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​Dow Jones Industrial Average, EUR/JPY and US natural gas keel over

​​​Dow Jones Industrial Average, EUR/JPY and US natural gas keel over ​as investor optimism fades amid US-China trade deal uncertainty.

Dow Jones Source: Bloomberg

Written by

Axel Rudolph

Axel Rudolph

Market Analyst

Article publication date:

​​​Dow is keeling over

​Having reached and flirted with the 200-day simple moving average (SMA) at 42,267, the Dow Jones Industrial Average slid below it on Wednesday amid fading investor optimism. 

​The index is expected to come further off its 42,507 six-week high and slip through its accelerated uptrend line at 41,890.

​This week's price gap between Monday's 41,899 and Friday's 41,512 high is expected to get filled. On the way down the 8 May high at 41,773 may offer interim support.

​Resistance above the 200-day SMA at 42,267 and this week's high at 42,507 lies at the late March high at 42,821.

Dow Jones chart Source: TradingView

​EUR/JPY is being rejected by resistance 

EUR/JPY's recent advance faltered marginally above its December peak at ¥165.21 on Tuesday. 

​The cross is currently revisiting its mid-April high at ¥163.27 below which lies more significant support at ¥161.81-to-¥160.99. It is comprised of the 22 April-to-6 May lows and the 55-/200-day SMAs.  

​Key resistance remains to be seen at ¥164.18-to-¥165.23, made up of the December-to-May highs.

EUR/JPY chart Source: TradingView

​Natural gas futures resume their descent 

​US natural gas futures prices are on track for their fourth consecutive day of falling prices and are about to probe their 29 April high at 294.9. Together with the 9 April and the 6 May lows at 289.8-to-289.2 these may offer support. 

​If not a further slide towards the 200-day SMA at 273.8 is likely at hand. 

Minor resistance above Wednesday's 308.5 high can be spotted at the 5 May high at 316.0 ahead of the 55-day SMA and 9 May peak at 322.5-to-326.1.

Natural gas chart Source: TradingView