Daily News – 24 Feb 2020

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By: Stuart Cowell

RISK OFF – Gold up over 1% – Oil down 2% – Equities down 1% – USD, JPY & CHF up – Covid-19 spreading outside China – 28 countries and 24 deaths (big surge in S Korea, Italy, Iran & other Mid East Countries) – signs of moderation within China – deaths at 2442 in China and 77K cases. US data late Friday was weak, resulting in profit-taking for equities (S&P & Dow triggered lower) and the Dollar as all 3 closed down over 1%. Sanders won big in Nevada

USD Index – holds 99.50 up from Fridays close at 99.15
EUR – holds over 108.00 – down from Friday 1.0860 high to 1.0815. PP 1.0830 S1 at 1.0800
JPY – down to 111.50 down from Friday highs over 112.15. PP now 111.75 – R1 112.00 S1 111.28 S2 111.00
GBP – holds over 1.2900 – sits at pp 1.2940 R1 1.3000 S1 1.2890
AUD – dropped to 11-year lows (0.6585) on open,
NZD – a few pips above 0,..6300 again.
CAD – support at 1.3200 on Friday – moved up to 1.3280 as oil unwinds

GOLD – Opened at 1680 (7 years high) – trades at 1670 – R3 1685 with $1700 calling. R1 1655 PP 1637.
OIL – plunges to 51.75 (S2) from Thursday high of 54.75 and Friday close at 53.50. S3 51.50. PP 53.25

Equities – closed down over 1% (35 pts) Friday at 3338. FUTS down another 1% and under 20-day MA at 3288

TODAY – German Ifo, Speeches from ECB’s Lagarde, BoE’s Haldane, Fed’s Mester- TRUMP on an official visit to India.

Biggest FX mover to start the week – NZDUSD (-0.57%)

Biggest (FX) Mover @ (08:30 GMT) NZDJPY (-0.64%) – Gaped down on open (under S1 @70.34) EMA’s, RSI, MACD, and Stochastics – all aligned lower. Next Support 70.00 and S2 at 69.86. Pivot Point and 200-hr EMA at 70.70-75 zone. Daily ATR 0.60.


Risk Warning: Trading-Leveraged Products such as Forex and Derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience, before trading, and if necessary, seek independent advice.

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