Daily Markets Broadcast 2019-01-24

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Daily Markets Broadcast

2019-01-24

Wall Street edges higher after strong earnings

US indices saw whippy trading yesterday before a last-minute spurt saw them close in the black. Better results from a few index heavyweights helped sentiment. The ECB meets today and could focus on the downside risks to the economy. Australian shares rally after better-than-expected jobs data.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index snapped a two-day losing streak yesterday after swinging from negative to positive in late trading

  • The 55-day moving average at 24,324 appears to be lending support for now after the index failed to close below it for the past two days

  • The January flash reading of manufacturing PMI is due today and seen sliding to 53.5 from 53.8, according to the latest poll.

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index advanced for the first time in three days yesterday as the market awaits developments on Brexit

  • The 55-day moving average at 11,061 remains in focus, while Fibonacci support at 11,029, which is 23.6% retracement of the December-January rally, held yesterday

  • ECB is expected to keep rates steady today, the first meeting after it ceased its bond-buying program. EU data has been uninspiring for the past few months, and this could drive expectations.

AU200AUD Daily Chart

Source: OANDA fxTrade

  • The Australia200 index climbs today after data showed the economy added more jobs than expected in December

  • The index is pivoting around the 100-day moving average at 5,851. The 200-day moving average at 6,005 could be the next resistance point

  • Australia added 21,600 jobs in December, more than expected, 24,600 part-time with a loss of 3,000 full-time. The unemployment rate dipped to 5.0% from 5.1%.

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

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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