Wall Street edges higher on trade hopes

Andrew Robinson MarketPulse

US indices traded marginally higher yesterday, with activity muted due to the President’s Day holiday. Oil prices extended recent gains on supply-side curbs.

US30USD Daily Chart

Source: OANDA fxTrade

The US30 index extended recent gains to the highest since December 3, eking out small gains on the day
The next resistance point could be the December high of 26,085. The 200-day moving average at 25,054 may act as near-term support
US Commerce Dept sent report to White House on 25% automobile tariffs. President Trump now has 90 days to make a final decision. There are no tier-1 data releases scheduled for today.

DE30EUR Daily Chart

Source: OANDA fxTrade

The Germany30 index posted minor gains yesterday, taking its cue from the Asian session. There were no economic data releases to drive direction and it was quiet on the Brexit front
The index consolidated its move above the 100-day moving average at 11,271, closing above it for the second day in a row. The next resistance level could be the high from earlier this month at 11,392
German ZEW surveys for February are due today. The current situation index is seen falling to 20.0 from 27.6 while the more forward-looking economic sentiment index is expected to improve marginally to -13.4 from -15.0.

WTICOUSD Daily Chart

Source: OANDA fxTrade

Crude oil prices advanced for a fifth straight day yesterday, bolstered by OPEC+ supply cuts and supply-limiting sanctions on Venezuela
Prices are eyeing the 100-day moving average at $56.87. This average has capped prices since October 22
The American Petroleum Institute issues its weekly oil stocks data as at February 15 later today. Last week showed the first drawdown of inventories in four weeks.

Author

Andrew Robinson

MarketPulse

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 commentar

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