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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
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
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
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.
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.
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.
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