept sent report to White House on 25% automobile tariffs. President Trump now has 90 days to make a final decision. There are no tier-1 data releases scheduled for today.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index posted minor gains yesterday, taking its cue from the Asian session. There were no economic data releases to drive direction and it was quiet on the Brexit front
  • The index consolidated its move above the 100-day moving average at 11,271, closing above it for the second day in a row. The next resistance level could be the high from earlier this month at 11,392
  • German ZEW surveys for February are due today. The current situation index is seen falling to 20.0 from 27.6 while the more forward-looking economic sentiment index is expected to improve marginally to -13.4 from -15.0.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • Crude oil prices advanced for a fifth straight day yesterday, bolstered by OPEC+ supply cuts and supply-limiting sanctions on Venezuela
  • Prices are eyeing the 100-day moving average at $56.87. This average has capped prices since October 22
  • The American Petroleum Institute issues its weekly oil stocks data as at February 15 later today. Last week showed the first drawdown of inventories in four weeks.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Andrew Robinson

Andrew Robinson

Senior Market Analyst at MarketPulse
A seasoned professional with more than 30 years’ experience in foreign exchange, interest rates and commodities, Andrew Robinson is a senior market analyst with OANDA, responsible for providing timely and relevant market commentary and live market analysis throughout the Asia-Pacific region. Having previously worked in Europe, since moving to Singapore he worked with several leading institutions including Bloomberg, Saxo Capital Markets and Informa Global Markets, proving FX strategies based on a combination of technical and fundamental analysis as well as market flow information. Andrew began his career as an FX dealer with NatWest and the Royal Bank of Scotland in the UK.
Andrew Robinson

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