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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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!

USDZAR

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.

NETFLIX

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%.

SILVER

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

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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