ad
Forex Brokers Award 2021
Vote your favourite broker

Lethal cases in Italy have surpassed China. Russian won’t be the first to back down in the oil price war. EUR/USD, GBP/USD, USD/JPY

Mar 20 2020, 09:02 PM (BDT) | OlympTrade.com

The infection rate of COVID-19 has doubled in speed. It took around 3 months for the first 100,000 people to get infected and only 12 days for the second 100,000. Italy has surpassed China in the number of deaths from the coronavirus, as the global number of infected reaches 246,275 and death cases top 10,000. According to Johns Hopkins University 3,405 people succumbed to COVID-19 in Italy and 3,253 in China. In the United States, California is on state-wide lockdown as citizens are ordered to stay at home.

The US Dollar Index (DXY) visited 102.99, a high last seen in December 2016 – January 2017 and currently trading around 102.15. The USD dropped as investors fear more states will go on lockdown harming businesses and leading the economy into recession.

The price of Brent Crude oil has dropped by half from the beginning of March when it traded around $50 per barrel down to $24.52 seen this week. Today Brent is trading around $28.25 per barrel and Crude around $25.25. In recent news, Russian President Vladimir Putin stated that Russia will not be the first to backdown to Saudi Arabia in what Moscow believed is oil blackmail. US President Donald Trump mentioned in a statement on Thursday that the oil price war is “devastating to Russia” and he also said that “at the appropriate time I’ll get involved”.

EUR/USD on a Daily TF met both of our support targets, dropping as low as 1.06527 and currently trading around 1.06800. Bearish histogram has increased.

Resistance: R1 1.07779, R2 1.08300, R3 1.09100

Support: S1 1.06527, S2 1.06031, S3 1.05673

Lethal cases in Italy have surpassed China. Russian won’t be the first to back down in the oil price war. EUR/USD, GBP/USD, USD/JPY

 

The infection rate of COVID-19 has doubled in speed. It took around 3 months for the first 100,000 people to get infected and only 12 days for the second 100,000. Italy has surpassed China in the number of deaths from the coronavirus, as the global number of infected reaches 246,275 and death cases top 10,000. According to Johns Hopkins University 3,405 people succumbed to COVID-19 in Italy and 3,253 in China. In the United States, California is on state-wide lockdown as citizens are ordered to stay at home.

The US Dollar Index (DXY) visited 102.99, a high last seen in December 2016 – January 2017 and currently trading around 102.15. The USD dropped as investors fear more states will go on lockdown harming businesses and leading the economy into recession.

The price of Brent Crude oil has dropped by half from the beginning of March when it traded around $50 per barrel down to $24.52 seen this week. Today Brent is trading around $28.25 per barrel and Crude around $25.25. In recent news, Russian President Vladimir Putin stated that Russia will not be the first to backdown to Saudi Arabia in what Moscow believed is oil blackmail. US President Donald Trump mentioned in a statement on Thursday that the oil price war is “devastating to Russia” and he also said that “at the appropriate time I’ll get involved”.

EUR/USD on a Daily TF met both of our support targets, dropping as low as 1.06527 and currently trading around 1.06800. Bearish histogram has increased.

Resistance: R1 1.07779, R2 1.08300, R3 1.09100

Support: S1 1.06527, S2 1.06031, S3 1.05673

GBP/USD on a Daily TF created another low at 1.14098 then met all 3 target of resistance and currently trading around 1.17954. Bearish MACD histogram has decreased.

Resistance: R1 1.18715, R2 1.20560, R3 1.22720.

Support: S1 1.17, S2 1.16, S3 1.14098.

USD/JPY on a Daily TF met both resistance targets and then dropped to support trend line up from August 2019. The pair is currently trading around 110.714. MACD bullish histogram is increasing.

Resistance: R1 111.363, R2 112.092, R3 112.610.

Support: S1 110.365, S2 109.577, S3 200EMA 108.817.

 

GBP/USD on a Daily TF created another low at 1.14098 then met all 3 target of resistance and currently trading around 1.17954. Bearish MACD histogram has decreased.

Resistance: R1 1.18715, R2 1.20560, R3 1.22720.

Support: S1 1.17, S2 1.16, S3 1.14098.

USD/JPY on a Daily TF met both resistance targets and then dropped to support trend line up from August 2019. The pair is currently trading around 110.714. MACD bullish histogram is increasing.

Resistance: R1 111.363, R2 112.092, R3 112.610.

Support: S1 110.365, S2 109.577, S3 200EMA 108.817.

OlympTrade.com

Olymp Trade is a reliable broker, a member of the Financial Commission of A category. This is proof of the high quality of our services and guarantees each trader deposit insurance, comprehensive support and prompt resolution of all issues.
ad