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Main » 2019 » January » 3 » Forex forecast for today 03/01/2019: Panic in Asian trade
19:07
Forex forecast for today 03/01/2019: Panic in Asian trade

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Cautious attitude of investors to risk, sooner or later had to lead to a flight to safe-haven assets. The catalyst for this movement was an interview with Apple CEO Tim Cook CNBC television. Rather pessimistic forecasts for the world economy have led to sharp fluctuations in the cross-rates of the Japanese yen in the Asian trading session, which, in turn, pulled him and other trading tools. Movement in one point looked like a free fall without any signs of liquidity. At the moment, markets are making efforts to stabilize and re-evaluation of the situation. Nervousness retained, but the fluctuation has decreased substantially. Until the end of the day this will continue. Released a report on the labor market according to the ADP, with good data that traders ignored.

 

 

EURUSD - the euro dollar has identified support near 1.1300, trading range for EURUSD 1.1320-1.1380 today, is likely to continue. 

GBPUSD - British panic selling caused the collapse of the course GBPUSD to 1.2430, but, apparently, this mark will be the minimum for the near future. Who makes the GBPUSD recovery attempts, the range of 1.2550-1.2650. 

USDJPY - the failure to 105.20 looks excessive in any way. The dollar is consolidating between 107.00 yen and 108.00. 

EURCHF - a drop below 1.1200 did not last long, is now established range of 1.1200-1.1250. 

AUDUSD - rapid recovery from above 0.6730 0.6900 indicates the formation of the bottom. Trading range 0.6950-0.7000.

NZDUSD - similarly, failure to 0.6540 and a recovery above 0.6600 - signs of a bottom. Range of 0.6600-0.6700. 

USDCAD - Trading 1.3650-60 area proved to be very strong resistance. The growth of oil has also caused the strengthening of the Canadian dollar. The new range of 1.3500-1.3600. 

Gold - the metal's reaction was more than modest. Range of 1285-1295 remain today. 

Brent crude oil - a break above 55 points to signs of stabilization. Today the trading range of 55.00-57.00 oil. 

USDRUB - the ruble, the growth of oil gives the Russian currency respite even during the global flight from risk. Range couples today will be 68.50-69.50. 

BTCUSD - Bitcoin consolidation range 3800-3900 until today will cover all variations. Demand accumulates below 3800 to 3700.

 

 

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Vasily Barsukov WELTRADE analyst

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