The Russian ruble has reached the new maximum of 75.40. Now the asset’s price should remain next to the supporting levels of 70.00-70.50 away from which it might try to break the resistance of 75.40. Market crash is steadily gaining momentum whereas the currencies of developing markets including Russian ruble are heading down along with the oil. In general, the currency pair USD/RUB is most likely to target the level of 80.00 quite soon:
British pound pulled back from the broken trend and dropped. In principle, asset’s price is now approaching a very important supporting zone which has formed between the levels 1.1958 and 1.2015. We assume that British pound might jump away from the horizontals. Here we should rely on the candles as the asset can still drop till the Brexit level of about 1.1423:
So far, it’s still not clear where the Euro is about to end up. As it can be seen from the weekly chart, a very dark cloud cover has reached the resistance. In this case, Euro might pull from the middle point of this pattern, that is, the level of 1.1240:
Let’s check what’s going on in the daily chart. The asset’s price has reached the trendline of broken downtrend. Now, the asset can either pull from the level of 1.1240 or jump and then pull back from the supporting levels of 1.0879 and 1.0778. We feel that the market has already detected the broken trendline and will most certainly react to that, but we never know what really is about to happen next:
The reports by COT CFTC show that investors are panicking and closing short positions on Euro. Long positions are not even worth of mentioning as 2000 new contracts against closed 72000 contracts are just a mere drop in a bucket. Yet these data indirectly hint the potential growth of the currency pair EUR/USD. At that, this asset is highly likely to jump at the market opening. So, let’s wait and see what’s about to happen next:
American stock index keeps setting a record, but we feel that asset’s price will soon get back to the level of 2900.00. This level represents the middle point of the move against the virus-related news and away from the last drop. Away from this level the asset might drop. Yet virus keeps spreading further and affecting production, transportation and human interactions due to the quarantines. The latter will certainly reflect international companies and cause the drop in index prices – this is only a matter of time:
Oil prices have slightly raised on Friday as USA decided to make some strategic reserves. Oil won’t necessarily jump but might slightly raise. The asset might target the downtrend and fill up the gap of last weekend. It can also make a break and just test the current situation. Remember that every asset tends to make some break before the next jump or drop:
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