EURUSD H4 05 04 2020 2139

The EUR/USD pair gapped lower at the weekly opening, as the market kick-started Monday in risk-off mode. The pair’s decline was evident during the Asian session, although the pair found some stability around 1.0930 during London trading hours, after bottoming at 1.0923. Data coming from Europe was mixed, as the final version of the German April Markit Manufacturing PMI was upwardly revised to 34.5, although the one for the whole Union came down to 33.5. Also, the EU Sentix Investor Confidence index plunged to -41.8 in May, much worse than the -33.5 anticipated.

The market’s sentiment remains sour, with European indexes sharply down and Wall Street futures poised to open with losses. The catalyst for the negative tone is US President Trump, as he continues to blame China for the coronavirus outbreak.

 

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Currencies for emerging markets slid against the dollar on Friday, under pressure from economic implications of coronavirus lockdowns and concerns of fresh tensions between the U.S. and China.

China’s offshore yuan fell 0.7%. The Mexican peso and the South African rand, two of the most liquid emerging market currencies, fell 1.1% and 1.4%, respectively. Investors cited a report in the Washington Post that U.S. officials are considering retaliatory actions against China over the coronavirus. A U.S. intelligence agency said Thursday that it was investigating whether the coronavirus may have escaped from a laboratory in Wuhan, China.
The ratcheting up on China tensions with the U.S. is especially bad news,” for markets already coping with the coronavirus, said Ilan Solot, global currency strategist at Brown Brothers Harriman.

The Turkish lira fell 0.6% near an all-time low, with $1 buying 7 liras. Turkey’s central bank has sought to keep its currency from falling past that level but might be struggling to do so as reserves dry up, said Viraj Patel, a foreign exchange and global rates strategist at research firm Arkera.

 

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USDJPY D1 01 08 2020 1256

The USD/JPY pair might fall in the medium term, according to our technical analysis. The MACD in into negative territory and the price is still below EMA 20, EMA 50, and EMA 100, on the daily chart. The price has already exited from the trendline range, on the daily chart

USDJPY W1 01 08 2020 1258

The RSI downtrend pattern has already formed on the weekly chart, and the Stochastic downtrend pattern is underway. The price stays below EMA 20, EMA50, and EMA 100.

 

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SPX500 D1 03 17 2020 1009

The S&P 500 might rise in the near term. The RSI oscillator and the Stochastic indicator are near the bottom at this moment, according to the daily chart.

When the RSI oscillator hits 20, there might be an oversold signal, according to the weekly chart.

SPX500 W1 03 17 2020 1010

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GER30 D1 12 12 2019 1622

The MACD histogram is ready for the next leg up. It offers a bullish signal for Euro,  on the daily chart. The price is above EMA 20, EMA 50, and EMA 100.

GER30 W1 12 12 2019 1620

The DAX 30 is into an uptrend, according to the weekly chart. The RSI oscillator is above 50, and the price is still above EMA20, EMA50, and EMA 100.

 

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