US indices started weakly but recovered into the close as the global spread of the corona virus continues. Oil prices hit the lowest in 2-1/2 months.

US30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index hit a 9-day low yesterday amid escalating concerns about the spread of the corona virus

  • The 55-day moving average, which has supported prices since October 10, has moved up to 28,344

  • The Markit flash manufacturing PMI probably rose to 52.5 this month from 52.4 in December, according to the latest survey of economists.

 

DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index slid to the lowest level in 10 days yesterday, echoing the weak sentiment on Wall Street

  • The index is above the 55-day moving average at 13,274, which has supported prices on a closing basis since October 8

  • Markit flash PMIs for both Germany and the Euro-zone are due today. January’s readings are expected to come in at 44.5 and 46.8, respectively.

 

WTICOUSD Daily Chart

Source: OANDA fxTrade

  • West Texas Intermediate (WTI) looks set to fall for a fifth straight day today after hitting the lowest level since November 1 yesterday

  • Prices are nearing the 78.6% Fibonacci retracement of the October-January rally at $54.19

  • Weekly stockpiles data from the Energy Information Administration showed a drawdown of 405,000 barrels to January 17, less than the 1.0 million analysts had expected.

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 OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

GBP/USD battles 1.2800 as UK rolls out new restrictions

GBP/USD trades around 1.2800, reversing a slide to two-month lows of 1.2717. BOE Governor Andrew Bailey downplayed expectations of negative interest rates. New coronavirus restrictions keep a check on the pound. UK PM Johnson to unveil the details. 

GBP/USD News

EUR/USD hits six-week lows below 1.1750 amid dollar demand

EUR/USD is trading at the weakest levels in six weeks below 1.1750 amid resurgent US dollar demand despite the upbeat market mood. Concerns over COVID-19 resurgence in Europe continue to weigh on the euro. 

EUR/USD News

XAU/USD bears stay directed towards $1,900

Gold prices remain on the back foot for second consecutive day. Sustained break of six-week-old support line, now resistance, keeps the sellers hopeful. 200-bar EMA adds to the upside barriers, August month’s low offer extra support.

Gold News

Crypto market shrinks while Bitcoin grows

Ethereum takes the brunt of the falls and gives market share to Bitcoin. Pause in the falls before looking for key supports at lower prices. Ripple plays dangerously and risks looking for support at the $0.20 level.

Read more

WTI: Extends pullback from 50-day SMA below $40.00

WTI over 1.0% on the failures to stretch bounces off $38.91 beyond $40.05. 100-day SMA n the bears’ radar but bullish MACD can restrict further downside. Friday’s high adds to the upside barrier beyond the 50-day SMA.

Oil News

Forex Majors

Cryptocurrencies

Signatures