24 March 2020
powered by Land Prime
Eurozone PMIs: Tuesday, 8:15 in France, 8:30 in Germany, and 9:00 for the whole Eurozone. The February PMIs showed growth in the services sector, but pointed to contraction in the manufacturing sector. Analysts are braced for very soft readings in March as the COVID-19 outbreak has paralyzed the Eurozone economy. Eurozone PMIs are forecast to come in around 40.0 with the French PMI are projected to fall to around 39.5 points. German services PMI is expected in at 43.0 and the manufacturing PMI at 40.1 points.
UK Manufacturing PMI: Tuesday, 9:30. The PMI came in 51.7 in February, indicative of slight expansion. However, with the CORVID-19 outbreak intensifying, analysts are braced for a contraction in March. The estimate for the initial reading for March stands at 45.7 points.
UK Services PMI: Tuesday, 9:30. In February, the PMI pointed to expansion, with a reading of 53.2. March is likely to be much weaker as the estimate for the initial reading is 45.0 points.
U.S. Manufacturing PMI: Tuesday, 13:45. After a string of readings above 50, which separates contraction and expansion, analysts are braced for a sharp slowdown in March, with an estimate of 45.1 points for the initial reading.
EUR
Eurozone PMIs
GBP
UK Manufacturing PMI
USD
U.S. Manufacturing PMI
- EURUSD
The chart above shows that the pair might continue going upwards to reach the level of 1.1000. This is conditioned by the continuation of trading above the level of 1.0650.
Resistance levels: |
Support levels: |
Recommended: |
▪ 1.1080 ▪ 1.1050 ▪ 1.1000 |
▪ 1.0650 ▪ 1.0600 ▪ 1.0550 |
We are bearish as long as the pair is traded below the level of 1.1.1050
|
- GBPUSD
As could be seen on the chart above that the pair is traded above a strong support level that is 1.1510 Therefore, we are bullish as long as the pair is traded above it. Our first target is 1.1900 followed by 1.2000
Resistance levels: |
Support levels: |
Recommended: |
▪ 1.2000 ▪ 1.1950 ▪ 1.1900 |
▪ 1.1510 ▪ 1.1450 ▪ 1.1400 |
Waiting for the pair to confirm its next movement.
|
- GOLD
The chart above shows that the pair is trading above a strong support level that is 1450. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1600.
Resistance levels: |
Support levels: |
Recommended: |
▪ 1600 ▪ 1550 ▪ 1530 |
▪ 1450 ▪ 1420 ▪ 1400 |
We are bullish as long as the pair is trading above the level of 1450. |
- AUDUSD
The chart above shows that the pair is traded below a strong resistance level that is 0.6100. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.5800.
Resistance levels: |
Support levels: |
Recommended: |
▪ 0.6300 ▪ 0.6250 ▪ 0.6200
|
▪ 0.5800 ▪ 0.5750 ▪ 0.5700
|
We are bearish as long as the pair is traded below the level of 0.6100
|
- GBPJPY
The chart above shows that the pair is trading above a strong support level that is 126.60. Therefore, we are bullish as long as the pair is traded above it. Our first target is 135.
Resistance levels: |
Support levels: |
Recommended: |
▪ 137 ▪ 136 ▪ 135 |
▪ 126.60 ▪ 126.00 ▪ 125.50
|
We are bullish as long as the pair is traded above the level of 126.60
|
Disclaimer: The information contained in this publication is produced by Land Prime and not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Land Prime current judgment and may change without notice. This message is for information purposes only and is not intended as an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation or warranty is made that this information is complete or accurate. Any views or opinions expressed do not necessarily represent that Land Prime. This email and the information it contains may be confidential, proprietary or legally privileged. You must not, directly or indirectly, use, disclose, distribute, copy or store this message or any part of it if you are not the intended recipient. Unless otherwise stated, any pricing information given in this email is indicative only, is subject to changes and does not constitute an offer to deal at any price quoted.