How is the Dow trading at the moment? This 5 July Dow Jones Index Trading Outlook From OctaFX comes handy.
5 July, OctaFX – Asian markets are today reflecting current trade worries. The Shanghai Composite Index, Hong Kong’s Hang Seng, and Japan’s Nikkei are down by 0.51%, 0.65%, and 0.40% respectively.
This comes a day after German Chancellor, Angela Merkel, sounded an early alarm over trade warning that the world could be approaching another financial crisis similar in magnitude to the 2008/9 crisis.
5 July Dow Jones Index Trading Outlook
Early last month, the Dow Jones Industrial Average (DJIA) started falling after reaching a high of $25,400. The index is now trading near the important support of $24,000. If the pair breaches this support, traders can expect it to continue moving lower as it searches for another support.
The next support will be the $23,500 level. This is likely if the global trade climate continues to worsen because all companies in the index derive their revenues from international markets. Its RSI is currently at 42 and the 50 and 100-day moving averages are higher.
There is also a likelihood that traders will shrug-off the trade rhetoric and push the index higher.
This article about 5 July Dow Jones Index Trading Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.