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Market View

Major Stocks surging before the US open

Tuesday, April 14, 2020 3:14 PM GMT

The markets are mixed as we speak and obviously, every Stock Index gets biased due to COVID-19 daily numbers that are announced in each country. UK100, FR40, and AEX are flirting with the negative territory as the coronavirus outbreak hasn’t yet slowed down. On the other hand, GER30, IBEX and FTSE MIB are slightly rising as the trend continues lower and this gives hope that the stabilization is close. 

Italy’s Daily New Cases

Spain’s Daily New Cases

Source Worldometers

Due to this, Spain decided to lift gradually the tight restrictions as they are already running in the second month of lockdown. Italy and France consider proceeding to similar actions. Reviewing the daily chart of GER30, the index may be forming an ABCD pattern targeting the 61.8% Fibonacci level.  

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GER30 daily chart

Heading to the US market, the pre-trading session looks bullish as US president, Donald Trump believes that there is “clear evidence that our aggressive strategy to combat the virus is working. Over the weekend, the number of daily new infections remained flat, nationwide flat,”. Major Stocks are moving higher like Roku, Tesla, Norwegian Cruise Line, Royal Caribbean Cruises, Park Hotels & Resorts and more. Today the US market expects 52 earning releases

Heading to the forex market, EURUSD bounced on 20SMA and its back to 50% Fibonacci level. GBPUSD is attempting to close above major resistance at 1.2486. If so, then the next resistance is at 1.2725. GBPUSD continues its impressive rally to the upside. As said yesterday, the next major resistance is at 1.2725. USDJPY moves in a downtrend and its back on a break or make support at 107.2. 

EURUSD daily chart

GBPUSD daily chart

USDJPY daily chart

Checking the ZuluTrade’s Traders Sentiment, the community is buying GBPUSD and USDJPY while is selling EURUSD, and GBPJPY.

In focus today (economic calendar):

UnitedStates - Import Price Index

Disclaimer

The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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