ZuluTrade Blog

...and the sell-off continues...

Market View | Friday, February 28, 2020 12:54 PM GMT

The markets’ sell-off continues and it's very hard. Asian stocks dropped significantly, as Nikkei lost -3.67%, Shanghai Stock Exchange (SSE) -3.71% and Hang Seng -2.48% though coronavirus spread seems to slow down in China. Reports say that the Australian shares market has lost more than 200 billion. EU indices are currently following the selling momentum while FTSE is holding a little better.

USOil reached 45 area as estimations for global growth are very pessimistic. Gold is moving sideways near the top (1600 to 1670). Reviewing the Forex market, EURUSD keeps its hot rally as performed a break out of 1.10 level that acts as a psychological level. The next resistance is around 1.106 where the 61.8% Fibonacci level is located on the daily chart. GBPUSD is heading to the recent low (20.2) while USDCHF and USDJPY are falling aggressively to the downside and both pairs are going to be potentially oversold in the daily timeframe in a couple of days.

Let review some basic forex pairs and their daily charts:



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Today’s economic calendar includes the following news:
Germany - Harmonized Index of Consumer Prices (YoY) (Feb)
Previous: 1.6%, Forecast: 1.552%
Canada - Gross Domestic Product Annualized (QoQ) (Q4)
Previous: 1.3%, Forecast: 1.261%

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