Market Review 12 March 2020

by Constantinos Loizou

  • In today’s Economic Calendar we can expect some volatility in the USD and in the EUR
  • At 12:30 (GMT) the Department of Labour Statistics of the USA will announce their Initial Jobless Claims
  • That number measures how many people submit first-time claims for state unemployment insurance
  • The result is forecasted an increase to 218,000 considering that last week was at 216,000
  • At 12:45 (GMT) the European Central Bank (ECB) will announce their decision regarding the Deposit Interest Rate
  • The result is predicted to remain unchanged as the previous month, at -0.5%
  • At 13:30 (GMT) the President of the ECB will deliver a press conference relating to the Monetary Policy
  • Dow Jones 30, Nasdaq 100, S&P 500: -4.90%
  • UK FTSE 100: -5.79%
  • DAX 30: -6.48%
  • ITALIAN MIB: -3.62%
  • Euro Stoxx: -6.81%
  • Spanish IBEX: -6.74%

On the Charts

  • The GBP/JPY price is now at 136.8
  • The price is below the 61.8% Fibonacci Level at 136.77, and is testing the 76.4% Fibonacci Retracement Level at 134.30
  • The price is below its 20 days and 50 days Moving Averages (MA)
  • The 20 days MA (orange) crossed to the downside the 50 days MA (purple)
  • If the price remains below the 136.90 price level, we could potentially see it declining to the previous support point at 130.70 or lower at 127.51
  • Alternatively there’s a possibility the price could retest the previous resistance point, and the 61.8% Fibonacci Level at 136.7

Source : FXGM Investment Research Department / Bloomberg