Tuesday’s relief rally proved to be fleeting, with US indices resuming their recent slide yesterday with no deal in sight in the US-China trade negotiations. Oil prices fell as inventories increased.


IUS30USD Daily Chart

Source: OANDA fxTrade

  • The US30 index fell yesterday amid reports that the US was considering blacklisting more Chinese companies

  • The index is sandwiched between 55-day moving average resistance at 26,012 and 100-day moving average support at 25,539

  • US new home sales are expected to fall 2.8% m/m in April, according to the latest poll of economists. There’s a slew of Fed speakers at 1700GMT including Kaplan, Daly, Bostic and Barkin.


DE30EUR Daily Chart

Source: OANDA fxTrade

  • The Germany30 index edged lower yesterday but closed off the intraday lows

  • The 55-day moving average at 11,916 continues to support prices, as it has done on a closing basis since February 8

  • The Markit manufacturing PMI reading for May is expected to improve slightly to 44.8 from 44.4, but still in contraction territory. The IFO expectations index is seen edging lower to 95.0 from 95.2.


WTICOUSD Daily Chart

Source: OANDA fxTrade

  • WTI prices fell the most in three weeks yesterday after weekly stockpiles data showed another increase

  • Prices fell to the lowest in a week, closing below the 55-day moving average at $61.45 for the first time since January 17. The 200-day moving average is at $60.22

  • EIA weekly crude oil stockpiles data showed an increase of 4.74 million barrels in the week to May 17, well above analysts’ forecasts of a drawdown of 600,000 barrels.

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.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD consolidates losses as Fed moderates message

EUR/USD is trading above 1.1350, consolidating losses. The Fed's Bullard and Chair Powell have conveyed a balanced message, boosting the greenback. Treasury Secretary Mnuchin said 90% of the deal with China is done.


GBP/USD trades below 1.2700

GBP/USD is trading below 1.2700. BOE Gov. Carney said the BOE may cut rates in case of a no-deal Brexit. Boris Johnson has rattled markets by saying leaving the EU by October 31st is "do or die."


USD/JPY sticks to gains near 107.70, looks to snap 7-day losing streak

Following the sharp upsurge witnessed during the European trading hours, the USD/JPY pair has gone into a consolidation phase and is now moving in a relatively tight range in the upper half of its daily trading range.


EIA: Crude inventories decreased by 12.8 million barrels, WTI inches closer to $60

In its weekly petroleum report for the week ending June 21, the Energy Information Administration (EIA) announced that the commercial crude oil inventories in the United States decreased by 12.8 million barrels from the previous week. 

Read more

Gold finds some support near $1400 mark, lacks follow-through

Gold held on to its weaker tone through the early North-American session, albeit pared a part of its intraday slide to the $1400 neighbourhood post-US economic data.

Gold News