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Chinese PMI Data Beats Estimates. Manufacturing 52.0, Est 44.8, Non-Manufacturing: 52.3, Est 42.0

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  • China Manufacturing PMI: Actual: 52.0 Est: 44.8 Prior: 35.7
Technical Trade Levels: US Dollar, EUR/USD, USD/MXN, USD/JPY & Gold

Technical Trade Levels: US Dollar, EUR/USD, USD/MXN, USD/JPY & Gold

2020-03-16 15:00:00
Michael Boutros, Strategist
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Weekly Technical Trade Levels on USD Majors / Commodities

Coronavirus Fears Outweigh Second Fed Emergency Rate Cut- Gold Searches for Support

The Federal Reserve announced another 100bps cut in response to the growing Coronavirus global pandemic. The move offered little solace to investors with broader equity indices plummeting near three-year lows early into the open of the week. We’re looking for possible topside exhaustion on this recent US Dollar recovery as DXY approaches the 2019 high-day close. Likewise, the Gold price sell-off is approaching levels that could offer a near-term reprieve to recent downside pressure. In this webinar, we review the updated technical trade setups on DXY, EUR/USD, USD/JPY, USD/MXN, GBP/USD, S&P 500 (SPX500), Gold(XAU/USD), AUD/USD and USD/CAD.

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For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

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Key Event Risk This Week - USD, EUR, MXN, CHF, GBP, JPY, AUD Economic Calendar

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---Written by Michael Boutros, Currency Strategist with DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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