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!
Catching you up on last week:
• As oil inventories are on the rise and demand at a low, OPEC tentatively agreed on a 10 million barrel a day cut on Thursday.
• A further $2.3 trillion in economic aid announced by the Fed, while the Eurogroup put together their own €500 billion stimulus package for the countries affected most
• UK Prime Minister Boris Johnson was admitted to hospital and spent three days in the ICU as his symptoms worsened. Johnson tested positive for COVID-19 in late March. He has since been discharged. Stay ahead of stories like this one on our new Coronavirus Market News page.
This week, keep an eye on:
• Chinese GDP and Trade Balance data should give us much-need insight into the current economic situation
• Earnings season begins in the US with the big banks kicking things off from Tuesday
• We continue monitoring US Jobless Claims, as well as getting a glimpse into the Fed’s Beige Book
Let’s take a closer look…
Each week, we take a closer look at the markets that move, and those you may have missed!
The Rand has made a comeback this week. In this 4h chart, we can see the green trendline, indicating a depreciation of ZAR (which did, at a point, reach -40% YTD) has been broken, MACD is negative and the 21 SMA is negatively-inclined. The range is now R17.75-18.45.
With so much of the world at home, streaming is up and so is Netflix’ share price. The range to watch is $380-350 next week, with another intermediate level to monitor at $360. Having closed at $371 Thursday, the upper indicated bound stays at a 2.5% distance, the lower at 5.5%.
Metals have had a positive week spurred on by monetary policies; silver’s gain almost doubles that of gold (6.78% vs 3.93%). Over the past 3 years, when the price sank below $15.70, it stayed in a range with a lower bound around $14.20 — this is where we are trading now. Prices are sustained on a steep trend. This could change if breaking $15.70, taking the price up to the $16.60 area.
SPX500 has retraced 50% of its drop and is now trading close to $2,800. Being down 17% from the tops, $2800-2820 is an area to monitor; SMA200 is passing $2,900.
Save The Date(s)
Here are the reports, meetings and other fundamentals to follow this week
|April 14th||All day||Trade Balance||CNY|
|April 15th||14:00||BoC Interest Rate Decision||CAD|
|April 16th||01:30||Unemployment Rate||AUD|
|April 16th||12:30||Initial Jobless Claims||USD|
|April 17th||02:00||GDP (YoY)||CNY|
*The above times are in GMT
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