Broker : Tickmill
Description : In this Weekly Market Outlook 09-03-20, our analyst looks into the trading week ahead, possible market moving data releases across the globe and the technical analysis to accompany it!
EURUSD From a technical and trading perspective, prices spiked higher overnight to test 1.15 some initial profit taking and supply have capped the overnight advance for now. As 1.13 now acts as support look for a test of the yearly first resistance pivot point sighted at 1.1560. From these levels we witness some consolidation,corrective action before the next leg higher. Only a close back through 1.12 would concern the bullish bias.
GBPUSD From a technical and trading perspective, prices have extended to test resistance at 1.32 in a price pattern discussed in the Weekly Market Outlook, intraday look for support at 1.3110 to set up the next leg higher to test descending trendline resistance sighted around 1.3260 this area should cap the current advance.
USDJPY From a technical and trading perspective, major gap lower in asian trade takes out the 104.50 support, as this level now acts as resistance bears will look to target the psychological 100 level. Only a close back through 105 would suggest a false downside break.
AUDUSD From a technical and trading perspective the overnight gap lower found demand on the test of .6350 a close today back through .6650 would suggest a false downside break and set a base for a more meaningful corrective phase to develop. However, a close below .6450 would suggest trend continuation, with the psychological .6000 level coming into view for bears.
Tickmill is a trading name of Tickmill Ltd, a member of Tickmill Group, which is regulated by the Seychelles Financial Services Authority (FSA). Tickmill provides premium trading products and services with transparency and innovative technology. With a proven track record of strong financial results and stable growth, Tickmill has put itself in an enviable position as a trusted market leader and innovator.