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February 20, 2018

FXPRIMUS, Investors' Focus on German ZEW Economic Sentiment today

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FX Markets Mixed in Speculation-Led Illiquid Holiday Trade.

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

All majors traded sideways following a quiet trading session amid Chinese and US holidays.

Further corrections may be due as technical indicate.

Markets expect a few non-events today with the highlight being the German ZEW Economic Sentiment while the Chinese Holiday continues.

Today’s Forecast for Important Trading Indicators

Market Movers

  • EURUSD – EURO trades in a 65 pips price range, no clear directional bias yet. Euro-Dollar moved between 1.2433 and 1.2367 range during holiday Monday as large banks did not complete the facilitation of large volumes leaving speculators to influence the markets. On the downside, price halted at the 61.80% Fibo Extension, a break of which will move price towards 1.2330.
EURUSD 1-HOUR CHART
  • GBPUSD – STERLING in for a busy week despite fairly quiet start. CABLE also traded sideways yet moved on a 90 pips range as traders’ sentiment was lead partially by BoE Gov Carney’s speech. On the release front no US or UK data were due, however, Pound-Dollar battleground around $1.40 intensifies. The pair trades at 1.3968.
  • USDJPY – Upside pressure on YEN threatening after last week’s gains, effects marginal so far. Dollar-Yen moved in a range too but the pair closed with a bullish bias as a result of last Friday’s gains and the correction following after a fresh multi-year low at 105.50. With no news on the economic calendar for both US and Japanese markets price is likely to be speculation-led for another session.
USD-JPY 1-HOUR CHART
  • USOIL – OIL in continuation mode following a correction to 78.6% Fibo near $58.30 per barrel. Commodity traders took advantage of low liquidity and pushed OIL prices higher continuing the bullish recovery while big players were absent. Market sentiment reflects OPEC’s cuts and the huge price gains noted in January and is likely to lead market 2018 as the US Shale vs OPEC interactions dominate. OIL price moved further away from the correction level, currently trades near $62.20.
  • XAUUSD – GOLD trades sideways as bank and equity markets close for President’s day. Despite last week’s gains capital flows saw investors taking profits and this led markets marginally lower. In the Monday session, the low volatility and low liquidity put a halt on the bearish sentiment as the markets were closed due to markets holidays. Price is stuck around the 50% Fibo near 1340.
  • US Indexes – DJ and S&P almost unchanged, +0.08% and +0.04% gains.
  • European Indexes – UK 100 plummeted by 0.64%, DE 30 by 0.53%.
  • Asian Indexes – ASX 200 moved a marginal 0.03% higher, Nikkei 225 plunged by 1.01%, Hang Seng trades 0.01% higher.
  • US Equities – Twitter slipped 1.64% lower, Facebook followed with a decline of 1.44%.

Original Source: FXPrimus News

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