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Oil Ends Sharply Lower On Virus Jitters

Crude oil prices plunged sharply on Monday amid rising concerns about the outlook for energy demand due to the rapidly spreading coronavirus outside China. According to reports, the number of new cases of coronavirus infection is rising in South Korea, Iran, Afghanistan and Italy. A report from Reuters, quoted Saudi Aramco CEO Amin Nasser as saying the coronavirus impact will be “short term”. This probably pulled oil prices from the day’s lows. West Texas Intermediate Crude oil futures for April ended down $1.95, or about 3.7%, at $51.43 a barrel, after falling to a low of $50.45 in the session. Brent Crude futures declined $2.20, or about 3.8%, to $56.30 a barrel. On Friday, WTI Crude oil futures for April ended down $0.50, or about 0.9%, at $53.38 a barrel. South Korea has raised its coronavirus alert to the “highest level” for the first time in a decade, following a rapid spike in cases over the weekend. Reports say the total number of cases so far in South Korea has risen to 763. Italy became Europe’s epicenter for coronavirus cases over the weekend. Iran has confirmed an uptick in infections. Italian bank Intesa Sanpaolo has reportedly decided to…

USDJPY reverses off our 2nd target

In a previous post we noted the bullish flag pattern in USDJPY and the two possible targets. Price almost touched the second target area and is now pulling back towards the break out area. This is most probably a back test of the breakout area, rather than a failed break out.Blue line -long-term resistance trend lineGreen line – support trend lineRed horizontal Fibonacci expansions = targetsUSDJPY managed to reach 112.22, but prices reversed as risk off took over due to the coronavirus threat spreading into risky assets. Price has fulfilled its upside target and we are now seeing an important back test.Blue line – resistanceGreen line – supportGreen rectangle – horizontal supportUSDJPY has reached the previous highs and once resistance area at 110.30. Bouncing off this area would be a bullish sign. Inability to hold above 110.30 would be a very bearish sign. Major long-term support is at 108.30. Bulls need to hold above this level no matter what.The material has been provided by InstaForex Company – www.instaforex.com…

Technical analysis on Gold for February 25, 2020

Gold price is pulling back after making a spike higher in early trading this morning at $1,689. The Daily candlestick is a bearish reversal one as the long upper tail with a hammer formation does not leave us with the confidence that a new high is coming soon.Red lines – bullish channelGreen line – bearish divergenceGold price is making new highs not followed by the RSI. The RSI is making lower highs in what we call a bearish divergence. This is an important warning. Not a reversal signal, but just a warning. Gold price has recently moved higher in a parabolic way, so it is normal to see big fluctuations and big drops as volatility rises. Weekly support is found at $1,600-$1,620 and we could see a pull back towards that area before we resume the up trend to $1,700.The material has been provided by InstaForex Company – www.instaforex.com…

Bank Of Israel Holds Rate Unchanged For Tenth Time

Israel’s central bank left the key interest unchanged for a tenth consecutive policy session, citing low inflation and weaker growth outlook. The Monetary Committee of the Bank of Israel decided to the rate unchanged at 0.25 percent. The previous change in the rate was a 15 basis point hike in November 2018. “The Monetary Committee’s assessment is that in view of the inflation environment in Israel, the monetary policies of major central banks, developments in the global economy and the risks to the domestic economy, and the development of the exchange rate, it will be necessary to leave the interest rate at its current level for a prolonged period or to reduce it,” the central bank said in a statement. The Committee is taking additional steps to make monetary policy more accommodative, the bank added. Regarding the coronavirus outbreak in China, the central bank said the event is casting uncertainty on the global as well as domestic economic outlook. Citing the prevailing assessment of global financial institutions that the outbreak is likely to be contained in the coming months and its economic impact is expected to be limited. Hence, the Bank of Israel expects no significant macroeconomic impact in Israel….

*Israel CB Holds Key Interest Rate Unchanged At 0.25%

Israel CB Holds Key Interest Rate Unchanged At 0.25% The material has been provided by InstaForex Company – www.instaforex.com…

*Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December

Canadian Wholesale Sales Rose 0.9% To C$63.9 Billion In December The material has been provided by InstaForex Company – www.instaforex.com…

Canadian Dollar Falls As Oil Prices Plunge On Heightened Virus Fears

The Canadian dollar declined against its major trading partners in the European session on Monday, as oil prices tumbled on surging coronavirus infections in Italy and South Korea, triggering concerns about a global pandemic. Crude for April delivery fell $1.97 to $51.37 per barrel. While the number of infections rose in Italy and South Korea; Afghanistan, Bahrain and Kuwait confirmed their first cases. The Chinese government has decided to postpone the annual meeting of parliament that was scheduled to start on March 5. More than 160 cases were reported in South Korea and Italian cases soared above 150. Oil prices tumbled on fears that diminished economic activity will curb demand for energy. The loonie declined to near a 2-week low of 1.3308 against the greenback, from last week’s closing value of 1.3221. Versus the euro, the loonie was down at 1.4402, its lowest since February 13. Should the loonie falls further, it may find support around 1.35 against the greenback and 1.47 against the euro. The CAD/JPY pair fell to 83.62, marking a 5-day low. The loonie is seen finding support around the 82.00 region. The loonie dropped to a 4-day low of 0.8778 against the aussie, after rising…

February 24, 2020 : EUR/USD Intraday technical analysis and trade recommendations.

On December 30, a bearish ABC reversal pattern was initiated around 1.1235 (Previous Key-zone) just before another bearish movement could take place towards 1.1100 (In the meanwhile, the EURUSD pair was losing much of its bearish momentum).One more bullish pullback was executed towards 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located. That’s why, quick bearish decline was executed towards 1.1100 then 1.1035 which failed to provide enough bullish SUPPORT for the EURUSD pair.Further bearish decline took place towards 1.1000 where the pair looked quite oversold around the lower limit of the depicted bearish channel where significant bullish rejection was able to push the pair back towards the nearest SUPPLY levels around 1.1080-1.1100 (confluence of supply levels (including the upper limit of the channel).Since then, the pair has been down-trending within the depicted bearish channel until last week when bearish decline went further below 1.0950 and 1.0910 (Fibonacci Expansion levels 78.6% and 100%) establishing a new low around 1.0790.Currently, the EUR/USD pair looks quite oversold after such a long bearish decline and if bullish recovery is expressed above 1.0845-1.0860, further bullish advancement would be expected towards 1.0910 then 1.0950.Intraday traders were advised to look for signs of…