Home/Indices/Newsfeed/Technical analysis

Daily Markets Broadcast 2019-07-03

Share Print 0

Daily Markets Broadcast

2019-07-03

Wall Street consolidates

Tomorrow’s Independence Day holiday kept volumes thin on Wall Street yesterday, with indices hovering close to record levels. Oil tumbled in response to the OPEC production cut extension.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rallied for a fourth consecutive day yesterday but still held below last month’s high
  • The June high at 26.913 and the October high of 26,940 are both still in focus, but possible bearish divergence on momentum indicators suggest they might be unachievable, at the moment
  • The June ISM non-manufacturing PMI is seen slipping to 55.9 from 56.9 while May factory orders are expected to remain in contraction, with a reading of -0.5% m/m from -0.8% in April.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index was little changed yesterday after touching an 11-month high the previous day
  • The 78.6% Fibonacci retracement of the May-December drop last year at 12,581 continues to hold on a closing basis. The August 2018 high is at 12,599
  • IMF’s Christine Lagarde has been nominated to take over from Mario Draghi at the ECB, whose term at the helm finishes on October 31. Her nomination needs ratifying by the European parliament.

 

JP225USD Daily Chart

Source: OANDA fxTrade

 

 

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