ATFX Market Updates 2020

[Kelly Yeung]

For more analysis check out, please click the below link:

ATFX is a co-brand shared by a number of different entities globally including:

• AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
• ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
• AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
• AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
• AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.

 

[Kelly Yeung]

ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2020 Feb 21

Personal opinions today:

Today's focus will be on Global PMI for manufacturing and services for February, as well as the Eurozone final CPI for January. The market is predicting that economic data in Europe will be weak and that U.S. data will likely outperform. Recently we found the US data strength, the dollar index rose and the dollar against major currencies fell. But market expectations are already priced in. If U.S. manufacturing and services PMI for February do not come in higher than expected tonight, investors could adjust to the dollar's gains, while Dow futures and global stocks could fall on investment lose confidence.

The global economy uncertain, the gold price rose sharply, and the gold price broke through 2012 high. Crude oil prices rose on the back of OPEC’s meeting to cut output early next month and a drop in crude inventories last week. But the release today of PMI for manufacturing and services in Europe and the United States could limit the rise in crude oil prices amid weak data forecasts.

[Important financial data and events]
Note: * refers to the degree of importance

07:30 Japan core CPI for January ***
16:15 French Manufacturing PMI for February ***
16:30 German Manufacturing PMI for February ***
17:00 Eurozone Manufacturing PMI for February
17:30 UK Manufacturing and Services PMI for February ***
18:00 Eurozone CPI final for January ***
21:30 Canada Retail Sales for December **
22:35 Federal Reserve's Kaplan speech **
22:45 U.S. Markit Manufacturing PMI for February ***
22:45 U.S. Markit Service PMI for February ***
23:00 U.S. Existing Home Sales in January **

EURUSD
1.0820/1.0830 resistance
1.0780/1.0770 support
In European trading today, Germany and the Eurozone released their preliminary Manufacturing PMI for February, while the Eurozone released its final CPI for January. These data are critical for the Euro, affecting the Euro/dollar and euro-related crosses rates and more likely indirectly affecting the Swiss franc. The Euro will struggle to recover its recent losses against the dollar if the data turns out to be weaker than market expectations, especially if the Eurozone final CPI for January is lower than market expectations of 1.4%. It could test 1.0780 support before testing another important support level at 1.0720. If the data mentioned above beat market expectations, the Euro/dollar could test the 1.0830 resistance or break the resistance level.

Pound/dollar
1.2925/1.2935 resistance
1.2850/1.2840 support
British retail sales rose in January and the pound rose. But sterling fell on expectations of a fall in the UK manufacturing purchasing managers' index for February and last night's strong us data. Separately, Britain will formally discuss a Brexit deal with the EU’s Brexit committee. Fears of a split in discussions or opposition from the European Union could hurt the pound. But on the basis of past European commission attitudes, generally positive. If the EU accepts the Brexit deal, it could boost the pound. However, the EU has not yet responded to the terms of the Brexit deal, and the pound is still following the UK and us economic data. It is believed that the pound is still likely to operate within the 1.28 to 1.29 level.

Australian dollar
0.6630/0.6640 resistance
0.6590/0.6580 support
The RBA issued minutes of its monetary policy meeting, saying it was considering further interest rate cuts to stimulate the economy. In addition, Australia's weak job data, the strong dollar trend further bearish the Australian dollar. Fundamental and technical analysis to change the direction of the AUDUSD, estimates that the Australian dollar continued to lower the dollar during this period, also indirectly bearish New Zealand dollar.

Dollar to yen
112.45/112.55 resistance
111.65/111.55 support
The FOMC minutes, which showed that continued low-interest rates were more likely to be cut when needed, bullish the rally in global stock markets. Dow futures and the Nikkei index rose, with the dollar/yen. But investors need to pay attention, Japan's fiscal year is approaching, capital flows back to Japan, yen capital demand rise, the dollar/yen could reverse the decline at any time. The preliminary recommended target level is 109 or 108. At present, technical resistance level although adjusted to 112.45 and 112.55 between. But keep an eye out for the risk that the dollar will fall against the yen.

USDCAD
1.3280/1.3290 resistance
1.3220/1.3210 support
As US crude oil prices rise, the Canadian dollar gains. But oil prices failed to rise further and the Canadian dollar stalled. One of the key factors tonight, Canada releases Retail Sales data. Recently, Canada CPI rose in January. Estimates for Canada Retail Sales data are higher in Canadian dollars but may be limited. Investors focused on OPEC production cut meetings, continue to bullish oil prices, hope to indirectly bullish the Canadian dollar.

US crude futures
54.20/54.60 resistance
53.35/52.90 support
The U.S. economy growth strength, the federal reserve continues to keep monetary policy low and oil prices bullish. Separately, OPEC offered to cut output and held a meeting on March 6 to discuss it. Oil prices are expected to stabilize for now. Technically, crude oil is trading at $54 a barrel, having tested the $54.60 barrier yesterday but failed to breakthrough. If crude falls below $53.35 support or looks below $52.90 or $52.55 support.

Gold
1623/1625 resistance
1615/1613 support
Low-interest rates and loose monetary policy by Central Banks around the world have helped boost demand for gold as hedging. In addition, the fed's reduced purchase of bonds could send Dow futures lower and some of the hedge money flowing into gold, which is trading above $1,600. Technical analysis, gold prices have reached the key resistance range. If $1,625 significant resistance breaks, look for $1,650. Instead, the short-term price of gold has begun to adjust and is expected to test support at $1,613, with a breakout at $1,600 or less.

U.S. Dow Jones industrial average futures US30
29225/29410 resistance
29080/28930 support
Dow futures fell despite strong U.S. economic data strength and expectations for a rise in U.S. Manufacturing and Services PMI tonight. Believe, after the federal reserve announced to reduce the size of the purchase of bonds, reduce the market liquidity, adverse to the financial market. And uncertainty about the global economy sent Dow futures lower. Last night, Dow futures had a down test on the 29080 support level, temporarily advised to watch for a rebound up 29225 resistance. Watch for U.S. data and global sentiment tonight, as Dow futures break through the resistance of 29225 and could test the resistance of 20410. Note the support bits below, 29080 and 28930. More important support bit at 28790.

BTCUSD:
9880/ 10055 resistance
9350 / 9150
Support Investors worried the federal reserve to reduce the size of the purchase of bonds, the market liquidity reducing, affecting the financial markets and US economic growth. During the Dow future rose before FOMC minutes, the bitcoin test lower price. If Dow future keeps downward, the bitcoin would be upward.

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.

 

[Kelly Yeung]

For more analysis check out, please click the below link:




ATFX is a co-brand shared by a number of different entities globally including:

• AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
• ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
• AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
• AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
• AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.

 

[Kelly Yeung]

Legal: AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines.

 

[Kelly Yeung]

ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2020 Feb 24

Personal opinions today:

U.S. manufacturing and services PMI unexpectedly fell in February. The preliminary reading of the U.S. Services PMI for February was 49.6. For the first time since 2018, the US services PMI fell below the 50-point boom-bust line, reflecting uncertainty about the outlook for the U.S. service sector. Dow futures fell as investor confidence faltered. This morning in Asia, Dow futures opened lower and gold surged higher.

The new coronavirus case is not over yet, and the global economy is uncertain. At the weekend meeting of the G20 economies meeting, most leaders called on the world's central banks to safeguard the economy. But the investment risk aversion sentiment continues to rise, the gold market has become one of the main hedging tools. Gold prices rose sharply today in Asia, hitting a seven-year high and crude oil prices fell.

First up today, ECB President (Christine Lagarde)speech followed by Germany's IFO business climate index for February. Investors are hoping for positive news on the Euro monetary policy for European currency. In the evening U.S. market session, keep an eye on Canada wholesale sales and the Dallas Fed business activity index. Gold prices have room to rise and crude oil prices to come downward as money flows into the safe-haven gold market ahead of tomorrow's release of Germany's Q4 GDP, the UK's February retail sales data and a speech by the Bank of England's chief economist and monetary policy committee looking at the limits on European currency gains.

[Important financial data and events]
Note: * refers to the degree of importance

Japan Holiday, The Tokyo stock exchange was closed
16:20 ECB President Christine Lagarde speech ***
17:00 German IFO business climate index ***
21:30 Canada wholesale sales **
23:30 US Dallas Fed business activity index ***

EURUSD
1.0850/1.0860 resistance
1.0800/1.0790 support
Germany and the eurozone are unexpected to report a surprise rise in their preliminary PMI for manufacturing in February, which should bullish the Euro. Separately, U.S. manufacturing and services PMI fell in February, unnerving investors, while the U.S. dollar index fell and the euro rose against the dollar and euro-linked crosses, while indirectly bullish on the Swiss franc. Whether the Euro can rise against the dollar could be key in the afternoon when ECB President Christine Lagarde delivers a speech and Germany's February IFO business climate index. Technically, last week's high of 1.0860 resistance is one of the key resistance levels at present.

Pound to dollar
1.29701.2980 resistance
1.2890/1.2880 support
The UK manufacturing PMI beat market expectations in February, while the U.S. manufacturing and services PMI unexpectedly fell in February and British pound rebounded. For now, U.S. economic data for February are likely to remain weak, and the British government will formally discuss a deal with the European Union's Brexit committee. If the EU accepts the Brexit deal, it could bullish the pound. The British pound is still expected to be pulled by economic data from the UK and US and is still expected to consolidate between 1.28 and 1.29, with significant resistance to 1.2980 seen above. Believe, wait for really good UK news, the pound is expected to test the 1.31 or 1.32 levels.

Australian dollar
0.6630/0.6640 resistance
0.6590/0.6580 support
The RBA issued minutes of its monetary policy meeting, it was considering further interest rate cuts to stimulate the economy. In addition, Australia's weak job data, the strong dollar trend further bearish the Australian dollar. Fundamental and technical analysis changes the direction of the Australian dollar against the U.S. dollar, the Australian dollar is expected to continue to lower the U.S. dollar during this period, also indirectly bearish on the New Zealand dollar. Keep an eye on U.S. economic data this week. If U.S. economic data continues to be weak in February, the U.S. dollar will fall and the Australian and New Zealand dollars will gain.

Dollar to yen
111.85/112.05 resistance
111.25/111.15 support
U.S. manufacturing and services PMI unexpectedly fell in February, shaking investor confidence and sending Dow futures and the Nikkei down, with the dollar following the yen. In addition, investors need to pay attention to Japan's fiscal year settlement, corporate capital repatriation to Japan. In the past, demand for yen funds has risen and the dollar could reverse its decline to 109 against the yen at any time. Currently, technical resistance is at 112. Dow Jones industrial average futures rose without a surge in U.S. economic data. It is recommended to keep an eye on the risk of the dollar falling against the yen at any time.

USDCAD
1.3280/1.3290 resistance
1.3230/1.3220 support
As crude oil prices rise, the Canadian dollar gains. On the contrary, the current global economic uncertainty, crude oil prices did not rise further, bearish on the Canadian dollar. Separately, the U.S. dollar rebounded against the Canadian dollar after Canada reported weak retail sales data for January. Estimated tonight Canadian wholesale data forecast value, bearish on the Canadian dollar, USDCAD would test the 1.3280 or 1.3290 resistance again. Early, OPEC announcement to step up production cuts could boost oil prices, potentially indirectly, the Canadian dollar. The U.S. dollar could test $1.3220 against the Canadian dollar.

US crude oil futures
52.40/52.65 resistance
50.15/49.90 support
U.S. manufacturing PMI fell in February, hurting crude oil prices. If OPEC comes up with an early agreement on the content and extent of the cuts and meets to discuss them on March 6, it is believed that prices could stabilize. Technically, crude oil prices has broken support at $52.55, believing it has an opportunity to test the $50 level. The current resistance level is $52.65.

Gold
1679/1681 resistance
1651/1649 support
Low-interest rates and loose monetary policy by Central Banks around the world have boosted demand for gold as a safe haven and hedge. Moreover, U.S. manufacturing and services PMI fell in February, Dow futures fell and money flowed into gold, which surged above $1,650 after rising to $1,680 before adjusting sharply. However, it is believed that at $1680 or above, a large number of short positions coming. On Wednesday, U.S. new home sales and Q4 GDP data on Thursday are expected to support U.S. economic growth forecasts and limit gold's gains. Investors are more likely to take the opportunity to adjust to gold prices.

U.S. Dow Jones industrial average futures US30
28880/29050 resistance
28545/28380 support
U.S. manufacturing and services PMI unexpectedly fell in February, while Dow futures fell. Earlier this analysis pointed out that the federal reserve announced the reduction of the scale of bond purchases, reducing the market liquidity, adverse to financial markets. And uncertainty about the global economy sent Dow futures lower. For now, U.S. data for February and the global mood are unnerving markets. If Dow futures break 28880 resistance, expect to test 29059 resistance and up. But important support breaks 28790, so wait for 28545 or 28380 support.

BTCUSD:
10255 / 10555 resistance
9850 / 9650 support
Investors worried the federal reserve to reduce the size of the purchase of bonds, the market liquidity reducing, affecting the financial markets and US economic growth. During the Dow future fell after US manufacturing and services PMI fell unexpected, the bitcoin test rebounded. If Dow future keeps downward, the bitcoin would be upward.

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.

 

[Kelly Yeung]

For more analysis check out, please click the below link:




ATFX is a co-brand shared by a number of different entities globally including:

• AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
• ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
• AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
• AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
• AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.

 

[Kelly Yeung]

ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2020 Feb 25

Personal opinions today:

The Coronavirus spread is not over yet, spreading in Asia and Europe, and the global economy is uncertain. Investment risk on, the gold market may become one of the main hedging tools. With Dow futures fell more than 1,000 points yesterday, while the dollar index also fell. The price of gold has soared, reaching as high as $1,689.

In addition, oil prices fell more than 3%, as low as $50.70 a barrel, on expectations that China's economic and manufacturing slowdown could lead to a steeper drop in demand than markets had anticipated. But in an interview, last night, Warren Buffet, a famous investor, said he would continue to hold on to stocks and, anticipating that the Coronavirus could be resolved, recommended buying attractive assets. Also, the federal reserve board vote rate cut expectations, the Dow futures rebounded. Stocks rebounded and gold rallied. Gold prices fell sharply and oil prices rose after Asian trading opened today. The market focused on Germany's Q4 GDP final annualized value, US CB consumer confidence index in February and federal reserve vice-chairman speech suggested to watch the market volatility!

[Important financial data and events]
Note: * refers to the degree of importance

15:00 Germany Q4 GDP final ***
19:00 UK CBI retail sales difference **
22:00 US FHFA housing price index *
23:00 US Richmond fed manufacturing index **
23:00 US CB consumer confidence index ***
The next day 04:15 Federal reserve vice-chairman speech ***
The next day 05:30 US API crude oil stocks change ***

EURUSD
1.0875/1.0885 resistance
1.0840/1.0830 support
ECB President Christine Lagarde’s speech and Germany's February IFO business sentiment index were positive for the Euro. European markets today focused on Germany's Q4 GDP final annualized, with investors expecting a flat reading and bullish sentiment for the Euro. Technically, the EURUSD has been testing 1.0860 resistance as high as 1.0870. With reference to mid-February resistance at 1.0885, the EURUSD could test 1.0840 or 1.0830 support, more likely 1.0790, if it fails to break through today.

Pound to dollar
1.2970/1.2980 resistance
1.2915/1.2905 support
The dollar falls and the pound gains. The U.K. government is due to ask the US government trade department for a trade deal next week, after which it will formally discuss a deal with the EU’s Brexit committee. A trade deal with the US and a Brexit deal could bullish the pound. The pound is still expected to consolidate between 1.28 and 1.29 in this period, with significant resistance to 1.2980 seen above. Believe that when all the good UK news comes out, the pound could test the 1.31 or 1.32 level.

Australian dollar
0.6630/0.6640 resistance
0.6590/0.6580 support
The Australian dollar's decline against the U.S. dollar slowed, but the RBA continued to be bearish on the currency after it said in minutes that it was considering further rate cuts to stimulate the economy. The Australian dollar is expected to continue to lower against the U.S. dollar during this period, also indirectly bearish New Zealand dollar. Keep an eye on U.S. economic data this week. If U.S. economic data continues to be weak in February, the U.S. dollar will fall and the Australian and New Zealand dollars will gain. Technically, the AUDUSD is testing resistance at 0.6630 or 0.6640.

Dollar to yen
111.25/111.35 resistance
110.60/110.50 support
As Japan's fiscal year draws to a close, demand for yen funds has risen and the dollar has fallen against the yen as companies repatriate funds to Japan between mid-February and the end of March. At present, the technical key resistance level is at 112 but may start to lower to 111.35. It is recommended to be aware of the risk that the dollar may fall against the yen at any time. The initial target is for the dollar to fall to 109 against the yen.

USDCAD
1.3300/1.3310 resistance
1.3250/1.3240 support
Economic adversity, the demand for crude oil fell, oil prices fell, bearish Canadian dollar. The dollar yesterday traded at $1.3305 to the Canadian dollar. It is believed that the dollar/Canadian dollar could fall between 1.33 resistance and 1.32 before the release of U.S. crude inventories change and OPEC’s early announcement of a cut.

US crude oil futures
52.40/52.65 resistance
50.50/50.20 support
The famous investor Warren Buffet’s bullish comments reassured the market. Oil prices rebounded after a drop. Technically, crude has rebounded after testing the $50 level, with an initial target of $52.65 becoming an important current resistance level. Investors look ahead to U.S. crude oil inventory data tomorrow morning. Short-term crude has a chance to test the $50 levels in anticipation of higher inventories.

Gold
1660/1662 resistance
1642/1640 support
Dow futures fell more than a thousand points and money flowed into gold, which rose from $1,680 to $1,689 last night. With a lot of short positions starting above $1,680, the price of gold then adjusted sharply. On top of that, gold prices fell when Dow futures rebounded after Warren Buffett, a well-known investor, said he was optimistic about investment prospects. In Asian trading today, gold was as low as $1,643. U.S. new home sales and Q4 GDP release tomorrow and Thursday respectively, there are expected to support U.S. economic growth forecasts and limit gold gains. Investors are more likely to take the opportunity to adjust to gold's rise. Suggest investor is in $1680 above, moderately reduce hold long. In the short term, $1642 and $1640 became important to support, up to $1,660. If gold prices try another $1,685 or $1,692 resistance, watch for gold prices to fall as well.

U.S. Dow Jones industrial average futures US30
28550/28730 resistance
28080/27920 support
Global economic uncertainty sent Dow futures down more than 1,000 points. Famous investor, Warren Buffett, and the fed members put a bullish stock market comments, investor sentiment recovered. the Dow futures recovered part of the lost ground. Technically, look for 28080 or 27920 support, and 28550 or 28730 resistance.

BTCUSD:
9885 / 10050 resistance
9405 / 9255 support
Investors worried the federal reserve to reduce the size of the purchase of bonds, the market liquidity reducing, affecting the financial markets and US economic growth. If Dow future keeps downward, the bitcoin would be upward. Technically, look for $9405 or $9255 support, and $9885 or $10050 resistance.

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.

 

[Kelly Yeung]

ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2020 Feb 26

Personal opinions today:

Coronavirus continues to affect the global economy and investment sentiments. Global stock markets fell on fears of a worsening economy, with Dow futures down more than 800 points, taking their losses in recent days to nearly 2,000 points. The gold market continues to be one of the main safe-haven vehicles, with gold likely to continue to rise after the correction, while silver is up 1%. In addition, the market focus on the federal reserve policy committee speech, grasp the latest federal reserve monetary policy state.

[Important financial data and events]
Note: * refers to the degree of importance

17:00 Swiss ZEW investor confidence index for February **
22:45 Federal reserve's Kaplan speech ***
23:00 U.S. new home sales for January **
23:30 US EIA crude oil inventories change **
The next day at 02:00 Fed Kashkari speech ***

EURUSD
1.0875/1.0885 resistance
1.0840/1.0830 support
Germany's GDP was flat at an annual rate in Q4, in line with investors' expectations and bullish for the Euro. The EURUSD is testing 1.0885 resistance this morning, a high in mid-February. Technically, if it fails to break that resistance today, the Euro could test low support against the dollar. The temporary target is 1.0840 or 1.0830 support separately.

Pound to dollar
1.3025/1.3035 resistance
1.2965/1.2955 support
The dollar index fell again and the pound gained. The British government is expected to seek a trade deal from the US department of trade. Also, the UK government will formally discuss a Brexit deal with the EU's Brexit committee, boosting the pound and successfully testing the 1.2980 key resistance. Believe that when all the good UK news comes out, the pound could test the 1.31 or 1.32 level.

Australian dollar
0.6630/0.6640 resistance
0.6575/0.6565 support
The Reserve Bank of Australia (RBA) comments that bearish on the Australian dollar after it released minutes. The Australian dollar is expected to continue to lower against the U.S. dollar during this period, also indirectly bearish on the New Zealand dollar. In the short term, focus on Fed officials' comments, as well as this week's U.S. economic data. If the U.S. economic data is weak, the U.S. dollar falls, indirect interest on the Australian and New Zealand dollars. Technically, the AUDUSD is testing resistance at 0.6630 or 0.6640. Provisional estimates of 0.6575 or 0.6565 support, that could be considered as short-term support.

Dollar to yen
110.45/110.50 resistance
109.80/109.79 support
In the recent analysis, Japan's fiscal year is expected to coming. In the past, most corporate have repatriated funds to Japan between mid-February and the end of March, the demand for yen funds has increased and the dollar has fallen against the yen. In addition, the possible cancellation of the Tokyo Olympic Games in 2020 is more likely to promote the capital repatriation of Japanese enterprises to the Japanese market and accelerate the rise of the yen. At present, the technically important resistance level lower to 111.00. It is recommended to be aware of the risk that the dollar may fall against the yen at any time. The initial target is for the dollar to fall to the 109-yen level, and then possibly try the 108-yen level.

USDCAD
1.3340/1.3350 resistance
1.3250/1.3240 support
US crude oil futures fell yesterday, with the dollar again testing $1.3305 against the Canadian dollar. It is believed that the meeting of OPEC and energy ministers next week could accelerate the early announcement of production cuts and stabilize crude prices. The USDCAD could also wobble between 1.3350 resistance and 1.3240.

US crude futures
51.40/51.65 resistance
49.85/49.55 support
US crude oil inventories fell this morning to 2.46m b/d below expectations. Crude oil hovered in the $50 range. Next Friday's meeting of OPEC and energy ministers is expected to accelerate the early announcement of a production cut, which could first stabilize crude prices. If the chances of a production cut are high, crude could hit $52 a barrel.

Gold
1660/1662 resistance
1633/1630 support
Safe-haven money is flowing into the gold market. In the short term, the price of gold is below 1640, supported by gold bulls and looking at $1660 in the short term. If gold breaks $1,660, there is an opportunity for gold to fall after it has tested $1,685 or nearly $1,692 in early market reaction.

U.S. Dow Jones industrial average futures US30
27625/27840 resistance
26875/26700 support
Dow futures fell again amid uncertainty about the global economy. Though renowned investor Warren Buffett and the Fed voting members put a bullish stock market comments, temporarily stable investor sentiment, the Dow futures recovered part of the lost ground yesterday. However, the spread of coronavirus affected investor confidence. If Dow futures technically absorb 38% of the overall gain for 2019, watch out for 26,500. For the time being, we must watch the development of global coronavirus and pay more attention to the comments of federal reserve officials, which can boost the stock market.

BTCUSD:
9885 / 10050 resistance
8850 / 8600 support
Investors worried the federal reserve to reduce the size of the purchase of bonds, the market liquidity reducing, affecting the financial markets and US economic growth. If Dow future keeps downward, the bitcoin would be upward.

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.

 

[Kelly Yeung]

For more analysis check out, please click the below link:


ATFX is a co-brand shared by a number of different entities globally including:

• AT Global Markets (UK) Limited in the United Kingdom regulated by FCA;
• ATFX Global Markets (CY) Limited in Cyprus regulated by CySEC;
• AT Global Markets Limited registered in the Financial Services Authority (FSA) in Saint Vincent and the Grenadines;
• AT Global Markets Intl Ltd in Mauritus is licensed by the Financial Services Commission (FSC) and;
• AT Capital Markets Limited is a rep office of ATFX Global Markets (CY) Limited regulated by Financial Services Regulatory Authority (FSRA) and CySEC. AT Capital Markets Limited deals with Professional clients only.

 

[Kelly Yeung]

ATFX-A Global Leader in Online Trading
ATFX Market Outlook, 2020 Feb 27

Personal opinions today:

The Coronavirus spread is not over yet. The US President has said it could affect economic growth in the United States and lead to an unexpected decline in U.S. GDP. Investor sentiment continued to spook, with US larger companies issuing profit warnings and global stock markets continuing to fall, with Dow futures down over 2,000 points. Money flowed into treasuries and the gold market, where yields on US different maturities Treasury notes fell. The gold prices remain in strength.

European currencies rose as the dollar fell amid economic uncertainty in the United States. ECB President Christine Lagarde delivered a speech today. She would mention the ECB's monetary policy and economic outlook. Then the final reading of the Eurozone industrial and economic sentiment index and consumer confidence index for February were watched. Market expectations were flat, which could limit currency gains in the Euro. In addition, the number of U.S. jobless claims last week and the revision of real GDP for the Q4 were watched by global financial markets.

[Important financial data and events]
Note: * refers to the degree of importance

17:45 ECB President Christine Lagarde speech ***
18:00 Eurozone Economic Sentiment Index **
18:00 Eurozone Consumer Confidence Index final reading ***
21:30 Canada Q4 current account **
21:30 U.S. Durable goods orders for January **
21:30 U.S. jobless claims ***
21:30 U.S. real GDP Q4 revised ***
23:00 U.S. signed home sales index for January **

Euro
1.0925/1.0935 resistance
1.0865/1.0855 support
The dollar fell yesterday and the euro rose against the dollar. Markets are watching the final reading of the eurozone's consumer confidence index for February. Technically, the euro is testing its previous high against the dollar at 1.0925. The euro could fall against the dollar if U.S. economic data beat market expectations today. The current technical support bits, 1.0865 and 1.0855, are worth noting.

British Pound
1.2955/1.2965 resistance
1.2885/1.2875 support
The British government is due to formally discuss a Brexit deal with the European Union's Brexit committee next week. The pound fell as investors were unnerved by the prime minister's tough talk on the terms of the deal. Meanwhile, the new chancellor of the exchequer is due to unveil Britain's fiscal framework, and markets are waiting to see if the budget is seen to boost government spending to stimulate the economy. In the short term, assuming the pound move within 1.28 to 1.30.

Australian dollar
0.6565/0.6575 resistance
0.6515/0.6525 support
The Australian dollar is expected to continue to lower against the U.S. dollar before RBA remarks and the coronavirus spread continues, also indirectly bearish New Zealand dollar. In addition, the decline in commodity exports in Australia, affecting Australia’s income. If the U.S. economic data is weak, the dollar falls, indirectly short-term interest on the Australian and New Zealand dollars.

Dollar to yen
110.45/110.50 resistance
109.80/109.70 support
The global economic growth slowing down, the global stock market falls, some funds into the yen. In addition, with the approaching of Japan's fiscal year settlement, enterprises repatriate capital to Japan, and the demand for yen capital slowly rises. Believe that the dollar will fall against the yen. The tentative target is for the dollar to fall to 109 against the yen, before potentially testing 108.

USDCAD
1.3370/1.3380 resistance
1.3280/1.3270 support
With the global economy weak and the U.S. President saying the U.S. economy is suffering, U.S. oil futures continued to fall and the U.S. dollar breached $1.3305 against the Canadian dollar. OPEC's meeting with energy ministers next week is expected to speed up the early announcement of production cuts and stabilize crude prices. The Canadian dollar is expected to rise if oil prices rebound. Today, Canada reported its current account for the fourth quarter, expected to show a smaller deficit.

US crude oil futures
49.40/49.65 resistance
47.85/47.55 support
The global economic outlook is gloomy and oil demand is falling. U.S. oil futures continued to fall as the President said the U.S. economy is suffering. Next week, OPEC and energy ministers are expected to speed up the announcement of a joint production cut to stabilize crude prices. Given the likelihood of a production cut, crude could see its $52 target unchanged.

Gold
1656/1658 resistance
1635/1633 support
Money flows to the gold market for hedge, long position support. The gold prices to test $1660 resistance. For the short term support at $1,635 and $1,633. If gold breaks $1,660 resistance, it could test $1,685 or close to $1,692. But watch out for an opportunity for gold prices to fall.

U.S. Dow Jones industrial average futures US30
27180/27290 resistance
26635/26500 support
Dow futures fell again amid uncertainty about the global economy. Technically, Dow futures absorb 38% of the overall gain for 2019, keeping an eye out for significant support at 26,500. For now, it's important to keep an eye on the coronavirus case, Fed officials' comments and U.S. economic data to see Dow's trend.

BTCUSD:
9085 / 9245 resistance
8455 / 8250 support Unexpected market demand declined, the bitcoin price fell sharply after investors worry about the coronavirus spread. Cryptocurrencies’ prices fell and transfer to the traditional hedge market. Technically, the important support at $8250. If it fails to support, the price would test $7000 or $6500.

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

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