• Shivkumar

25th March - Forex Technical & Market Watch

(By Shivkumar)

Euro May Fall as Yen, US Dollar Rise on Soft German IFO Data

  • G10 FX in digestion mode as APAC stocks follow Wall Street

  • US Dollar appear biased higher amid continued risk aversion

  • S&P 500 chart positioning hints a major turn in sentiment is ahead

ASEAN FX at Risk to US Recession Fears & Sentiment on Brexit, ECB

  • A more dovish Fed sunk US Dollar, lifting ASEAN currencies

  • Rising concerns about a recession may bolster the Greenback

  • Declines in USD/IDR, USD/MYR and USD/PHP may not last

Crude Oil Prices May Validate Bearish Chart

  • Crude oil prices drop with stocks amid global slowdown fears

  • Gold prices up as yields decline, US Dollar bounce caps rise

  • S&P 500 futures suggest risk aversion has scope to continue



1) EUR/USD

EUR/USD is trading around 1.1300 in the wake of the new week, marginally higher. The decline in global bond yields and fears of a recession loom on markets and limit the recovery. The German IFO number is next.

R31.1491

R21.1441

R11.1373

PP1.1323

S11.1255

S21.1205

S31.1136


2) GBP/USD

GBP/USD slides below 1.3200. The future of PM May is in question as some ministers ask her to step down in return from supporting the Brexit deal. Alternative Brexit options will likely be debated later this week.

R31.3405

R21.3314

R11.3262

PP1.3172

S11.3119

S21.3028

S31.2976


3) OIL

Large traders lifted bullish net positions in WTI oil for the fifth straight week in seven days to March 19th, according to the data released by the Commodity Futures Trading Commission (CFTC) on Friday. 

Oil prices are already feeling the pull of gravity - WTI is currently trading at $58.50 per barrel, having hit a four-month high of $60.37 per barrel on March 21. 


4) XAU/USD

Gold prices are on bid around $1316 during early Monday. The yellow metal recently benefited as global markets turned risk-off moves after sluggish data from the US flashed a sign of recession for the world’s largest economy.

R31332.72

R21323.81

R11318.61

PP1309.71

S11304.51

S21295.6

S31290.4

Disclosure :- The author does not hold any forex trading account while writing.

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