US Stock market Technical Analysis August 12, 2019

Trade war sentiment to dampen the mood of traders

Free $100 Forex No-Deposit Bonus

The situation of the trade war closely monitored by traders and investors. Goldman Sachs noted that the market is uncomfortable and the prolonged trade war between U.S and China could tip the world into recession. The company lowered U.S growth by 20 points to 1.8%, expecting no deal between U.S and China until U.S 2020 presidential election.

Meanwhile, protests in Hong Kong intensified as the international airport canceled all departures for the remainder of the day.

Asian & European Stock market

Asian stock market mostly higher. Japan’s stock market closed for holiday, China stock market up 40.24 (+1.45%) to 2,814.99, and Australia ASX 200 up 5.90 points (+0.09%) to 6,590.30. European stock market under pressure. DAX Germany down 0.24%, UK FTSE down 0.43%, Euro STOXX600 down 0.24%

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA closed the week above 26,000 handles and bounced from it. The index has the potential to continue upside, but today index futures pointed lower before the market open. We might have a 100 points decline after the market open and might continue lower to test the 26,000 handles again.

Analog devises Inc (ADI)

ADI made a correction after the previous high at $124.79 and reach the daily SMA 50 & 100. The share prices might continue its bearish movement and target the daily SMA 200. At the current time, traders might want to avoid long positions and wait until the pair show bullish reaction near SMA 200.

Copyright © 2020. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.