On Thursday, at the OPEC (Organization of the Petroleum Exporting Countries) meeting, the members decided that they will try to stabilize the Energy Market after the sharp fell of prices due to the coronavirus pandemic
Explicitly they agreed to a production cut of 9.7 million barrels per day from the 1st May 2020, initially for a period of two months through to the 30th June 2020.
- Crude Oil: +3.95%
- Natural Gas: +2.19%
USA President Donald Trump, stated on Friday, 10th April 2020 that he will not re-start the Economy until he is certain that the country is going to be healthy
US Indices last week:
- Dow Jones 30: + 11.20%
- S&P 500: + +10.30%
- Nasdaq 100: + 7.85%
Last week the European Indices had one of their best weeks since 2011.
European Indices Last week:
- EURO 50: + 7.94%
- DAX 30: + 10.84%
- IBEX 35: + 8.03%
- MIB 40: + 4.68%
- CAC40: +6.82%
The UK has urged everyone to ‘stay at home’, after last week’s increase in the coronavirus infections and deaths’
FTSE 100 last week: + 6.60%
The European Commission has approved on Saturday, 11th April 2020, under the EU State aid rules, a €50 billion Belgian loan guarantee scheme to support the Belgian economy in the context of the coronavirus outbreak.
On the Charts
- The NZD/USD price is now at 0.6066
- The price formed a Bottom Failure Swing reversal formation, since it created higher low and higher high, but extra caution must be taken as we are in a downtrend
- Price is above the 20 days Moving Average
- The pair is slightly above the previous resistance level (blue dashed line)
- The RSI is above 50 level, at 55, and the MACD and its red signal line are approaching zero
- If the price remains above the blue dashed line, at 0.60700, there is a possibility to see the price moving higher to 0.6200, a level which consists an inside resistance level, and the 161.8% Fibonacci Extension Level (From 0.60700 to 0.58370)