ZuluTrade Blog

Coronavirus Slows down, Stocks Rise!

Market View | Tuesday, April 7, 2020 3:59 PM GMT

Investors are constantly monitoring the coronavirus new infections’ and deaths’ graphs to discount or anticipate the end of the lockdowns on the hotspots. Italy and Spain give optimistic indications that the new cases are slowing down day by day, as well as experts, say that New York shows signs of flattening. The following graphs are showing that the trend starts to decline:



Source Worldometer

GER30 performed a bullish break out of 10000 level and is heading to the 50% Fibonacci retracement level. The Federal Statistical Office (Destatis) announced that production in industry excluding energy and construction was up by 0.4% in February. UK100 is testing the 5770 resistance level and moves for the 2nd day above 20SMA. The Office for National Statistics reported that “productivity decreased by 0.2% compared with the previous quarter; this was also caused by an increase in inputs (1.7%) that exceeded the increase in output growth (1.5%)”. 

The same is the picture with the US market, as SP500 grinds higher today and is verifying the 2650 level breakout. NAS100 looks even stronger than SP500 and is already moving above the 50% Fibonacci level. The 61.8% level acts as a major resistance. 

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GER30 daily chart

UK100 daily chart

SP500 daily chart

NAS100 daily chart

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Heading to the forex market, US dollar is tumbling against its counterparts. EURUSD is forming a bullish daily candlestick and erases 2 days of losses. It currently testing the 20SMA from below. GBPUSD holds above 1.2195 and is heading to the upper side of its range. 

EURUSD daily chart

GBPUSD daily chart

Checking the ZuluTrade’s Traders Sentiment, the community is mainly selling most of the following pairs.


Today’s economic calendar includes the following news:

Nothing Major



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