Tag Archives: trade copper

Eurozone Private Sector Logs Record Fall In March

The euro area private sector logged its biggest monthly fall on record in March as the coronavirus disease, or covid-19, pandemic impacted heavily on economic activity, final data from IHS Markit showed Friday. The final composite output index fell sharply to 29.7 in March from 51.6 in February. This was also weaker than the flash estimate of 31.4. Both services and manufacturing sectors recorded notable declines in output in March. Manufacturers posted the sharpest fall in production since April 2009. At the same time, services activity declined at a record pace. The final services Purchasing Managers’ Index plunged to a record low of 26.4 from 52.6 a month ago. The reading was also below the preliminary estimate of 28.4. The covid-19 pandemic and associated measures taken to contain the outbreak through Europe weighed heavily on business performance. Chris Williamson, chief business economist at IHS Markit said, the data indicate that the eurozone economy is already contracting at an annualized rate approaching 10 percent, with worse inevitably to come in the near future. Incoming new work deteriorated to the greatest extent in the 22-year survey history. Further, confidence about the future was the lowest recorded by the survey since…

EUR/USD: plan for the US session on April 3. Bears continue to control the market and follow the set course to the lows of

To open long positions on EURUSD, you need:
Another sale of the European currency after the publication of business activity indices for the services sector of the eurozone led the pair to the support of 1.0790. I paid attention to this in the morning forecast. The 5-minute chart clearly shows how the bulls try to form a false breakout, successfully making several bounces from this level, but each time they meet with larger sales. At the moment, the further movement of the euro down depends on the analysis of data on the labor market. It is unlikely that the bulls should expect the support of 1.0790, so it is best to return to long positions after updating the minimum of 1.0718, provided that a false breakout is formed there, or immediately to rebound from the annual support of 1.0626. In the scenario of the pair’s growth in the second half of the day after the data on the state of the US economy, the bulls will try to regain the resistance of 1.0880, which will push EUR/USD even higher, to the maximum of 1.0955, where I recommend fixing the profits.

To open short positions on EURUSD, you need:
Sellers continue to follow a clearly…

Analysis for Gold 04.03.2020 – Watch for the potential breakout of the channel to confirm downside. Gold is at the major

Corona virus news:China seeks to lead amid talk of 10m potential global casesResidents of Wuhan, the Chinese city where the Covid-19 pandemic began, have been told to stay indoors and remain vigilant ahead of an easing of travel restrictions. Meanwhile, Beijing is stepping up a media campaign in the west to frame its handling of the disease as an example of global leadership. The country’s Covid-19 statistics have been called into question, but on Thursday China recorded just 31 new cases, 29 of them in people arriving from other countries.Technical analysis: Gold has been trading upwards.The price tested and rejected of the very important pivot level at $1.619, which is sign that there is potential for downside rotation.I found the upward channel that is active and the eventual breakout to the downside may confirm further drop towards the levels at $1.566 and $1.515. Selling opportunities will be preferable in case of the downside break.If you see the breakout of $1.620 level, watch for buying opportunities on the dips with the target at $1.643. Stochastic oscillator is showing overbought condition and potential for the downside movement.Intraday resistance level is set at the price of $1.619Support levels and downward targets are set at…

Analysis of AUD/USD on April 3, 2020

Hello, dear traders!
It’s time to consider the AUD/USD currency pair, the technical picture of which is quite interesting. But more on that later.
The Reserve Bank of Australia (RBA), along with other leading global central banks, announced the introduction of temporary swaps in the US currency in order to increase liquidity. In addition, the RBA together with the Australian government decided to allocate about 100 billion Australian dollars to support the Australian economy.
Let’s look at the technical picture for the AUD/USD currency pair, and since this tool is analyzed once a week, let’s start with the corresponding timeframe.
Weekly

After falling to the level of 0.5510, the pair began to adjust from the previous fairly strong and prolonged decline. Attempts to continue to recover losses in the current five-day trading failed at the level of 0.6215, from where the pair again turned in the south direction.
In fairness, it should be noted that the results of weekly trading will be determined by data on the US labor market, which will be published at 13:30 (London time). Economists’ forecasts are very pessimistic, and if the actual numbers turn out to be even worse than expected, the US currency risks falling under a wave of sales.
The current…

Australia Retail Sales Climb 0.5% In February

Retail sales in Australia rose a seasonally adjusted 0.5 percent on month in February, the Australian Bureau of Statistics said on Friday – coming in at A$27.755 billion. That beat expectations for an increase of 0.4 percent following the 0.3 percent decline in January. The following industries rose in seasonally adjusted terms in February 2020: Food retailing (0.8 percent), Department stores (3.1 percent), Household goods retailing (0.7 percent), Cafes, restaurants and takeaway food services (0.2 percent), and Other retailing (0.2 percent). Clothing, footwear and personal accessory retailing (-2.9 percent) fell in seasonally adjusted terms in February 2020. The following states and territories rose in seasonally adjusted terms in February 2020: Queensland (0.8 percent), Victoria (0.5 percent), Western Australia (1.2 percent), South Australia (0.4 percent), and the Australian Capital Territory (1.1 percent). Tasmania (0.0 percent) and New South Wales (0.0 percent) were relatively unchanged. The Northern Territory (-0.7 percent) fell in seasonally adjusted terms in February 2020. The material has been provided by InstaForex Company – www.instaforex.com…

Australia Construction Index Slides In March – AiG

The construction sector in Australia continued to contract in March, and at a faster rate, the latest survey from the Australian Industry Group showed on Friday with a seasonally adjusted Performance of Construction Index score of 37.9. That’s down from 42.7 and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. It also marks the lowest index reading since May 2013. Across the four construction, the house building sector indicated modest growth for a fourth consecutive month. Contractions in the apartment and commercial construction sectors were steeper, while the contraction in engineering construction activity eased slightly in March. The material has been provided by InstaForex Company – www.instaforex.com…

China Services PMI Data Due On Friday

China will on Friday see March results for the services and composite indexes from Caixin, highlighting a modest day for Asia-Pacific economic activity. In February, the services index saw a score of 26.5, while the composite came in at 27.5. Japan will see March results for the services and composite indexes from Jibun Bank. In February, their scores were 32.7 and 35.8, respectively. Australia will release February figures for retail sales, with forecasts suggesting an increase of 0.4 percent on month following the 0.3 percent decline in January. Australia also will see March numbers for the Performance of Construction Index from the Australian Industry Group; in February, the index score was 42.7. Malaysia will release February numbers for imports, exports and trade balance. In January, imports were worth 72.08 billion ringgit and exports were at 84.08 billion ringgit for a trade surplus of 12.00 billion ringgit. Finally, the markets in Taiwan are closed on Friday for Children’s Day and will re-open on Monday. The material has been provided by InstaForex Company – www.instaforex.com…

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Treasuries Close Little Changed After Pulling Back Off Early Highs

After seeing initial strength, treasuries gave back ground over the course of the trading session on Thursday before ending the day little changed. Bond prices pulled back well off their best levels of the day and eventually closed only slightly higher. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 0.627 percent. Treasuries initially moved higher in reaction to a report from the Labor Department showing another spike in initial jobless claims in the week ended March 28th. The Labor Department said initial jobless claims skyrocketed to 6.648 million, an increase of 3.341 million from the previous week’s revised level of 3.307 million. In the previous week, jobless claims shot up by 3.025 million. With another record-breaking increase, the number of seasonally adjusted initial claims reached the highest level in the history of the seasonally adjusted series. In the past two weeks, nearly 10 million people have filed for unemployment, which economists say translates to an unemployment rate of about 10 percent. The appeal of bonds waned over the course of the session, however, as the price of crude oil skyrocketed on the…

Gold Futures Snap 4-day Losing Streak, End Sharply Higher

Gold futures snap 4-day losing streak, end sharply higher Gold prices surged higher on Thursday, snapping a four-day losing streak, despite a stronger dollar. Mounting signs of a deep recession due to rapidly surging coronavirus infections, and data showing a big jump in unemployment claims for a second successive week due to the coronavirus outbreak triggered safe-haven buying in the commodity. The dollar index rose to 100.37 this afternoon, gaining about 0.65%. Gold futures for June ended up $46.30, or about 2.9%, at $1,637.70 an ounce, slightly off the day’s high of $1,641.00. On Wednesday, gold futures ended down $5.20, or about 0.3%, at $1,591.40 an ounce. Silver futures for May ended up $0.670 at $14.654 an ounce, while Copper futures for May settled higher by $0.0440 at $2.2185 per pound. In economic news, data from the Labor Department said initial jobless claims skyrocketed to 6.648 million, an increase of 3.341 million from the previous week’s revised level of 3.307 million. With another record-breaking increase, the number of seasonally adjusted initial claims reached the highest level in the history of the seasonally adjusted series. In the past two weeks, nearly 10 million people have filed for unemployment, which economists…