The dismal Picture!
It is a matter of fact that the world economy has become dismal amid having new hotspots of deadly coronavirus- spread as epidemic as new hotspot emerged like Italy, Iran even the virus has reached in Latin America, we have seen its deteriorated effect on trading; this has been substantiated in-wall street as well as it has given up its early gain overnight in the USA.
We are expecting that the same “threat” is the catalyst for fx market for today i.e. 27th of Feb, 2020, though the month is about to end and any abrupt contra move couldn’t be ruled out. However, we remain to affirm to follow the trend which has been denouncing strong dollar, yen, and gold. Despite this fact we are also seeing some correction in the market of gold by today and tomorrow as well
Data to watch!
As for today, we haven’t had any important data from Europe, however, from the US side we’ve scheduled, PRELIMINARY GDP Q/Q, DURABLE GOODS ORDER M/M, AND UNEMPLOYMENT CLAIM which needed to be watched very keenly, there is a possibility that anti-dollar could pave the way while data coming, however, any such move would presume short-lived, so you don’t be stifled this as well as not goofed up and remain with the larger picture and siphoned off your share by keeping your equity and shouldn’t expose more than 1 % of your equity for any individual trade.
In nutshell, we are in view of selling may be the order of the day. so our view for the above-mentioned pairs are as under:
our view for the day under consideration is to Sell this pair Below: 12968. SL. 1.3026 TP. 1.2869 if the market passed this figure we would see bit surging Towards. 1.3052
The same scenario of selling and our outlook for this pair as Sell Below. 1.09355 for the Target of 1.08325. with Stop Loss. 1.09970. if triggered we would assume the pair is moving towards 1.10348
Bitcoin is also seemingly in heavy selling pressure thus our view is to sell below 8958 for 8371 with stop loss. 9317 if hit we could see this cryptocurrency bit spike towards the upside and in that scenario our target would be 9626
though it is a bit antitrend trade view, however, we believe its correction is due and could be seen therefore our view is to sell gold below:1663 for 1611 with stop loss.1692 if hit we would see the psychological/magical number 1702