FXPRIMUS Weekly

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FXPRIMUS Weekly is your comprehensive technical and fundamental trading guide for the coming week! Access the latest news and in-depth technical indicator data, delivered by our market experts each and every week!

 

Market Movers

With a new week comes new market opportunities. Here’s a recap of what you may have missed, as well as some highlights of the week ahead of us:

Catching you up on last week:

  • Another week of big measures taken by central banks, including the Fed and ECB
  • SPX500 closed the week -15% despite said measures
  • US Dollar Index reached 2016 highs, indicating high demand for the dollar
  • The U.S. continues discussion over a multi-trillion-dollar Coronavirus stimulus package
  • Data starts to trickle in showing us the impact of the pandemic on Europe and the U.S
  • Confirmed cases are rising in the U.S. while slowing down in Italy and parts of Asia

Let’s take a closer look…

Each week, we take a closer look at the markets that move, and those you may have missed!

GBPUSD
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Despite the BoE slashing its interest rate, GBP has been quite weak and a ‘scrolling down’ instrument. On the 4h chart: the pair looks like it is trying to build a floor since March 18th, but is compressed below the purple trendlines. For now, monitor 1.1530-1.1485 to the downside and 1.17 to the upside. Only once the latter is clearly broken, can we expect the 1.1950-1.20 area before trying ambitiously to see 1.21. This could take time and isn’t anticipated soon.

Netflix
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With the world on lockdown, how are Netflix shares reacting? Not bad, despite being 15% off its all-time high. The green line in the chart is the long term trend, with $390 being the all-time high area. This is a 1H chart, where you notice the steepest downtrend has been broken, and the gap from March 11th been filled. With $356 a strong resistance, we aim for $325 downside.

OIL
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On a 30-min timeline, $21 is the level to watch as a possible double-bottom. Looks as though the steepest downtrend from Friday has been broken and may eventually be retested. To the upside: $23.50, $24.50 and $26, with $27.15 and $28.50 later.

Nasdaq100
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Nasdaq is testing the rising trendline started at the end of 2015 and also its 200 SMA. We now keep an eye on how the index will react to the broad $6,500 - 6,700 area.

 

Save The Date(s)

Here are the reports, meetings and other fundamentals to follow this week

March 24th 08:30 German Manufacturing, Services PMI EUR
March 24th 09:30 UK Manufacturing, Service PMI GBP
March 25th 01:00 RBNZ Interest Rate Decision NZD
March 26th 12:00 BoE Interest Rate Decision GBP
March 26th 12:30 Initial Jobless Claims USD

*The above times are in GMT

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Any opinions, news, research, analyses, prices or other information contained here are provided as general market commentary and do not constitute investment advice. FXPRIMUS does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.