OctaFX | OctaFX Forex Broker
Open trading account

US stocks extend losses into third session

FXStreet (Córdoba) - US stocks closed with losses for third straight session on Wednesday, having taken a negative turnaround following a positive opening.

The Dow Jones Industrial Average fell 75.36 points, or 0.43%, to 17,492.64. The S&P 500 dropped 15.95 points, or 0.77%, to 2,047.64. The Nasdaq Composite was the worst performer, shedding 75.38 points, or 1.48%, to 5,022.87.

Stocks opened with a positive tone, following an early bounce in oil prices, but finally capitulate to an overall negative sentiment towards stocks.

DJIA technical view

“The DJIA daily chart shows that the index extended its decline towards its 200 DMA, but it hasn't yet confirmed a break below it. Nevertheless, the technical indicators present strong bearish slopes below their mid-lines, and having reached fresh monthly lows, in line with further declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index fell sharply after failing to overcome its moving averages that anyway remain in a tight range and lack clear directional strength, whilst the technical indicators aim slightly higher in negative territory rather reflecting the latest bounce than suggesting an upcoming bullish movement.”

Support levels: 17,397 17,326 17,266. Resistance levels: 17,592 17,648 17,710.

What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18thand get the recording too.

GBP/CAD extends gains to fresh 3-month highs

The GBP/CAD cross traded at its highest level since late August, up to 2.0643 in the US afternoon, as the pound rallied versus most competitors whilst the CAD plummeted to fresh lows on the back of oil's decline. The strong imbalance between both currencies resulted in a 250-pip intraday advance.
Read more Previous

NZD/USD: expected to remain firm - Westpac

Imre Speizer, analyst at Westpac noted that the RBNZ’s Monetary Policy Statement this morning cut the OCR by 25bp to 2.50%, but gave mixed messages about any further easing (the press release said more easing is possible, the detail said they are firmly on hold). We interpret this as slightly hawkish for the market, and the market has reacted so…NZD/USD up around 1/2c.
Read more Next
Start livechat