Market Review 07 April 7, 2020

by Constantinos Loizou

  • In the Economic calendar of today we can expect some volatility in AUD, CAD and USD
  • At 08:30 (GMT) the Australian Government will release their yearly Budget
  • At 14:00 (GMT) the Richard Ivey School of Business in Canada, will release the Ivey Purchasing Managers Index (PMI)
  • The Ivey PMI captures business conditions in Canada
  • The result is expected to decrease to 41considering the last month that was at 54.1
  • At 14:00 (GMT) the Bureau of Labor Statistics of USA will publish the result of their survey about the Jobs Openings
  • That number measures the job vacancies
  • The result is expected to decrease to 6.476M considering the last month that was 6.963M


Global Indices Yesterday

Dow Jones 30: +7.7%

S&P 500: +7.03%

Nasdaq 100: +7.30%

DAX 30: +5.77%

MIB 40: +4.00%

IBEX 35: +3.99%

EURO STOXX 50: +4.99%


On the Charts

  • As we can observe on the Silver daily chart, the price broke the blue downward trendline to the upside
  • The price is now at 15.30, above the previous resistance (now turned to support level) at $14.72 and the 20 Days Moving Average (Orange)
  • Momentum is bullish, since Rate of Change (13 periods) is above 0 and RSI is above 50
  • If the price of Silver remains above the blue trendline and the $14.72 level, there is a possibility to see the price moving higher at $16.35, a previous resistance level and the 61.8% Fibonacci Retracement Level (From 18.94 to 11.64)