#WaveAnalysis
#GBPUSD broke pivotal support level 1.2200
Further losses likely toward 1.1945
https://fxpro.news/market-snapshots/gbpusd-wave-analysis-17-march-2019-20200317/
#GBPUSD broke pivotal support level 1.2200
Further losses likely toward 1.1945
https://fxpro.news/market-snapshots/gbpusd-wave-analysis-17-march-2019-20200317/
Weekly poll results
At the start of the week, the majority of respondents at our various sites preferred Gold (30%). Still, it was behind EURUSD (34%). Stocks and Indices was named the most interesting this week by 12% of the survey participants. Decreased Crude Oil volatility in Oil lead to lower interest from our readers.
At the start of the week, the majority of respondents at our various sites preferred Gold (30%). Still, it was behind EURUSD (34%). Stocks and Indices was named the most interesting this week by 12% of the survey participants. Decreased Crude Oil volatility in Oil lead to lower interest from our readers.
By the end of this week from current 1.0970 level, EURUSD will move...
Anonymous Poll
44%
up
56%
down
In the last 24 hours, Bitcoin little changed, standing near $5300 (-0.6%). Market participants are in the process of analyzing what happened. It can hardly be called a typical situation when the daily trading volume in the Bitcoin network (according to the CMC data) reaches almost $80B. By comparison, at the historic price peak at $20K in December 2017, the daily trading volume reached $23B.
More than 160K BTC moved to exchanges on March 13, the most substantial one-day increase since November 2017. Moreover, 281K Bitcoins, which had been untouched for 30 days, returned into circulation on March 11. The market is now tormented by the question of whether it is time to buy digital currencies.
The Crypto Fear & Greed Index grew by 3 points over the past 24 hours, but still in the "extreme fear" zone. As for cryptocurrencies, stablecoins have become safe-heaven here. And this can be considered a considerable achievement of the digital market, as it is tough to find such an asset in the traditional one.
More than 160K BTC moved to exchanges on March 13, the most substantial one-day increase since November 2017. Moreover, 281K Bitcoins, which had been untouched for 30 days, returned into circulation on March 11. The market is now tormented by the question of whether it is time to buy digital currencies.
The Crypto Fear & Greed Index grew by 3 points over the past 24 hours, but still in the "extreme fear" zone. As for cryptocurrencies, stablecoins have become safe-heaven here. And this can be considered a considerable achievement of the digital market, as it is tough to find such an asset in the traditional one.
On the verge of the new Great Depression?
World markets remain extremely volatile, which was last observed by investors before the Great Depression. Of the six most significant one-day declines in the US market, three occurred in October-November 1929, two (probably two, so far) in March 2020, and one in Black Monday 1987.
Unfortunately, comparisons with the troubled 30s of the last century go beyond the fluctuations of stock indices. Previously, similarities were limited only to the rudiments of trade wars. However, now as more and more countries are going into self-isolation, it breaks the established logistic chains. While coronavirus is spreading across Europe and America, there is a higher chance that governments will turn to stimulate domestic demand that will accelerate deglobalization.
https://fxpro.news/daily-forex-outlook/on-the-verge-of-the-new-great-depression-20200318/
World markets remain extremely volatile, which was last observed by investors before the Great Depression. Of the six most significant one-day declines in the US market, three occurred in October-November 1929, two (probably two, so far) in March 2020, and one in Black Monday 1987.
Unfortunately, comparisons with the troubled 30s of the last century go beyond the fluctuations of stock indices. Previously, similarities were limited only to the rudiments of trade wars. However, now as more and more countries are going into self-isolation, it breaks the established logistic chains. While coronavirus is spreading across Europe and America, there is a higher chance that governments will turn to stimulate domestic demand that will accelerate deglobalization.
https://fxpro.news/daily-forex-outlook/on-the-verge-of-the-new-great-depression-20200318/
#WaveAnalysis
#AUDUSD broke multi-year support level 0.6000
Likely to fall to 0.5500
https://fxpro.news/market-snapshots/audusd-wave-analysis-18-march-2019-20200318/
#AUDUSD broke multi-year support level 0.6000
Likely to fall to 0.5500
https://fxpro.news/market-snapshots/audusd-wave-analysis-18-march-2019-20200318/
#WaveAnalysis
#NZDUSD broke round support level 0.6000
Likely to fall to 0.5800
https://fxpro.news/market-snapshots/nzdusd-wave-analysis-18-march-2019-20200318/
#NZDUSD broke round support level 0.6000
Likely to fall to 0.5800
https://fxpro.news/market-snapshots/nzdusd-wave-analysis-18-march-2019-20200318/
Almost unprecedented volatility remains in the stock markets: DJI's 6% growth following Tuesday's results alternates with a 5.5% failure at the start of trading on Wednesday. FTSE100 lost 4.1%, Dax - 4.9%.
The Fed is stepping up its support for credit markets in an attempt to avoid an abnormal craving for dollars. Despite this, DXY has been adding 1.6% for a second day to the March 2017 highs. Commodity currencies are undergoing a real devaluation against the dollar (see table). GBPUSD entered the freefall, losing 2.5% and trading at 1.1740 - the lows since 1985.
Gold today swung between $1485 and $1545. This is an abnormally wide range, but it is shrinking for the third day in a row.
Brent in the spot market fell below $ 27, the lowest since 2003, almost half price from March 3.
Despite large-scale stabilization measures, dollar thrust prevails in the markets - as it become the equivalent of cash for financial markets.
The Fed is stepping up its support for credit markets in an attempt to avoid an abnormal craving for dollars. Despite this, DXY has been adding 1.6% for a second day to the March 2017 highs. Commodity currencies are undergoing a real devaluation against the dollar (see table). GBPUSD entered the freefall, losing 2.5% and trading at 1.1740 - the lows since 1985.
Gold today swung between $1485 and $1545. This is an abnormally wide range, but it is shrinking for the third day in a row.
Brent in the spot market fell below $ 27, the lowest since 2003, almost half price from March 3.
Despite large-scale stabilization measures, dollar thrust prevails in the markets - as it become the equivalent of cash for financial markets.
EM Central Banks change their crisis playbooks, despite currencies devaluation
The central banks of developed countries continue to press the monetary easing pedal. And this is a traditional way for them to support the economy in the face of a looming recession.
What goes beyond tradition is the reaction of the central banks of emerging market countries.
https://fxpro.news/daily-forex-outlook/em-central-banks-change-their-crisis-playbooks-despite-currencies-devaluation-20200319/
The central banks of developed countries continue to press the monetary easing pedal. And this is a traditional way for them to support the economy in the face of a looming recession.
What goes beyond tradition is the reaction of the central banks of emerging market countries.
https://fxpro.news/daily-forex-outlook/em-central-banks-change-their-crisis-playbooks-despite-currencies-devaluation-20200319/
BoE increase QE by £200 billion to a total of £645 billion, and to reduce Bank Rate by 15 basis points to 0.1%.
https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2020/monetary-policy-summary-for-the-special-monetary-policy-committee-meeting-on-19-march-2020
https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2020/monetary-policy-summary-for-the-special-monetary-policy-committee-meeting-on-19-march-2020
Coronacrisis as an impulse for faster monetary system digitalization
Apart from the purely negative consequences, we can also observe quite exciting processes, like faster digitalization of our life. Remote work has long been gaining popularity around the world. Now it is a necessity. The Internet had a long time ago made it possible to work from home in many sectors of the economy. There is a growing expectation that against the backdrop of the coronavirus epidemic, many employers will finally choose this employment model. Remote work, online education, online medical consultations, even robot management in factories, ordering products at home – the economy is becoming more and more digital. Digital currencies in it look like a natural evolutionary stage.
https://fxpro.news/analysis-and-insight/coronacrisis-as-an-impulse-for-faster-monetary-system-digitalization-20200319/
Apart from the purely negative consequences, we can also observe quite exciting processes, like faster digitalization of our life. Remote work has long been gaining popularity around the world. Now it is a necessity. The Internet had a long time ago made it possible to work from home in many sectors of the economy. There is a growing expectation that against the backdrop of the coronavirus epidemic, many employers will finally choose this employment model. Remote work, online education, online medical consultations, even robot management in factories, ordering products at home – the economy is becoming more and more digital. Digital currencies in it look like a natural evolutionary stage.
https://fxpro.news/analysis-and-insight/coronacrisis-as-an-impulse-for-faster-monetary-system-digitalization-20200319/
#WaveAnalysis
#CADJPY reversed from key support level 74.70
Likely to rise to 76.50
https://fxpro.news/market-snapshots/cadjpy-wave-analysis-19-march-2019-20200319/
#CADJPY reversed from key support level 74.70
Likely to rise to 76.50
https://fxpro.news/market-snapshots/cadjpy-wave-analysis-19-march-2019-20200319/
#WaveAnalysis
#Chevron approached support level 50.00
Likely to fall to 40.00
https://fxpro.news/market-snapshots/chevron-wave-analysis-19-march-2019-20200319/
#Chevron approached support level 50.00
Likely to fall to 40.00
https://fxpro.news/market-snapshots/chevron-wave-analysis-19-march-2019-20200319/
High volatility remains on the stock markets, but on Thursday, the indices are moving in both directions, not only down. DJI adds 1.6%. FTSE100 added 0.8%, EuroStoxx50 - strengthens by 2.0%.
Today, there have been new policy easing from the Fed, the Bank of England, the Reserve Bank of Australia, Brazil, South Africa and many Asian Central Banks. Despite softening policies, some of the currencies of developing countries are adding, believing that these measures will support the economy in the future.
Gold is trading at $ 1,482, for the first time in 15 months, stably trading below the 200-day average.
Brent is adding $0.5 to Wednesday's close. WTI grew 8% today, supported by the announcement strategic reserve buying in the USA.
Despite the unstable nature of trading and the persistence of increased volatility, there are more and more "growth zones" - market sectors where purchases occur. For now, it may be bargain hunters, not long-term buyers.
Today, there have been new policy easing from the Fed, the Bank of England, the Reserve Bank of Australia, Brazil, South Africa and many Asian Central Banks. Despite softening policies, some of the currencies of developing countries are adding, believing that these measures will support the economy in the future.
Gold is trading at $ 1,482, for the first time in 15 months, stably trading below the 200-day average.
Brent is adding $0.5 to Wednesday's close. WTI grew 8% today, supported by the announcement strategic reserve buying in the USA.
Despite the unstable nature of trading and the persistence of increased volatility, there are more and more "growth zones" - market sectors where purchases occur. For now, it may be bargain hunters, not long-term buyers.
The first cryptocurrency jumped more than 13% in one day and changed hands above $6k. The crypto market in general and Bitcoin, in particular, have shown a significant price jump in the last 24 hours. These are still not the values from which the market collapsed a week ago, but now Bitcoin is fighting for $6k, not for $6k. After consolidating around $5k, buyers attracted by the opportunity to get it cheaper after the massive sale-off in the past week.
The altcoin market showed equally impressive growth. The leading alternative cryptocurrencies grew by 8-30% in a day. However, the growth rate still did not reach the rate of decline last week. The crypto market will have to show steady positive dynamics to get back the buyers' confidence in the asset prospects. Despite the growth, the Crypto Fear & Greed Index is still in the area of "extreme fear", and even declined from 12 to 9 in a day on the back of the suspension of growth.
The altcoin market showed equally impressive growth. The leading alternative cryptocurrencies grew by 8-30% in a day. However, the growth rate still did not reach the rate of decline last week. The crypto market will have to show steady positive dynamics to get back the buyers' confidence in the asset prospects. Despite the growth, the Crypto Fear & Greed Index is still in the area of "extreme fear", and even declined from 12 to 9 in a day on the back of the suspension of growth.
FX indicates that the worst is possibly behind us
Back in early March, we talked about warning signals that the worst might be ahead. Now, if we can still rely on these signals, there is a sign of relief in the markets.
GBPUSD has already added more than four figures to 1.1840 from 1.1410 lows earlier today.
EURGBP stepped down from the highs near 0.95, which were last seen at these levels in the worst days of the GFC. The pair does not stay above 0.91 despite the almost collapsed banking system or Brexit.
USDCNH dropped to 7.07 – to more normal levels after touched 7.20 on Thursday.
USDCAD had soared to 1.4667 on Thursday but has now slid back to 1.4220 by now (-3%).
Today, and perhaps in the next few days, we can see the markets recover. But then we should seriously question whether the world is the same, and if not, what has changed in it.
https://fxpro.news/daily-forex-outlook/fx-indicates-that-the-worst-is-possibly-behind-us-20200320/
Back in early March, we talked about warning signals that the worst might be ahead. Now, if we can still rely on these signals, there is a sign of relief in the markets.
GBPUSD has already added more than four figures to 1.1840 from 1.1410 lows earlier today.
EURGBP stepped down from the highs near 0.95, which were last seen at these levels in the worst days of the GFC. The pair does not stay above 0.91 despite the almost collapsed banking system or Brexit.
USDCNH dropped to 7.07 – to more normal levels after touched 7.20 on Thursday.
USDCAD had soared to 1.4667 on Thursday but has now slid back to 1.4220 by now (-3%).
Today, and perhaps in the next few days, we can see the markets recover. But then we should seriously question whether the world is the same, and if not, what has changed in it.
https://fxpro.news/daily-forex-outlook/fx-indicates-that-the-worst-is-possibly-behind-us-20200320/
Stock markets show gains on Friday. However, it is yet based on expectations that central banks managed to contain the liquidity crisis. Without spreading coronavirus contagion, such bounces can be unstable. DJI is adding 0.9% after 0.4% growth the day before. FTSE100 added 1.0%, EuroStoxx50 strengthed by 3.3%.
The Federal Reserve further enhance the provision of liquidity via liquidity swap line arrangements with the world's largest central banks. The dollar index duplicated the peak of 2017 (103.81). Steadily above, DXY was 18 years ago. However, since the beginning of the day, the dollar has significantly lost ground.
Gold is trading at $ 1,500, selling off on attempts to rise above the 200-day average.
Brent briefly was at $32.5 earlier today, but dipped under $30 after reports that Russia called blackmail of Saudi Arabia.
Until a turning point occurs with the spread of the disease and increased quarantine, market bounces may be from the bargain-hunters, not long-term buyers.
The Federal Reserve further enhance the provision of liquidity via liquidity swap line arrangements with the world's largest central banks. The dollar index duplicated the peak of 2017 (103.81). Steadily above, DXY was 18 years ago. However, since the beginning of the day, the dollar has significantly lost ground.
Gold is trading at $ 1,500, selling off on attempts to rise above the 200-day average.
Brent briefly was at $32.5 earlier today, but dipped under $30 after reports that Russia called blackmail of Saudi Arabia.
Until a turning point occurs with the spread of the disease and increased quarantine, market bounces may be from the bargain-hunters, not long-term buyers.
The number of daily newly cases with new coronavirus infection continues to increase: an increase over the past day amounted to 32,433 cases against 12,940 a week earlier. The growth of this indicator deprives the markets of the foundation for growth, tuning in to strengthening quarantine measures and worsening economic prospects.
Positive: In Italy, over the past day, there has been a decrease in new cases of infection (5.5K against 6.5K) and deaths (651 against 793). However, it is necessary to wait for the confirmation of the trend in the following days.
Positive: In Italy, over the past day, there has been a decrease in new cases of infection (5.5K against 6.5K) and deaths (651 against 793). However, it is necessary to wait for the confirmation of the trend in the following days.
Coronavirus impact: markets in Europe increase whilst US still pressured
Futures on US indices were again close to the limit-down, but subsequently reduced the decline to 2.2%.
China, South Korea and Japan in containing the spread of the disease is much better than that of Europe. This makes the indices of this region perform better than European and American counterparts recently.
Weekend data from Europe evoke mixed feelings. Data from the Nordic countries we saw higher numbers of daily new cases. But in Italy, Spain, Germany we are witnessing some decline in it.
If this trend is confirmed, it will be possible to hope that from this point the situation will stop worsening.
The US data makes us look to the future with some fear feeling. On March 22, the number of new cases jumped to 9339, almost twice as high as levels in the previous two days.
https://fxpro.news/daily-forex-outlook/coronavirus-impact-markets-in-europe-increase-whilst-us-still-preassured-20200323/
Futures on US indices were again close to the limit-down, but subsequently reduced the decline to 2.2%.
China, South Korea and Japan in containing the spread of the disease is much better than that of Europe. This makes the indices of this region perform better than European and American counterparts recently.
Weekend data from Europe evoke mixed feelings. Data from the Nordic countries we saw higher numbers of daily new cases. But in Italy, Spain, Germany we are witnessing some decline in it.
If this trend is confirmed, it will be possible to hope that from this point the situation will stop worsening.
The US data makes us look to the future with some fear feeling. On March 22, the number of new cases jumped to 9339, almost twice as high as levels in the previous two days.
https://fxpro.news/daily-forex-outlook/coronavirus-impact-markets-in-europe-increase-whilst-us-still-preassured-20200323/
The crypto-miracle didn’t happen as assets drop together
The Bitcoin’s attempts to reverse the trend encountered resistance near $6,800.
Bitcoin was sold out when overall market fears peaked. But after a crushing decline, Bitcoin was expected to be counterbalance to what is happening in traditional markets. And now we are witnessing stocks and oil falling again, followed by Bitcoin.
A crypto-miracle did not happen.
https://fxpro.news/analysis-and-insight/the-crypto-miracle-didnt-happen-as-assets-drop-together-20200323/
The Bitcoin’s attempts to reverse the trend encountered resistance near $6,800.
Bitcoin was sold out when overall market fears peaked. But after a crushing decline, Bitcoin was expected to be counterbalance to what is happening in traditional markets. And now we are witnessing stocks and oil falling again, followed by Bitcoin.
A crypto-miracle did not happen.
https://fxpro.news/analysis-and-insight/the-crypto-miracle-didnt-happen-as-assets-drop-together-20200323/
#WaveAnalysis
#Gold reversed from support area
Likely to rise to 1550.00
https://fxpro.news/market-snapshots/gold-wave-analysis-23-march-2019-20200323/
#Gold reversed from support area
Likely to rise to 1550.00
https://fxpro.news/market-snapshots/gold-wave-analysis-23-march-2019-20200323/