MARKET BRIEFING – LONDON OPEN 09.03.2016

MARKET BRIEFING – LONDON OPEN 09.03.2016

Postby Atlas CapitalFx » Wed Mar 09, 2016 5:36 am

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MARKET BRIEFING – LONDON OPEN 09.03.2016








Euro declined as the next meeting of the European Central Bank is approaching this Thursday. Markets have already priced in a further loosening of the monetary policy, with the deposit rate expected to be cut by at least ten bps to -0.4%.

The possibility of the boosting the amount of the QE assets purchases also remains in place. Some economists expect the bond-purchase programme to be increased by 10 billion euros a month, totalling 70 billion euros.

EURUSD was trading below the 1.10 key level this morning. The pair has reconfirmed the breach of the daily upward trend channel which occurred two weeks ago, suggesting a move lower might be ahead.

Oil has recently been trading higher. However, yesterday afternoon commodity tried to correct lower after it reached a three-month high in the morning. Thus, Brent oil is trading at US$ 40.00 psychological level this morning, whereas WTI is fluctuating around US$ 38.00 mark.

The crude oil inventories release this afternoon will likely to define the oil price direction further. Currently, analysts expect an increase in stocks by 3 million barrels this week, after the index shown a 10.4 million increase last time.

With respect to today’s economic calendar, the European trading hours are promising to be quiet with regards to any major releases, which could affect the market. In the afternoon session, the Bank of Canada and the Reserve Bank of New Zealand will come up with their policy statements, which could cause volatility in the Canadian and New Zealand dollars correspondingly







EURUSD

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The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1100

Target 2: 1.0920

Projected range in ATR’s: 0.0089

Daily control level: 1.1060




GBPUSD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4360

Target 2: 1.4060

Projected range in ATR’s: 0.0149

Daily control level: 1.4130




USDJPY

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 113.75

Target 2: 111.45

Projected range in ATR’s: 1.15

Daily control level: 114.30




USDCHF

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0045

Target 2: 0.9870

Projected range in ATR’s: 0.0086

Daily control level: 0.9895





USDCAD

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The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3535

Target 2: 1.3280

Projected range in ATR’s: 0.0128

Daily control level: 1.3260




AUDUSD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7525

Target 2: 0.7350

Projected range in ATR’s: 0.0087

Daily control level: 0.7400




GOLD

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 1283.50

Target 2: 1239.00

Projected range in ATR’s: 22.59

Daily control level: 1278.00



OIL

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 38.00

Target 2: 34.50

Projected range in ATR’s: 1.76

Daily control level: 35.95







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Atlas CapitalFx
 
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