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!
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:
• COVID-19 is still dominating headlines as the number of those infected continues to climb
• Asian-Pacific indices continue their recovery off the back of China stimulus, while U.S indices are at all-time highs.
• EURUSD hits its 2.5-year low while German GDP flatlines
• Morgan Stanley closes $13 billion deal to buy American online brokerage, E*TRADE
This week, keep an eye on:
• China’s decision on Interest Rates, that may take the pandemic into account
• Prices evolution data around the world, with XAU approaching this year’s highs
• Will the USD continue its rally, and could EUR rebound from lows?
Let’s take a closer look…
Each week, we take a closer look at the markets that move, and those you may have missed!
Euro fell as low as 1.0825 against the dollar — a level not seen since 2007. In this weekly chart, you see how, despite an attempt to exit from the downtrend channel in December, the pair is still bearish but now close to interesting supports. The last year’s lows have been broken, and EUR is being used as a carry trade currency, sold for funding purposes. Daily oscillators are oversold.
After earnings, AMZN popped up opening above its all-time high, continuing its rally until the $2,185 mark. From Tuesday, candles warned of a possible exhaustion signal, while the RSI is well overbought and starting to head down. There’ s a huge gap that could be filled at some point, but watch out for 2130 – 2100 – 2050. The high is 2185.
Natural Gas has been falling since November 2019, breaking all-time lows. It’s now been weeks that it has been trading in a range of 1.80 – 1.95 and trying to break the main downtrend. Keep an eye on whether that trend will revert.
The Hong Kong index, HK50, has had a bumpy ride over the last year as protests were mounting. The COVID-19 breakout has had an impact, however, that has been recovered thanks to China stimulus. The gap left open to the downside (27500-27000) has now been filled and 27800 is a resistance. Price action looks constructive, but be careful about the news flows and the general appreciation margin for equities, with U.S. ones in a mature rally close to all-time highs.
Save The Date(s)
Here are the reports, meetings and other fundamentals to follow this week
|February 16th||23:50||Japan Gross Domestic Product||JPY|
|February 18th||09:30||GBP ILO Unemployment Rate||GBP|
|February 19th||19:00||FOMC Meeting Minutes||USD|
*All times are in UTC
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.