#WaveAnalysis
#WTI reversed from key support level 20.00
Likely to rise to 25.00

https://fxpro.news/market-snapshots/wti-wave-analysis-02-april-2019-20200402/

Over the past day, the number of new infections in the world increased by 80.6K cases against 63.7K a week earlier (75.1K a day earlier). The total number of infected people exceeded 1 million. The stabilisation of the spreading speed in the US was not confirmed: 30.1K were detected per day with more than 50% increase to the pace of the previous week. In Europe, for the most part, the number of new infections has stabilised. If this trend confirms, it can be used as an example of the USA, assuming 10-14 days of exponential growth of new cases after the introduction of a strict isolation or quarantine regime before the situation stabilises.

Trump offers hope for oil and more

Brent gave some gains after spike on Thursday amid market doubts about a sharp decline in production.

Neverless, Brent trades 16% above Wednesday’s lows. The oil growth the day before brought stock indices back to growth, allowing investors to forget the pain of the US labour market.

Now it seems that stabilization and some oil bounce may well be the light at the end of the tunnel that markets need now. With a resilient financial system, economic recovery will go much faster.

https://fxpro.news/daily-economic-events/trump-offers-hope-for-oil-20200403/

#Bitcoin bounced to $7,100 and then declined to $6,800 by Friday morning. The growth took place amid help from growing trade volumes, which is an additional positive. Despite the price growth, the Crypto Fear & Greed Index stay at “extreme fear” levels

https://fxpro.news/analysis-and-insight/bit-comment-bitcoin-growing-amid-fear-20200403/

NFPs are set to release at 12:30 GMT with expectation to -100K after 113 months of job growth. But take note, this release based on data collected until March 12, before the much more stricter quarantine measures in the US and before the spike in the jobless claims.

According to Non-farm payrolls report for March, US lost 701K jobs (vs expected 100K). But according to weekly jobless claims, the worst is yet to come. Will it be so for the markets? Only time can tell.

US markets are losing about 0.7% on session start on Friday after rising 2.3% on Thursday. The data showed the economy losing 701K jobs. However, this report does not include the most recent two weeks, when cuts were most dramatic.

DXY has been adding 2.4% this week, returning half the decline in the previous five days. EURUSD slid under 1.0800 on speculation that political divisions would amplify the economic blow. GBPUSD went down. The FX volatility continues to decline, giving way to the longer-term trends.

Gold develops growth the second day, returning to the level of $1617 and having won back the decline at the beginning of the week.

Brent is trading at $33.7 in the spot market, adding 14% today. Expectations of unprecedented coordinated production cuts from OPEC, Russia and the US are supporting the growth.

Investors are waiting for signs of stabilization in the number of infected as the first starting point for further assessing the prospects for the economy and markets.

#WaveAnalysis
#EURJPY reversed from multi-month support level 116.20
Likely to rise to 118.00

https://fxpro.news/market-snapshots/eurjpy-wave-analysis-03-april-2019-20200403/

#WaveAnalysis
#GBPCAD reversed from resistance level 1.7770
Likely to fall to 1.7200

https://fxpro.news/market-snapshots/gbpcad-wave-analysis-03-april-2019-20200403/

The job’s report looks terrible only against its own series background. This was the first decline after about 10 years of continuous gains (113 months). But markets quickly dismissed this data, which did not take into account the dramatic shift in the labor market landscape in the previous two weeks, when the number of initial jobless claims soared almost 12x to 3.28M, and last week doubled to 6.6M.

On the whole, the foreign market reacted rather apathetically to the report, maintaining the trends of the last two days when the dollar regained its position. Earlier in March, the USD soared during huge market liquidation and great dollar thirst. Later, it lost about half of this growth on massive Fed liquidity injections. Now, it seems, a new phase in the dynamics of the markets is beginning: the markets will respond in accordance with the scale of economic losses from the coronavirus. The euro in this context looks like an outsider, and the pound is still relatively stable.

Over the past day, the number of new infections in the world grew by 74.7K cases against 59.4K a week earlier (101.5K a day earlier and 80.6K on Friday). This is not the first time a week has begun with hopes for stabilising the pace of distribution. In large European countries, there has been a decrease in the number of new infections. Although the number of newly detected cases remain close to the highs and mitigation is not yet discussed, forward-looking markets see this information as the first stabilisation signals. This is an occasion to think that the scale of the disaster will not expand, which reduces the volatility of markets.

Economists are catastrophically far from reality in their estimates, but markets do not notice this. The coronavirus data now looks like a more reliable economic indicator than the economical reports, which is noticeably lagging.

And there is early signs of improvement that pushes stocks higher on this Monday.

Besides, extreme monetary easing and unprecedented stimulus announced by major governments have allowed markets to soften the decline and move away from lows.

https://fxpro.news/daily-forex-outlook/markets-are-ignoring-the-economy-coronavirus-is-in-the-spotlight-20200406/

The crypto market followed the stock market up

Bitcoin and the overall crypto market started the week on a positive note. In the last 24 hours, the benchmark cryptocurrency has added almost 4% and managed to exceed $7K.

Probably, the purchases follow the signs of improving sentiment in the stock markets. As soon as risk assets start to attract demand actively, institutional investors may also increase their positions in the cryptocurrency.

https://fxpro.news/analysis-and-insight/the-crypto-market-followed-the-stock-market-up-20200406/

Futures for US indices added 3.5% before US session start on optimism around signs of slowing the spread of coronavirus. The German DAX growing 4.6% today, the CAC40 is up 3.4%, while the FTSE100 is up 2.2%.

The FX volatility continues to decline. DXY slightly added, slowing its upward move growth since last Friday. EURUSD got back below 1.08, failing to hold above this mark. GBPUSD won back the decline at the opening of the day after reports of the hospitalisation of the Prime Minister.

Gold jumped to $1640, the highs since March 12, as stabilisation of risky assets returns the demand for gold as insurance against capital depreciation.

Brent is trading at $ 33.7 in the spot market, starting the week with a 7% dip to $32.5 after reports of the postponement of OPEC + discussions from Monday to Thursday.

Investors hope to see confirmation of the stabilisation virus spreading, which may be the starting point for further assessing the prospects of the economy and markets.

#WaveAnalysis
#GBPAUD reversed from key resistance area
Likely to fall to 2.000

https://fxpro.news/market-snapshots/gbpaud-wave-analysis-06-april-2019-20200406/

#WaveAnalysis
#EURNZD broke support area
Likely to fall to 1.8000

https://fxpro.news/market-snapshots/eurnzd-wave-analysis-06-april-2019-20200406/

Over the past day, the number of new infections in the world has grown by 72.9K cases against 62.2K a week ago and 74.7K a day earlier. There is a flattening of the pace of distribution, which is positively perceived by market participants. In large European countries (except France and the UK) there is a tendency to reduce the number of new cases. In the UK, France and several Scandinavian countries, we see stabilisation so far, but not yet decline. Some reports say that Italy is considering the date of the softening of the quarantine regime. Forward-looking markets took this information as the first signals of stabilisation. It is time for investors to assess the economic impact.

On Tuesday morning, Bitcoin showed 4.5% growth and traded around $7,300. At some point, bitcoin climbed to $7,400 but attracted sellers. According to CoinMarketCap, in the last 24 hours, trading volumes in the Bitcoin network increased by 45%. Markets believe that the growth in volumes along with the price indicates the strength of the move. Crypto market participants may not like it, but the dynamics of digital currencies have once again coincided with the sentiment of the stock market.

Crypto Fear & Greed Index grew by 8 points overnight, but it is still in the "extreme fear" zone. RSI went up, but so far in the neutral zone.

The altcoins not only supported the first coin but also increased their growth. For example, Ethereum (ETH) jumped more than 14% to $170 a day. Other currencies are mostly showing more modest growth, but the whole market is in the "green zone".

Gold and Silver’s shining future

On top of signs of slower coronavirus spreading, the authorities are not tired to declare new funds to fight the consequences. Italy has announced a new 400B package, increasing the total amount to more than 800B (about 50% of GDP).

US lawmakers are considering another package “for at least $1 trillion” in addition to the $2.6 trillion.

At the same time, gold and other commodity assets may experience additional growth impulse on the background of widespread money printing by governments around the world.

After the market storm in October 2008, the price of gold tripled within three years,while silver’s value increased by almost six times, from $8 to $50.

Nowadays lower market volatility and a trend reversal on stocks led gold to strengthen by $220, or 13%, in slightly more than two weeks.

Silver rose by almost a 33% at the same time, to $15 per ounce.

https://fxpro.news/daily-forex-outlook/gold-and-silvers-shining-future-20200407/