Daily Markets Broadcast 2019-03-14

Daily Markets Broadcast

2019-03-14

Wall Street extends gains on trade hopes

Wall Street rallied yesterday after US President Trump said he was flexible on a summit with China’s leadership, open to delaying the event until a deal had been struck. The NAS100 index touched a 5-month high. UK lawmakers voted against exiting Europe with no Brexit deal in place.

NAS100USD Daily Chart

Source: OANDA fxTrade

  • The NAS100 index rose for a fourth consecutive day yesterday, touching the highest since October 17. That’s the longest winning streak since early-January
  • The index tested the 78.6% Fibonacci retracement of the October-December drop at 7,297.7. At current levels, the index is facing its biggest weekly gain since November last year
  • January’s new home sales are expected to fall 0.9% from a month earlier, according to latest surveys. That would be the weakest print in three months.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index rose yesterday following better-than-expected economic data while also riding on the coat tails of Wall Street’s gains
  • The index is still sandwiched between resistance at the 200-day moving average at 11,800 and rising trendline support near 11,355
  • Euro-zone industrial production rose 1.4%m/m in January, beating economists’ estimates of a 1.0% gain. German consumer prices are seen rising 0.5% m/m in February, the same pace as January.

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • Crude oil prices advanced to the highest in four months yesterday after data showed a surprise drawdown on inventories in the week to March 8
  • Prices regained the $58 handle for the first time since November 16. The 100-week moving average is at $58.38 while the 50% retracement level of the October-December drop is at $59.653
  • Data from EIA showed oil stockpiles falling by 3.86 million barrels in the week to March 8. This echoes Tuesday’s numbers from API to March 4, which saw a drawdown of 2.58 million barrels.

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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