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

Latest Forex Analysis

Editors’ Picks

EUR/USD struggles to hold onto German PMI related gains

EUR/USD has is battling 1.08, off the highs it reached as German Manufacturing PMI beat with 47.8 points, raising the eurozone averages. Coronavirus fears dominate markets.

EUR/USD News

GBP/USD tops 1.29 ahead of preliminary PMIs

GBP/USD is trading above 1.29, rising from the new 2020 lows. Brexit and concerns and dollar strength are behind the move. Markit's preliminary PMIs for February are set to trigger high volatility.

GBP/USD News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

Gold hits fresh seven-year high

Gold is flashing green for the fourth straight day and is currently trading at $1,624, the highest level February 2013. The anti-risk yellow metal continues to draw bids from retail investors and hedge funds despite the headwinds from other markets. 

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures