Daily News – 3 March 2020

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By: Stuart Cowell

RBA cut rates by 0.25% to 0.5%, Equities bounce 4% into US close but stall in Asia. – JPY biggest mover, USD still pressured, EUR & GBP recover. COVID-19 cases top 90,000 and still spreading globally. US response vital and the key to next move for equities, bonds, and USD.

USD Index under 200- day MA and PP at 97.50. Trades at 97.37 – S1 97.00
EUR – up to 1.1185 yesterday, down to PP at 1.1125 overnight – trades at 1.1145 – R1 1.1200
JPY – touched 108.50 earlier before moving down to S1 at 107.65, trades at 107.85 – pp at 108.00
GBP – fell to 1.2740 yesterday, recovered over PP at 1.2785 – capped by 1.2800. R1 1.2820, S1
AUD– recovered from new 11yr low at 0.6440 yesterday, – pp 0.6520 – R1 & 200-hr MA 0.6580
CAD – support at 1.3328, pp 1.3360;
BTC – 5th day below 200-day and $9,000. Trades at 8750

GOLD – bounced off 1575 yesterday – pp 1590, 1600 and 50hr MA resistance, R1 1610, S1 1573
OIL – Printed a 43.45 15-mth low yesterday – OPEC meeting & new production cuts still expected this week, rallied to R1 at 48.85. Trades now at $47.36. PP 46.20

Equities BIG bounce (4%) +136 pts – to close at 3090 – FUTS trade down at 3065. R1 3150, PP 3020.

TODAY – EUR CPI, GBP – MPR Hearings, Construction PMIs. G7 Finance Ministers meet – Covid-19 coordinated response, US TIPP data and a speech from Mester. “Super Tuesday” for the US Democrats in deciding who will run against President Trump in the 2020 Election.

Biggest (FX) Mover @ (07:30 GMT) CADJPY (-0.71%) – Moved under 20-hr MA and PP at 07:00. MA’s aligned lower, RSI (46) & MACD histogram neutral, Stochastics into OB zone. H1 ATR 0.2512, Daily ATR 0.8700.


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