#WaveAnalysis
#NZDUSD reversed from support zone
Likely to rise to 0.6330
https://fxpro.news/market-snapshots/nzdusd-wave-analysis-03-march-2019-20200303/
#NZDUSD reversed from support zone
Likely to rise to 0.6330
https://fxpro.news/market-snapshots/nzdusd-wave-analysis-03-march-2019-20200303/
Weekly poll results
At the start of the week, the majority of respondents at our various sites preferred commodities (42%). Excessive volatility in Oil and Gold leaves no other chances to seize leadership for attention. EURUSD is in second place and even more exciting than a week earlier (31%). Equity markets (16%) also became more interesting for our subscribers after last week's abnormal volatility. GBPUSD is outsider once again. We exclude GBPUSD from the next week's survey and separately poll for Gold and oil.
At the start of the week, the majority of respondents at our various sites preferred commodities (42%). Excessive volatility in Oil and Gold leaves no other chances to seize leadership for attention. EURUSD is in second place and even more exciting than a week earlier (31%). Equity markets (16%) also became more interesting for our subscribers after last week's abnormal volatility. GBPUSD is outsider once again. We exclude GBPUSD from the next week's survey and separately poll for Gold and oil.
Over the last 24 hours, #Bitcoin shows virtually zero dynamics and trades around $8,800. During the week, the benchmark cryptocurrency fluctuates somewhat near the current levels. Usually, sideways trends turn out to be a bad sign for the crypto market, where the rule "what doesn't grow, dies" worked well recently. In this case, a lot may depend on the situation in the traditional financial market.
The easing of the epidemic and the growing demand for risk assets may well contribute to strengthening purchases of Bitcoin, which will pull up the rest of the crypto market. The Crypto Fear & Greed Index has grown by several points over the last 24 hours, indicating a slight relief. The RSI index on the daily chart is in a neutral position. All market participants are waiting for new triggers, and now Bitcoin is highly dependent on the development of the situation in traditional risk markets.
The easing of the epidemic and the growing demand for risk assets may well contribute to strengthening purchases of Bitcoin, which will pull up the rest of the crypto market. The Crypto Fear & Greed Index has grown by several points over the last 24 hours, indicating a slight relief. The RSI index on the daily chart is in a neutral position. All market participants are waiting for new triggers, and now Bitcoin is highly dependent on the development of the situation in traditional risk markets.
The emergency interest rates cut from the Fed did not have a lasting impact on markets. The markets show that they demanded much more.
A softer monetary policy is a way to revive business activity. However, it will take months before this “cure” fully takes effect.
There is another, more conspiracy reasoning. The Fed’s active steps were a concession to the US government, namely Trump, who openly calls for further rate cuts. The Fed had the opportunity to concede in this regard, as the dollar was at 3-year highs less than two weeks ago, entering an area where it hasn’t stayed long for the last 18 years.
If other major central banks do not repeat or exceed the Fed’s actions in the coming days, the US currency risks facing prolonged pressure.
https://fxpro.news/daily-forex-outlook/fed-cuts-hit-the-dollar-but-stocks-continue-bearish-trend-20200304/
A softer monetary policy is a way to revive business activity. However, it will take months before this “cure” fully takes effect.
There is another, more conspiracy reasoning. The Fed’s active steps were a concession to the US government, namely Trump, who openly calls for further rate cuts. The Fed had the opportunity to concede in this regard, as the dollar was at 3-year highs less than two weeks ago, entering an area where it hasn’t stayed long for the last 18 years.
If other major central banks do not repeat or exceed the Fed’s actions in the coming days, the US currency risks facing prolonged pressure.
https://fxpro.news/daily-forex-outlook/fed-cuts-hit-the-dollar-but-stocks-continue-bearish-trend-20200304/
Market volatility declined after sharp jumps in both directions over the previous two weeks. Fed rate cuts and market guesses that more to come from other Central Banks, feed cautious demand for risky assets, supporting stock indices: futures for S&P500 + 2.0%, FTSE100 + 1.5%, Dax + 1.4%.
The dollar returned to growth, as expectations swayed to easing from other Central Banks after the Fed.
The leaders in the growth to USD are the commodities ZAR, AUD, RUB. JPY, EUR, CHF lose on restoring risk appetite.
Gold stabilized near $1640, after a 4% jump on Tuesday.
Brent is trading at $ 52.8, receiving buyers support on dips to $51.00 for the second day. Quotes froze in anticipation of signals from the OPEC+ meeting in the coming days and the publication of US inventories data.
The dollar returned to growth, as expectations swayed to easing from other Central Banks after the Fed.
The leaders in the growth to USD are the commodities ZAR, AUD, RUB. JPY, EUR, CHF lose on restoring risk appetite.
Gold stabilized near $1640, after a 4% jump on Tuesday.
Brent is trading at $ 52.8, receiving buyers support on dips to $51.00 for the second day. Quotes froze in anticipation of signals from the OPEC+ meeting in the coming days and the publication of US inventories data.
Bank of Canada lowers overnight rate target to 1 ¼ percent
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.
While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding.
The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.
While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding.
#WaveAnalysis
#CADJPY reversed from support zone
Likely to rise to 81.00
https://fxpro.news/market-snapshots/cadjpy-wave-analysis-04-march-2019-20200304/
#CADJPY reversed from support zone
Likely to rise to 81.00
https://fxpro.news/market-snapshots/cadjpy-wave-analysis-04-march-2019-20200304/
#WaveAnalysis
Natural Gas (#NTG) reversed from long-term support area
Likely to rise to 2.00
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-04-march-2019-20200304/
Natural Gas (#NTG) reversed from long-term support area
Likely to rise to 2.00
https://fxpro.news/market-snapshots/natural-gas-wave-analysis-04-march-2019-20200304/
Without massive OPEC cuts, Brent may drop to $40 area
Brent rebounded from 2.5-year lows earlier this week, stabilizing around $52.0 in anticipation of OPEC oil ministers’ decision.
If OPEC+ launches a rally in the oil market through active production cuts, it will only fill the wallets of U.S. producers and potentially create even stricter competition for traditional markets.
In our view, while markets are waiting for an oil rally in response to stricter restrictions from the cartel, we cannot refuse the scenario of late 2014, when Saudi Arabia pursued a self-balancing approach to the market, intervening only in early 2016 when prices collapsed below $30.
https://fxpro.news/analysis-and-insight/without-massive-opec-cuts-brent-may-drop-to-40-area-20200305/
Brent rebounded from 2.5-year lows earlier this week, stabilizing around $52.0 in anticipation of OPEC oil ministers’ decision.
If OPEC+ launches a rally in the oil market through active production cuts, it will only fill the wallets of U.S. producers and potentially create even stricter competition for traditional markets.
In our view, while markets are waiting for an oil rally in response to stricter restrictions from the cartel, we cannot refuse the scenario of late 2014, when Saudi Arabia pursued a self-balancing approach to the market, intervening only in early 2016 when prices collapsed below $30.
https://fxpro.news/analysis-and-insight/without-massive-opec-cuts-brent-may-drop-to-40-area-20200305/
Major central banks can trigger crypto demand
After another stage of a tug-of-war between bulls and bears, Bitcoin showed a growth of 1% above $8,900 on Thursday morning.
It is an easing of monetary policy, that is believed in the crypto community to be capable of increasing demand for cryptocurrencies. The larger the money supply, the lower the rates and the cheaper the national currencies, the higher the demand for deficit assets with a limited emission, to which market participants attribute Bitcoin.
https://fxpro.news/analysis-and-insight/major-central-banks-can-trigger-crypto-demand-20200305/
After another stage of a tug-of-war between bulls and bears, Bitcoin showed a growth of 1% above $8,900 on Thursday morning.
It is an easing of monetary policy, that is believed in the crypto community to be capable of increasing demand for cryptocurrencies. The larger the money supply, the lower the rates and the cheaper the national currencies, the higher the demand for deficit assets with a limited emission, to which market participants attribute Bitcoin.
https://fxpro.news/analysis-and-insight/major-central-banks-can-trigger-crypto-demand-20200305/
Stock market volatility is growing again in the morning amid corrective rollback of indices. A day earlier, the S & P500 jumped 4.2%, and before the start of trading in the US, futures indicated a 2.4% drop. EuroStoxx50 loses more than 2%, FTSE100 is down 1.9% since the beginning of the day.
The dollar is declining, having a direct correlation with stocks. This rare correlation is associated with growing expectations of further Fed 50 bp rate cuts on March 18.
Safe-heavens are again in the lead to growth to USD.
Gold adds nearly 1% to $ 1,655.
Brent dropped to $50.9 amid disappointment among market participants by Russia’s reluctance to support aggressive measures to reduce production.
Heads of the Bank of England and Canada will speak later in the evening, and US NFP report publishing on Friday may lead to a new jump in volatility.
The dollar is declining, having a direct correlation with stocks. This rare correlation is associated with growing expectations of further Fed 50 bp rate cuts on March 18.
Safe-heavens are again in the lead to growth to USD.
Gold adds nearly 1% to $ 1,655.
Brent dropped to $50.9 amid disappointment among market participants by Russia’s reluctance to support aggressive measures to reduce production.
Heads of the Bank of England and Canada will speak later in the evening, and US NFP report publishing on Friday may lead to a new jump in volatility.
#WaveAnalysis
#USDCHF broke key support level 0.9610
Likely to fall to 0.9450
https://fxpro.news/market-snapshots/usdchf-wave-analysis-05-march-2019-20200305/
#USDCHF broke key support level 0.9610
Likely to fall to 0.9450
https://fxpro.news/market-snapshots/usdchf-wave-analysis-05-march-2019-20200305/
#WaveAnalysis
#Gold reversed from support zone
Likely to rise to 1690.00
https://fxpro.news/market-snapshots/gold-wave-analysis-05-march-2019-2-20200305/
#Gold reversed from support zone
Likely to rise to 1690.00
https://fxpro.news/market-snapshots/gold-wave-analysis-05-march-2019-2-20200305/
A multi-year USD downward trend has probably begun
The stock indices rebound on Wednesday was accompanied only by the suspension of the Swiss franc and yen growth. Due to negative interest rates in the Eurozone, the single currency is also increasingly visible to investors during periods of sell-off of risk assets.
In the short term, demand for the yen, the franc and the euro, as safe-havens, means that demand for protective assets prevails against the background of liquidation of risk positions. It is a symptom of further market weakening in the coming days. From a longer-term perspective, a weak dollar will sooner or later turn the markets towards growth. In our case, we should say that the situation will worsen first, and only then will correct.
https://fxpro.news/daily-forex-outlook/a-multi-year-usd-downward-trend-has-probably-begun-20200306/
The stock indices rebound on Wednesday was accompanied only by the suspension of the Swiss franc and yen growth. Due to negative interest rates in the Eurozone, the single currency is also increasingly visible to investors during periods of sell-off of risk assets.
In the short term, demand for the yen, the franc and the euro, as safe-havens, means that demand for protective assets prevails against the background of liquidation of risk positions. It is a symptom of further market weakening in the coming days. From a longer-term perspective, a weak dollar will sooner or later turn the markets towards growth. In our case, we should say that the situation will worsen first, and only then will correct.
https://fxpro.news/daily-forex-outlook/a-multi-year-usd-downward-trend-has-probably-begun-20200306/
Bitcoin is again on a growth wave, which allowed it not only to overcome the psychological level of $9K but also consolidated a little higher. The short-lived attack of the bears was repulsed, and on Friday morning BTCUSD trades at $9,100. The growth takes place against the background of an 8% increase in trading volumes, which is not a bad sign for the market. Besides, the rate has now returned to the 200 SMA, gaining support on the way down to the 50 SMA. The Crypto Fear & Greed Index is in "fear" mode, having lost three pips in the last 24 hours.
In the last seven days, the total capitalization of the cryptocurrencies has increased by $10bn. The situation with the coronavirus is far from over, so stocks are still declining. Against this background, the cryptocurrencies demonstrate relative stability. At first, they took the hit, as well as other risky assets, but it seems that digital currencies have some immunity to decline further.
In the last seven days, the total capitalization of the cryptocurrencies has increased by $10bn. The situation with the coronavirus is far from over, so stocks are still declining. Against this background, the cryptocurrencies demonstrate relative stability. At first, they took the hit, as well as other risky assets, but it seems that digital currencies have some immunity to decline further.
There is no shortage of strong moves on Friday, despite the proximity of the US NFP publication, in anticipation of which the markets often subside. A day earlier, the S & P500 lost 3.4%, and before the start of trading in the US, futures indicated a 2.6% drop. EuroStoxx50 loses more than 3.7%; the FTSE100 is down 3.3% since the beginning of the day.
The dollar tumbles down to major currencies, but adds to RUB, ZAR, as the markets expect even more aggressive easing from the Fed, expecting less active action from other central banks. AUD and NZD stand out among those growing against the dollar - sales pressure is not as intense in Asia as in Europe and the USA.
Gold is storming this year highs near 1690, adding 0.8%.
Brent collapsed to $ 47.5, to 2.5-year lows amid difficult negotiations between OPEC and Russia.
The dollar tumbles down to major currencies, but adds to RUB, ZAR, as the markets expect even more aggressive easing from the Fed, expecting less active action from other central banks. AUD and NZD stand out among those growing against the dollar - sales pressure is not as intense in Asia as in Europe and the USA.
Gold is storming this year highs near 1690, adding 0.8%.
Brent collapsed to $ 47.5, to 2.5-year lows amid difficult negotiations between OPEC and Russia.
#WaveAnalysis
#USDJPY broke support levels 106.40, 107.5
Likely to fall to 104.60
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-06-march-2019-20200306/
#USDJPY broke support levels 106.40, 107.5
Likely to fall to 104.60
https://fxpro.news/market-snapshots/usdjpy-wave-analysis-06-march-2019-20200306/
#WaveAnalysis
#AUS200 falling sharply
Further losses likely toward 6000.00
https://fxpro.news/market-snapshots/aus200-wave-analysis-06-march-2019-20200306/
#AUS200 falling sharply
Further losses likely toward 6000.00
https://fxpro.news/market-snapshots/aus200-wave-analysis-06-march-2019-20200306/
#WaveAnalysis
#USDCHF broke support area
Likely to fall to 0.9250
https://fxpro.news/market-snapshots/usdchf-wave-analysis-06-march-2019-20200306/
#USDCHF broke support area
Likely to fall to 0.9250
https://fxpro.news/market-snapshots/usdchf-wave-analysis-06-march-2019-20200306/