ATFX Market Update_Martin
ATFX Market Update - 2020.04.06
ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2020 April 6
Personal opinions today:
US non-farm payrolls fell sharply in March, shedding 700,000 people and pushing the unemployment rate to 4.4%. The jobless claims jumped to a record high in the last two weeks, with the market already digesting the non-farm payrolls and not surprised investors. The U.S. dollar index rose to 100.84 after the ISM manufacturing and non-manufacturing PMI beat market expectations in March, adding to investors' confidence in dollar assets. European and commodity currencies are downward. Later, Dow futures took advantage of U.S. data to beat expectations and the U.S. President's meeting with Russia and OPEC to discuss cutting output. Crude oil prices rose, driving U.S. Dow futures higher. Dow futures rose further after the Asian session opened, sending Asian stocks higher and limiting gold's gains today.
[Important financial data and events to watch]
Note: * denotes importance
14:00 German manufacturing orders in February *
15:00 German construction PMI in March* * *
16:30 Eurozone Sentix investor confidence index for April **
16:30 UK construction PMI in March* * *
22:00 US CB employment trends index for March * *
EURUSD
1.0860/1.0885 resistance
1.0770/1.0755 support
Eurozone economic data for March are expected to be weak due to the impact of the coronavirus pandemic. Eurozone and German data released today are expected to be weak and bearish for the Euro. On the 4 - hour chart technical analysis, the Euro extended its decline against the dollar, currently below 1.0830. If not recovered, it will look down 1.0770 and next-level support 1.0715. If break 1.0830, look up at 1.0860 or 1.0885 resistance.
The pound to the dollar
1.2290/1.2305 resistance
1.2195/1.2180 support
Eurozone and UK data were weak and the pound fell against the dollar. Technically, the resistance of pound to the dollar fell to 1.2305, believing that fundamentals are the dominant trend in the pound, any weak data in the European region, if disappointed market expectations, the pound may be looking at 1.2195 or 1.2180 support. Reference resistance levels 1.2290 and 1.2305.
Australian dollar/US dollar
0.6050/0.6065 resistance
0.5985/0.5975 support
Australia inflation rose on a monthly basis in March, while the Australian dollar rose early in Asia and indirectly boosted the New Zealand dollar. But the Australian dollar was limited ahead of tomorrow's RBA meeting. Believe before the policy, the Australian and New Zealand dollars remain in a tight range, waiting for the outcome of the policy and monetary policy.
Dollar to Japanese yen
109.10/109.25 resistance
108.35/108.15 support
Dow futures and the Nikkei tend to lead dollar-yen movements and volatility. Investors can look to Dow futures and the Nikkei to catch the dollar's rise against the yen. Technically, keep an eye on USDJPY with the 109.10 and 109.25 resistance levels. Dow futures and the Nikkei fell, looking down on the first support levels of 108.35 and 108.15.
US dollar/Canadian dollar
1.4275/1.4290 resistance
1.4165/1.4150 support level
The price of crude oil fluctuates recently, affect the Canadian dollar trend indirectly. Technically, the U.S. dollar is trading between $1.40 and $1.43 against the Canadian dollar. Markets focused on the United States, Russia, and OPEC negotiations. The meeting has been postponed to Thursday because of continuing differences in positions. With crude oil prices expected to adjust lower in the short term, the USDCAD could test resistance at $1.4275 or $1.4290.
US crude oil futures
27.85/28.05 resistance
25.05/24.85 support
Last week, the presidents of Russia and the United States discussed stabilizing oil prices. In addition, over the weekend, the two countries were discussing an agreement with OPEC to cut oil output and cut prices. Oil prices had rebounded sharply on the news, with U.S. crude oil futures trading as high as $29 above the $27 initial target of this analysis. But now that OPEC has postponed its meeting, US crude oil futures are likely to fall ahead of any good news. Conservative estimates put the price down to $25 or $24.
Spot gold
1620/1623 resistance
1608/1605 support
Speculators took advantage of weak U.S. jobs data to push up gold and silver prices. He believes the rally in gold and silver prices could slow or reverse, thanks to steady U.S. manufacturing and non-manufacturing PMI. Technically pay attention to 1620 and 1623 resistance. If Dow futures continue to rise, spot gold could test $1,600. Initial target, 1608 or 1605 support.
Dow Jones industrial average futures US30
21950/22140 resistance
21295/21075 support
U.S. nonfarm payroll in March fell, bearish Dow futures. But manufacturing and non-manufacturing PMI beat expectations in March, and Dow futures rebounded from their lows. If the adjusted wave estimation is used, the support is at 21295 and the resistance is at 21950 or 22140.
BTCUSD:
7000/ 7230 resistance
6050 / 5800 support
The federal reserve launches No limited QE program. Technically, the bitcoin price would rebound. The bitcoin price is looking for $7000 resistance. If it breaks $7000, the bitcoin price would test $7230 or approach to $10,000.
Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.
Registered Australian Accountant/ Certified Professional Manager / Certified Financial Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices
Legal: AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines.
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