Markets in Details: 10 January 2019

10 January, 2019

News

  • Car sales became the latest data to confirm China’s economic slowdown after Chinese carmaker Geely reported 39 percent YoY drop in sales and projected sales will remain flat for 2019. China is the world’s largest auto market.

The focus of attention

  • Trade talks between U.S. and China have been extended to Wednesday and Donald Trump claimed that talks are “going very well”. China is expected to release a statement after the negotiations end.
  • President Donald Trump delivered his announcement on border security via a 9-minute television address broadcasted by major US networks on Wednesday where he insisted the country needed a 5.7bn budget for his wall. Observers had ealier expected Trump to invoke a national emergency, possibly illegally, to bypass Congress to get his wall and end the third longest government shutdown in history.

Technical Analysis

  • EUR USD’s move higher ended on Tuesday and the pair is struggling to break the resistance at 1.1465 on Wednesday. Expect the pair to continue to trade in a flat-to-narrow range if it remains below that resistance.
  • GBP USD managed to find support at 1.2707 late on Tuesday to preserve Friday’s gains. However, the reversal is capped at 1.2747 at the moment and trading is choppy on the one-minute view. Expect sentiment to firm up if the pair crosses the upper resistance in the short-term.
  • Dow kept its uptrend intact with a push to 23896 on Wednesday. The ten-minute view is showing a pullback to 23820 which appears to be a bottom given RSI has reversed and pointing up. Expect the January uptrend to continue especially if the asset crosses 23900.


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