Home/Indices/Newsfeed/Technical analysis

Daily Markets Broadcast 2019-08-26

Share Print 0

Daily Markets Broadcast

2019-08-26

Stocks suffer as trade war escalates

US indices fell on Friday after US President Trump hiked existing tariffs on Chinese goods, which was followed by China adding levies on $75 billion worth of US imports.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell the most in nine days on Friday and has extended those losses in early trading this morning
  • The index touched the lowest since August 15 earlier and looks poised to close below the 200-day moving average at 25,592 for the first time since August 14
  • US durable goods orders are expected to rise 1.1% in July, a slightly slower pace than June’s +1.9%.

 

DE30EUR Monthly Chart

Source: OANDA fxTrade

  • The Germany30 index slumped to the lowest level in 10 days in early trading this morning in response to the US-China trade war escalation
  • The index looks poised to closed below the 55-month moving average at 11,533 for the first time since January
  • The German IFO surveys for August are scheduled to be released today, with the expectations index likely falling to 91.5 from 92.2, according to the latest survey of analysts.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • Crude oil prices are lower for a fifth consecutive day in early trading this morning as the trade war escalation questions future demand prospects for the commodity
  • West Texas Intermediate (WTI) is testing the 61.8% Fibonacci retracement of the August 7 to 13 rally at $53.135
  • Weekly oil inventories data from the American Petroleum Institute are due tomorrow. Last week saw a drawdown of 3.5 million barrels.

 

 

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

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

Latest posts by Andrew Robinson (see all)

, , , , , , , ,
Back to Top