Daily Markets Broadcast 2019-04-23

Daily Markets Broadcast

2019-04-23

Wall Street mixed ahead of earnings deluge

It was a mixed performance on Wall Street in holiday-thinned trading, with the US30 and SPX500 declining while the NAS100 index eked out small gains. Oil prices surged as Iran sanction waivers are set to end.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index touched the highest since October 5 yesterday before closing lower
  • The index has stalled ahead of the October high of 26,940. The rising 55-day moving average support is at 25,873 today
  • US existing home sales were soft in March, falling 4.9% m/m, more than the -2.3% expected. Today we see new home sales for last month and, if they are as weak as the existing home sales, it could add pressure on Wall Street.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index ignored weaker flash PMI readings and extended its recent rally to a seventh day on Thursday. Markets were closed yesterday for Easter Monday
  • The index touched the highest since October 4 on Thursday. The 78.6% Fibonacci retracement of the May-December drop is at 12,581
  • Germany’s March Markit flash manufacturing PMI rose to 44.5 from 44.1 but missed forecasts of a climb to 45.0. Consumer confidence is seen barely changed in April at -7.1 from -7.2 the previous month.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI surged more than 2.5% yesterday, posting the biggest one-day gain since January 9, after US President Trump announced that the sanctions waivers granted to eight oil-importing countries would not be renewed when they expire next month
  • Prices touched the highest since October 31 yesterday.The 78.6% Fibonacci retracement of the October-December drop is at $69.75
  • API releases its weekly crude inventories data as at April 19 today. Last week saw a drawdown of 3.1 million barrels, the first decrease in three 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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