Daily Market Analysis

Last month was mostly driven by market sentiment. The beginning of January was highlighted by the geopolitical crisis between the US and Iran. After the markets calmed down, the coronavirus that appeared at the end of 2019 spread causing depreciation of the risky assets and appreciation of the refuge assets.

Last week EUR/NZD made a triumphant comeback to the upside. The pair rose above the 50- and 100-week MAs in the 1.7000/7025.

Finally, it happened: on January 31, 2020, the UK officially left the European Union. It was a long way since June 2016 when the Brexit referendum took place. Many things have changed. Nevertheless, it’s not the end yet.

S&P 500 met resistance at the 61.8% Fibo of the January 24-27 decline. The index is quite volatile these days offering traders opportunities to make profit.

The Federal Open Market Committee is meeting today at 21:00 MT time.

The meeting of the Federal Reserve at 21:00 Mt time will be the highlight of the day. There is a very high possibility that the event will make an impact on USD/JPY.

CHF/JPY has been declining since the middle of January. It went down, as the yen was the number one safe haven after the outbreak of the coronavirus in China.

AUD/USD broke through the most important daily moving averages, slipped below the support at 0.6830.

This time, the coronavirus has affected not only China but the whole market sentiment. Let’s figure out why this has happened.

On the H1, USD/JPY is recovering after the selloff that took place during the previous three days.

The slingshot strategy is a good way to trade EUR/USD on the ECB meetings. Learn more!

USD/CAD made big moves during the Bank of Canada’s meeting yesterday. Still, the rally may not be over yet.