Daily thread to exchange ideas and to share your thoughts
Good day, everyone! Hope you’re all doing well as we get things going in the European morning session ahead. It is once again all about risk as markets continue to grapple with coronavirus concerns, with the uncertainty of the situation weighing on risk trades.
Facebook earnings was not as good as expected – slower growth and profits, dampening the mood in the equities space as we look towards trading today.
The element of uncertainty – from a health and economic perspective – continues to be rather high as there is still no clear sense of how the virus outbreak is going to take shape in the coming weeks.
The major currencies space is seeing a lot of key technical levels being potentially challenged as a result, with traders trying to gauge the risk mood for further clues:
- EUR/USD is near the 1.1000 level with added support around 1.0981-89
- USD/JPY is trapped between the 100-day moving average @ 108.75 and the 100-hour moving average @ 109.09
- GBP/USD stays tepid close to 1.3000 ahead of the BOE, key support seen closer towards 1.2950-70
- USD/CAD climbs back above its 100-day moving average, challenges 1.3200 again
- AUD/USD breaks below key support @ 0.6754 and looks towards 0.6700 now
- NZD/USD testing its 200-day moving average @ 0.6510 with key support region seen close by around 0.6480-00 as well
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.