April 8, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

Since December 30, the EURUSD pair has trended-down within the depicted bearish channel until the depicted two successive Bottoms were established around 1.0790 then 1.0650 where the EUR/USD pair looked OVERSOLD after such extensive bearish decline.Few weeks ago, the EURUSD pair has expressed significant bullish recovery around the newly-established bottom around 1.0650.The following bullish engulfing H4 candlesticks as well as the recently-demonstrated ascending bottoms indicated a high probability bullish pullback at least towards 1.0980 and 1.1075 (Fibonacci Level 50%).Key Supply-Levels in confluence with significant Fibonacci levels are located around 1.1075 (50% Fibonacci) and 1.1175 (61.8% Fibonacci) where bearish rejection was highly-expected.Moreover, a Head & Shoulders continuation pattern was demonstrated around the price levels of (1.1000 – 1.1075).Shortly after, further bearish decline was demonstrated towards 1.0800 where the nearest demand level to be considered was located near the backside of the broken channel (1.0800-1.0750).Early signs of Bullish rejection have been manifested around the price zone of (1.0800-1.0750) leading to the current bullish spike up to 1.0920.This supports the bullish side of the market as long as bullish persistence is maintained above the recently-established ascending Bottom around 1.0770.On the other hand, any bearish breakout below 1.0770 invalidates the previously-mentioned outlookTrade recommendations :Intraday traders…

Financial markets and indices #SPX, #DAX amid the coronavirus pandemic COVID-19

Dear colleagues.There is no pause in the outpour of shocking scenarios, and Donald Trump has once again managed to surprise the public. According to the calculations of White House analysts, on a light scenario, there is an estimated 150,000 deaths in the US due to the COVID-19 pandemic, while the worst-case scenario draws over 2 million number of infected cases. Despite this, the US citizens seemed to look rather pleased with this announcement.Against this backdrop, the US intelligence sees this better than blaming China for underestimating the number of victims. The underestimation on China’s part is only natural, as they were able to control the spread of the virus immediately although it might have seemed so impossible to do so. The current state of the virus outbreak in the US is none other than due to the collapse of the vaunted American health care system, which is costing the budget a tidy sum of $ 1.3 trillion. This scenario gravely affects the US economy and not in a good way.Massive injections of central banks and the Federal Reserve System led to some stabilization in financial markets, the liquidity of which improved significantly. Thus, for example, from February 25 to March 31,…

Hungary Inflation Lowest In 3 Months

Hungary’s consumer price inflation eased to three-month low in March, data from the Hungarian Central Statistical Office reported on Wednesday. The consumer price index rose 3.9 percent year-on-year in March, slower than 4.4 percent increase in February. Economists had expected a 3.6 percent rise. Price for food grew 7.6 percent and those of alcoholic beverages and tobacco, and services rose by 7.2 percent and 3.8 percent, respectively. On a month-on-month basis, consumer prices rose 0.2 percent in March, after a 0.3 percent increase in the preceding month. Food prices rose at a higher rate in March, which may have been caused by the effects of the coronavirus outbreak, while motor fuel prices declined as a result of significantly falling oil prices, the agency said. Core consumer prices rose 4.3 percent annually in March and increased 0.6 percent from the previous month. Separate data from the statistical office showed that the trade surplus increased EUR 1.118 billion in February versus EUR 775 million in last year. Exports rose 3.9 percent year-on-year in February, following a 2.8 percent increase in January. Imports increased 0.1 percent annually in February, after a 2.4 percent rise in the preceding month. The material has…

Trading plan for Gold for April 08, 2020

Technical outlook:Gold is facing strong resistance at $1,703 levels and the yellow metal is expected to stay lower. The overall structure is looking bearish until prices stay below $1,703 levels; while a break higher would test $1,750. At this point in writing Gold is seen to be trading around $1,647 levels and is expected to drop lower towards immediate support at $1,568. The recent boundary that is being worked upon is between $1,703 and $1,451 respectively. Please note that Gold has retraced up to fibonacci 88% of the earlier drop, carving a lower top around $1,675 levels. If the counter trend rally has completed, prices should reverse sharply lower towards $1,450 support and beyond. Once the counter trend line support is broken, it would confirm that a meaningful top is in place at $1,675, and that Gold could accelerate lower again. Trading point of view, Gold remains good to sell on rallies until prices stay below $1,703.Trading plan:Remain short @ 1,640/50, stop @ 1,703 target @ 1,450 and lower.Good luck!The material has been provided by InstaForex Company – www.instaforex.com…

BTC analysis for 04.08.2020 – Potential drop on BTC is coming, the main objective is set at the price of $5.813

Corona virus news:On April 5, Italy’s “blood donation day,” the Italian Red Cross constructed an advanced medical post using funds generated through a crypto fundraiser.The Italian Red Cross has raised nearly $32,000 through cryptocurrency donations in less than one month. Roughly $22,000 has been used to finance the construction of the initiative’s first advanced medical post in the town of Castel Gandolfo near Rome. The funds were spent by the initiative to purchase a pneumatic tent that will house the medical post, in addition to other materials. The tent was erected during Italy’s “blood donation day” and used as a screening station for pre-donation medical examinations.Technical analysis: BTC has been trading downwards as I expected. The price broke the Pitchfork mini upward channel and it gave us the first signal for the potential chage in the trend from bullish to bearish.Watch for selling opportunities. The area around $7.500-$7.600 looks like good zone for sell posiitons.Downward targets are set at the price of $6.595 and $5.813.MACD oscillator is showing decreasing on the upside momentum and the slow line turned to the downside, which is indication for potential change in the trend.Major resistance pivot zone is set at $7.600-$8.000Support levels are set at…

USD/JPY analysis for 04.08.2020 – End of the downward correction (bull flag pattern) and bigger up-swing in play. Watch for

Corona virus news:Boris Johnson has spent a second night in intensive care amid concerns about the seriousness of his condition and how the government will make key decisions about the coronavirus pandemic in his absence.The foreign secretary, Dominic Raab, who is deputising for the prime minister, has no power to make major decisions without cabinet agreement, it emerged on Tuesday.Technical analysis: USD/JPY has been trading sideways at the price of 108.88. Anyway, there is the potential completion of the downward correction (bull flag pattern) in the backgorund and rejection of the important pivot support at 108.50, which is strong indication for the further upside continuation. My analysis from yesterday is still valid.Watch for buying opportunities on the dips. The area around 109.10 looks like good zone to load long positions.Upward targets are set at the price of 109.85 and 110.60. MACD oscillator is showing strong upside pressure and the slow line is turned to the upside, which is great addition to our long bias. Resistance levels are set at the price of 109.37, 109.85 and 110.60 Support level is set at the price of 108.50.The material has been provided by InstaForex Company – www.instaforex.com…

Analysis for Gold 04.08.2020 – Key pivot at the price of $1.645 on the test, potential for down break towards the level of

Corona virus news:The World Health Organization has said it is “deeply concerned” over the development of Covid-19 in Europe. Regional director Dr Hans Henri P Kluge said the continent accounted for about half of confirmed cases globally and warned governments against relaxing lockdown measures.Mumbai extends lockdownMumbai is to extend its current lockdown until at least 30 April. The city, which has a population of more than 20 million, has become the country’s coronavirus centre. Other parts of India are scheduled to lift restrictions on Tuesday.Technical analysis: Gold has been trading sideways at the price of $1.645. The level at the price of $1.645 is key pivot level for further development. The eventual downside breakout of the support at $1.645 would confirm test of $1.607 or even $1.570. My advice is to watch for selling opportunities if you see the breakout of the support at $1.645. The downward targets are set at the price of $1.607 and $1.570.MACD oscillator is showing that the slow line turned to the downside, which is another indication of potential downside rotation. Resistance levels are set at the price of $1.673.Key support level is set at $1.644.The material has been provided by InstaForex Company – www.instaforex.com…

Denmark Exports Fall In February

Denmark’s exports and imports declined in February, figures from Statistics Denmark showed on Wednesday. Exports excluding ships, aircraft, fuel fell a seasonally adjusted 2.3 percent year-on-year in February, after a 4.8 percent rise in January. Imports decreased 2.0 percent annually in February, after a 3.7 percent increase in the preceding month. The seasonally adjusted trade surplus excluding ships, aircraft, fuel was DKK 10.5 billion in February. Despite increases in January, both imports and exports have fallen over the past three months, the agency said. The material has been provided by InstaForex Company – www.instaforex.com…

Japan Eco Watchers Current Conditions, Outlook Weaken Sharply

A measure of the public assessment of the Japanese economy fell for the second month in a row in March, survey data from the Cabinet Office showed on Wednesday. The current conditions index of the Economy Watchers’ Survey, which measures the current situation of the economy, decreased to 14.2 in March from 27.4 in February. Economists had forecast a reading of 22.4. The outlook index that signals future activity fell for the second straight month to 18.8 in March from 24.6 in the previous month. Economists had expected a score of 20.0. The material has been provided by InstaForex Company – www.instaforex.com…

EUR / USD: Euro bound to decline below $1.05

The global financial crisis of 2008-2009 is now used as a template for forecasting and developing investment strategies for various assets. However, the nature of the previous and current crisis caused by the outbreak of coronavirus is fundamentally different. The latter is more likely a natural disaster, after which the economy usually recovers quickly. Therefore, it is hardly worth surprising that the number of supporters of the U-shaped growth of US GDP is increasing. If this really happens, then it’s too early to buy American stocks, as well as selling greenbacks.The growth of the S&P 500 index by more than 20% of the March minimum suggests that large-scale measures to support the US economy, proposed by the White House and the Fed, somewhat calmed the financial markets. However, stocks are still in a vulnerable position. Market participants may be scared by the news about the worsening epidemiological situation in the United States, as well as reports that the country government is not able to transfer financial incentives to business quickly enough.The decline in the S&P 500 is fraught with the resumption of sales of EUR / USD. The volatility of the main currency pair in 2020 increased sharply. At the same…