Daily Markets Broadcast 2019-11-25 – MarketPulseMarketPulse

  


Daily Markets Broadcast

2019-11-25

Stocks push higher after peaceful local Hong Kong elections

US indices opened higher this morning after Hong Kong embraced local district elections peacefully at the weekend and Donald Trump said the China trade deal was “closer”. Pro-democracy candidates did very well amid a record high turnout of voters.

 

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index looks set to advance for a second day today, with last week’s record high in sight

  • The 55-day moving average has risen to 27,102 while trendline support could be found near the 27,240 level

  • It’s a slow start to Thanksgiving week on the data front with the Dallas Fed manufacturing index for November the only item on tap. That’s expected to slide to -11.3 from -5.1, according to the latest survey. Fed Chairman Powell speaks late in the day.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index looks poised for a third daily gain in a row after the first speech from new ECB chief Lagarde echoed the Draghi-era theme of accommodative policy

  • The 55-day moving average has risen to 12,685. The 23.6% Fibonacci retracement of the rally from October 3 to November 12 is at 12,960

  • The November German IFO surveys are due today with the expectations index seen rising to 92.5 from 91.5, the latest survey shows.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate touched the highest in two months on Friday amid trade deal optimism and an expected extension to the OPEC+ production cuts in December

  • WTI has established a footing above the 200-day moving average at $57.45 but appears to have stalled near the 61.8% Fibonacci retracement of the September 16 to October 3 drop at $58.675

  • US oil stockpiles have been steadily rising over the past few weeks, but have had only a temporary negative effect on prices. The API data to November 22 are due tomorrow after seeing a hefty 5.95 million barrel increase last week.

 

 

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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