Daily Markets Broadcast 2019-03-19

Daily Markets Broadcast

2019-03-19

Wall Street continues its rally

Wall Street indices extended last week’s gains into Monday, fueled by positive news on trade talks in the agricultural sector. The energy sector was boosted by higher oil prices.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index rallied for a second straight day yesterday, though still lagged advances in other indices due to under-performance by Boeing
  • The 55-day moving average at 25,052 is heading toward the 200-day moving average at 25,157. It crossed above the 100-day moving average on March 13
  • China has offered the US some “very attractive numbers” for purchases of farm goods as part of the trade negotiations, the U.S. Agriculture Secretary said yesterday. On the data front, January factory orders are seen rising 0.3% m/m.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index retreated from a five-month high yesterday amid news of consolidation in the banking sector
  • The index remains capped by the 50% retracement level of the May-December drop at 11,743 and the 200-day moving average at 11,785. Rising trendline support could be found near 11,410
  • The German ZEW economic sentiment survey for March is expected to show an improvement to -11.3 from -13.4 but the current situation is seen deteriorating to 11.2 from 15.0.

CN50USD Daily Chart

Source: OANDA fxTrade

  • The China50 index advanced for a second consecutive day yesterday, extending the rebound to test the March 6 high of 13,060
  • The nearest resistance point could be the March 4 high of 13,311, which was the highest in almost a year
  • The index could advance further today given the progress announced in the trade talks.