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Market Outlook
ZFX: Coronavirus fears continue, stocks tumble again - Zeal Capital Market

ZFX: Coronavirus fears continue, stocks tumble again

23-03-2020 05:19

Review:

On Friday (March 20), the financial market was gloomy again. The three major Wall Street indexes fell, and the Dow dropped below 20000 again. Although so many countries around the world have launched a series of stimulus plans, at the same time, more and more strict anti-epidemic measures have been implemented to restrict people movements and activities, which on the other hand is harmful to the global economy. The whole market is worried that the global economy will experience a severe recession.

ZFX analyst Jacob Leung said that, as has been mentioned, uncertainty will continue to interfere the financial markets. As long as the global epidemic is not under control, investor confidence remains very weak. We cannot be overly optimistic.

The impact of the global pandemic on the global economy is believed to be much more worse than previous expected. Goldman Sachs, an investment bank, warned that US GDP may shrink by 24% in the second quarter. Most analysts believe that the global economy will experience negative growth in the second quarter, with double-digit declines.

ZFX analyst Jacob Leung said that in such a pessimistic market situation, any relevant news would seriously hurt investor confidence.

For the market trends, the dollar continued to be strong, and the dollar index remained above the 100 level. In the gold market, gold price is stabilizing and under consolidation, ranging around $1500. The oil market is still fluctuating, declined sharply after a strong rebound last Friday. Under the trouble of the oil price war and the epidemic, investors worry that there will be a serious oversupply in the oil market.

This morning, risk aversion is dominated. Stocks in the Asia-Pacific region generally fell. US stock futures fell nearly 5%, triggering the market halt again. As the global pandemic was not yet under controlled and the US Congress has not yet agreed on the stimulus package, investors are afraid of another sell-off.

ZFX analyst Jacob Leung said that 300000 people have been infected already so far, and this week is expected to be a turbulent week.

AUD / USD

ZFX: Coronavirus fears continue, stocks tumble again - Zeal Capital Market

Market theme / sentiment: The Australian dollar has resumed its downward trend after correction.

Support level: 0.5700; 0.5600 Resistance level: 0.5800; 0.5850

Recommendation: 0.58 short, target 0.5750, stop loss 0.5850. (It is recommended not to consider the bid-ask spread factor)

Position follow-up and profit and loss: 0.57 has been long, with a target of 0.5750. (TP) (It is recommended not to consider the bid-ask spread factor)

Cumulative profit and loss: 445 pips

EUR / USD

ZFX: Coronavirus fears continue, stocks tumble again - Zeal Capital Market

Market theme / sentiment:  The European epidemic is getting worse and the euro is under selling pressure.

Support levels: 1.0650; 1.0500 Resistance levels: 1.0820; 1.0930

Recommendation: short 1.0690, target 1.0660, stop loss 1.0710. (It is recommended not to consider the bid-ask spread factor)

Position follow-up and profit and loss: 1.0830 has been shorted, with a target of 1.0800. (TP) (It is recommended not to consider the bid-ask spread factor)

Cumulative profit and loss: 465 pips

GBP / USD

ZFX: Coronavirus fears continue, stocks tumble again - Zeal Capital Market

Market theme / sentiment: The European epidemic is severe, and the pound continues to hover at low level.

Support levels: 1.1500; 1.1400 Resistance levels: 1.1700; 1.1850

Recommendation: 1.1750 short, target 1.1700, stop loss 1.1780. (It is recommended not to consider the bid-ask spread factor)

Position follow-up and profit and loss: 1.1700 has been shorted with a stop loss at 1.1740. (Stop Loss) (It is recommended not to consider the bid-ask spread factor)

Cumulative profit and loss: 290 pips

GOLD

ZFX: Coronavirus fears continue, stocks tumble again - Zeal Capital Market

Market theme / sentiment: Gold price has been relatively stable recently.

Support levels: 1480; 1465; resistance levels: 1505; 1515

Recommendations: short 1475, target 1465, stop loss 1485. (It is recommended not to consider the bid-ask spread factor)

Position follow-up and profit and loss: 1515 has been shorted, with a target of 1500. (TP) Short in 1469, target 1455, stop loss 1478. (Cancelled) (It is recommended not to consider the bid-ask spread factor)

Cumulative profit and loss: -70 USD

USOIL (US crude oil)

ZFX: Coronavirus fears continue, stocks tumble again - Zeal Capital Market

Market theme / sentiment: The positive news dissipates and oil prices return to low levels.

Support levels: 22.30; 21.50 Resistance levels: 24.50; 25.50

Recommendations: 23.5 short, target 22.5, stop loss 24.5. (It is recommended not to consider the bid-ask spread factor)

Position follow-up and profit and loss: 26.4 has been shorted, with a stop loss at 27. (Stop Loss) (It is recommended not to consider the bid-ask spread factor)

Cumulative profit and loss: $ 8.8

Risk Warning: The above content is for reference only, and does not represent ZFX's position. ZFX is not responsible for any form of loss caused by any trading operations conducted in accordance with this article. Please be firm in your thinking and take appropriate risk control.