Most US indices fell yesterday after the Fed kept rates unchanged, but maintained its hawkish view on the economy and rate trajectory. Oil fell to new seven-month lows.

SPX500USD Daily Chart

Source: OANDA fxTrade

  • The SPX500 index fell for the first time this week yesterday, feeling pressure from the Fed’s hawkish rate outlook into December and 2019

  • The index failed to test the 100-day moving average 2,822, which has capped prices since the large drop on October 10

  • October’s producer price index is due today. Prices are seen rising at the same rate as September, +0.2% m/m and +2.6% y/y. Higher numbers could imply rising pipeline price pressure, which could hurt Wall Street.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index slipped for the first time in three days yesterday after latest Brexit comments from the UK poured cold water on the idea that a deal would be concluded this week

  • The index held below the 50% retracement level of the September 27 to October 26 drop at 11,748

  • EU Commission said Italy’s 2019 debt-to-GDP ratio could be 2.9% compared to govt ceiling of 2.4%. The EU did not see Italian debt falling in 2019.


WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI fell for the ninth consecutive day yesterday. The drop from the October 3 high surpassed 20%, suggesting the commodity has entered a bear market

  • WTI could find support at the $59.454 level, which is 50% retracement of the advance from June 2017 to last month

  • Wednesday’s EIA crude inventory data showed an increase in stockpiles for the seventh straight week. 5.78 million barrels were added.

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 below 1.1100 amid stimulus concerns

EUR/USD remains on the back foot below 1.1100 as investors fear that Germany's potential stimulus package will be insufficient. Tension is mounting toward Powell's critical speech on Friday.


GBP/USD struggles with 1.2100 amid growing Brexit uncertainty

GBP/USD is trading close to 1.2100, down. UK PM Johnson's request to abandon the Irish backstop in the Brexit accord was rebuffed by the EU ahead of top-level meetings.


USD/JPY retraces from 3-day top as risk-on takes a breather

The Asian traders look for further details to extend the USD/JPY pair’s previous run-up as a pullback emerges on the chart around 106.60 heading into Tuesday’s European session.


Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Planning the next bullish move after consolidating gains

Trading cryptos is not a one-way street – meteoric unstoppable gains belong to the past. Nevertheless, the bullish sentiment seems to prevail. Digital coins advanced on Monday and are consolidating on Tuesday. 

Read more

Gold: Bearish outside bar reversal favors drop to $1,480

Gold closed well below $1,504 on Monday, validating the bearish outside bar candlestick pattern created on Friday. A bearish outside bar candle occurs when the price action for a specific day falls outside the high and low of the preceding day.

Gold News