In today’s live session, we went over the current market sentiment surrounding the Coronavirus. The rest of the session was spent discussing possible trade setups for GBPUSD and XAUUSD (Gold).
Over the weekend, much of the United States hot spots for the Coronavirus saw a drop or a leveling off in new cases. A similar finding was reported in Italy. There is some hope that the social distancing and lockdowns have flattened the curve of the spread. With this growing optimism, much of the market’s safe-havens lost their strength. Most notably the Japanese Yen (JPY) and the US Dollar.
With the recent developments in the Coronavirus, we are seeing major moves play out in the markets. For one, our GBPUSD short still remains valid. The cable is one of the few pairs that has not gained its losses back against the US Dollar. We believe that a key bearish close below hourly support should take this pair lower. In addition, EURJPY is looking quite promising as a long. This pair does need to close bullish over our 118.000 psych level first. Lastly, XAUUSD (Gold) is within arms reach of 1650. A bullish close above this level should pave the way for 1700.
The fundamental schedule for this week is fairly clear. This is great for us as we can expect a smooth-sailing week. As it’s only Monday, we are in no rush to enter any traders. We do have the RBA rate statement tonight at midnight which should provide direction for a handful of pairs. We expect our first entry into our trades later today during the London session. Remember, patience pays and patience saves. As always, be safe and trade responsibly.
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