FXPRIMUS Weekly

Get our Analysts’ insights into FX, indices, and commodities

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 out market experts each and every week!

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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.

 

Stay on top of the biggest stories on our COVID-19 Market News page, updated daily.

 

Important:
with Easter coming up this weekend, market hours will be impacted from this week. Please keep an eye on our website and your Members Area for updates over the coming days.

Catching you up on last week:

• Initial Jobless Claims beat the previous week’s record with 6.6 million people filing for first-time unemployment benefits, taking the total to ~10 million people in just two weeks, while NFP on Friday saw jobs fall by 701k, and the unemployment rate hit 4.4%

• Coronavirus cases passed the one million mark last week, while Jia country in China goes back under lockdown, prompting the US to believe China’s numbers are fabricated

• With oil demand at a low, supply can’t keep up and the world nears its storage capacity

This week, keep an eye on:

• China is expected to take more action to combat COVID-19 by cutting its interest rate, after having slashed smaller banks’ reserves to free up ~$56 billion for the economy

• RBA Meets Tuesday, and we’ll get minutes from last week’s Fed and ECB meetings

• More data coming in from Europe and the US, with a particular focus on Initial Jobless Claims still as the situation gets more dire

Let’s take a closer look…

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

EURGBP

We’ve seen strength in the GBP for a couple of weeks now; while the USD was up last week, you can see a clear trend against the EUR. After rejecting August 2019 highs (0.93), the cable has started to strengthen, reaching 0.87 — a level acting as a resistance for several months in 2017, and a support for most of 2018. We could see a rebound here but it may be capped as a maximum around 0.89.

Johnson&Johnson

The company announced it was working on a Coronavirus vaccine, sending shares up 7%. Its stock price had started to move late March, recovering the $125 area and approaching the $137 test. The price is compressed within thesetwo levels, as well as the trendlines you see in the chart. Both the RSIi and MACD look positive, however, apart from the vaccine, the company is one that may suffer in times like these.

OIL

Ahead of the now-postponed OPEC meeting, we can see that after Thursday’s 25% rise, oil is just at the upper bound of the range it has been trading at during the last three weeks. The RSI is above 73 but we may see a test of that red downtrend, anywhere from $30.5-$31 per barrel.

DE30

Volatility on indices has fallen in the last few weeks. In this 4h chart we can see DE30 is compressed between 9300-10180. A buying signal would be only above this latter level. Below 9300 you could anticipate 8950 and then lows. The RSI is under 50, and MACD negative too.

Save The Date(s)

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

April 7th 04:30 RBA Rate Decision AUD
April 8th 18:00 FOMC Meeting Minutes (March 15) USD
April 9th 12:30 Initial Jobless Claims USD
April 9th 12:30 Unemployment Rate CAD
April 9th 12:30 CPI (YoY) USD

 

*The above times are in GMT

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