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ATFX Market Update - 2019.03.14

Mar 14 2019, 09:39 AM (BDT) | ATFX
Personal opinions today
The British Parliament vetoed the no deal to leave the European Union, and the pound rose. Tonight, the British Parliament will discuss the referendum issue postponement pushed back the Brexit deadline. It is expected that the final choice will be made tomorrow morning. The pound is expected to fluctuate in a narrow range in the early days of trading in the European and US markets. Before and after the vote tomorrow morning, the sterling and euro volatility widened.
The Fed said that the current economic performance is moderate and there is no intention to speed up the interest rate hikes, bringing the US Dow to rise. The dollar fell against major currencies, and the price of gold once tested $1311. The market waits for the United States to announce the number of initial jobless claims, import prices and new home sales data tonight. If the data is positive for the US dollar, the US dollar is expected to rise against the major currencies, and the gold price may test the low. Crude oil prices are expected to keep rising. Investors can be used as a reference.
 
Today's suggestion:
EURUSD 
1.1335/1.1355 resistance
1.1305/1.1285 support
The Brexit veto has no agreement to leave the EU, reducing the risk of falling euros, and the euro is supported. In the afternoon, Germany and France in the Eurozone announced important inflation data for February, CPI. If the CPI result over market expectations, the euro is expected to rise. As the ECB has previously assessed the economic growth of the Eurozone and the expected decline in inflation, if the CPI only reached the expectations or falls, the Euro has the opportunity to test 1.1285 support. In addition, the US is releasing the number of initial jobless claims, import prices and new home sales data tonight, and the market is watching. If the data is positive, and the US dollar is bullish, the euro is expected to test support first. Tomorrow morning, please pay attention to the latest voting of the British Parliament.
 
GBPUSD
1.3305/1.3335 resistance
1.3240/1.3210 support
The British parliament vetoed a no deal to leave the EU, avoiding the possibility of a hard Brexit, the pound rose, once tested 1.3380. The British Parliament will discuss and vote for the referendum and pushed back the deadline. Before the results were announced, it was estimated that the pound continued to pushed back the decline. If the result will come between 3 am and 4 am tomorrow morning. The only concern is that the UK has chosen to leave the European Union for a long time and will be strongly opposed by the EU, which in turn will affect the pound. Technically, the short-term reference is 1.3210 support. If it falls below the support, it may test 1.3150 or 1.3080. In addition, the US is releasing the number of initial jobless claims, import prices and new home sales data tonight, and the market is watching. If the data is positive, positive the dollar, the pound is expected to test support first. Tomorrow morning, please pay attention to the UK voting of the Brexit deal.
 
USDCHF 
1.0080/1.0125 resistance
1.0025/0.9980 support
The US inflation data remained moderate, the consumer price index was in line with expectations, the US dollar eased its strength, continued to benefit the European currency, and supported the Swiss franc. Technically, the US dollar against the Swiss franc once tested 1.0025 support and then stopped. The short-term expectation of the Swiss franc is expected to remain strong, but it must be noted that the United States released data performance tonight. If the data shows an increase, the dollar has a chance to rise against the Swiss franc. In addition, it is recommended to pay attention to the Brexit deadline discussion and voting results, pay attention to European currency direction, and indirectly affect Swiss franc.
 
USDJPY
111.50/111.65 resistance
110.85/110.70 support
US inflation data is moderate, and the market is also looking forward to the completion of the Sino-US trade deal at the end of the month. The Dow Jones and the Nikkei index are rising, leading the dollar to rise against the yen. Of course, the short-term UK Brexit risk still concerned, which may affect the US Dow and Japan's Nikkei index, respectively, and the USD/JPY has a chance to fall. If risk on and the global investors nervous, the USD/JPY will likely enter the 110 level again. Technically, it can refer to the recent resistance of 111.50 and 111.65.
 
AUDUSD 
0.7080/0.7095 resistance
0.7050/0.7035 support
US inflation is moderate, with the dollar fell, and the AUD rise. But under the good news, the AUD failed to test 0.7090 twice. If the US data is good tonight, the dollar strength, which may be bearish the AUD. For the firs target support, refer to 0.7050 and 0.7035.
 
NZDUSD 
0.6860/0.6875 resistance
0.6820/0.6805 support
US inflation has been moderate, and the NZD has risen again as the dollar has fallen. Unfortunately, the NZD failed to break the 0.6860 resistance twice. If the US data is good tonight, the dollar strength and will likely be negative for the New Zealand dollar. Technically, reference can be made to 0.6820 and 0.6805 support.
 
USDCAD
1.3335/1.3365 resistance
1.3260/1.3235 support
US API and EIA crude oil inventories showed a significant decrease, crude oil futures prices rose, indirectly favours Canadian dollars. Crude oil prices upward trend. It is expected to continue to benefit the Canadian dollar. The USDCAD is expected to continue below the moving average and take the trend. Technically, the adjustment wave is 61.8%, and 1.3260 can be the first target.
 
EURGBP
0.8600/0.8635 resistance
0.8510/0.8475 support
Vetoed the Brexit without agreement, bringing the euro to the pound volatility. It is recommended to pay close attention to the next deal of Brexit and to dominate the trend in the pound, which will affect the sharp fluctuation of the EURGBP. When investing in the EURGBP, suggesting that must pay attention to volatile.
 
EURCHF 
1.1380/1.1395 resistance
1.1335/1.1310 support
The Brexit in the UK plagued the euro. The euro is trading in a narrow range against the Swiss franc. The United Kingdom vetoed without agreement to Brexit. Next, they will vote the second referendum and the pushed back the Brexit tomorrow morning. Assuming it will affect the volatility of the euro against the Swiss franc. Please pay attention.
 
XAUUSD 
1308/1311 resistance
1300/1296 support
US inflation data is moderate, and the Fed is expected to remain patience and delay the rate hike. In addition, the Brexit deadline is imminent, risk sentiment is on the rise, the risk-avoiding reasons, pushing up the price of gold, the gold price has been tested for 1310 US dollars last night. Now, the UK has avoided the risk of hard Brexit, the price of gold callback. If the price of gold rises again, it could test the important resistance, 1308 and 1311.
 
US crude oil futures:
58.75/59.20 resistance
57.55/57.05 support
The US API and EIA crude oil inventories have decreased significantly, and the reduction of production plans in Saudi Arabia have become the cause of rising crude oil prices. The above new supportein the crude oil prices up. Technically, pay attention to the support of 57.55 and 57.05 when reversed. If break the important support level, it could be test, $55.
 
US Dow Jones Industrial Index Futures US30
25760/25885 resistance
25280/25105 support
The US economic data has growth but slowly, Sino-US trade deal have progressed well, the risk of hard Brexit in the UK has decreased, and investment sentiment has been improved, which is good for Dow Jones and other global stock market. Technically, the US Dow Jones rebounded. However, there is still no breakthrough in the important resistance 25885 inlast two days. Technically, there is still a chance to downward. It is recommended to pay attention during the UK Brexit discussion and voting results tomorrow morning. If pushed back the Brexit is not resolved, and risk on, which may affect the performance of the Dow Jones.
 
BTCUSD:
3780  / 3680 support
3925 / 4050 resistance 
The US inflation data shown moderated, the dollar fell a bit that pushed up the price of bitcoin. The bitcoin seems supported between US3780 and US3680. However the market still has not covered the confidence and interest to trade cryptocurrencies very much . Probably, US3925 and 4050 will limited the price.
 
Enjoy trading!  The content is for reference only. Please do ensure that you understand the risk.
 
Information provided by ATFX, Chief Analyst of Asia Pacific: Martin Lam

Registered Australian Accountant/ Certified Professional Manager / Certified Financial
Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices. 
Contact: cs.gm@atfx.com or wechat: ATFX_China
 
Legal: ATFX is a trading name of AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.

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