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March 05 Market Review

Mar 5, 2020 (08:43)

by Constantinos Loizou

March 05 Market Review

In the Economic Calendar of today, we can expect some volatility in the USD, GBP and CAD
At 13:30 (GMT) the US Department of Labor will announce Initial Jobless Claims for the week, and the number is expected to be reduced to 215,000 from 219,000 of the previous week – If it decreases it could strengthen the USD against its pairs
At 17:00 and 17:45 (GMT) the Governors of the Bank of England and Canada will give their speeches which could create volatility in the GBP and CAD
The European Central Bank and the Bank of England are expected to announce stimulus measures in the coming days, after the Federal Reserve surprised global markets with a large rate cut

On the Charts:

The price of Sugar has broken the blue upward trendline to the downside
Sugar Price is now 13.47, below the 20 Days Moving Average
Momentum Indicators (Rate of change 6 periods and MACD) are both below 0, showing a bearish attitude therefore we may see the price moving lower:
Target 1: 13.20 (61.8% Retracement level From 11.89 to 15.28 & 161.8% Extension Level From 14.00 to 15.28)
Target 2: 13.00 (Inside support level)

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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