ZuluTrade Blog

Global Stock Rally!

Market View | Monday, April 6, 2020 3:16 PM GMT

Stock markets have an impressive bullish opening, mostly with gaps, as Investors are hoping that Europe has already peaked on its fight with COVID-19. Even though US hasn’t yet reached its peak, as most believe, markets discount the fact that this crisis will be over sooner or later. Most economic data have already been affected by the coronavirus impact as well as estimations have become pessimistic, however, Traders are anticipating for a trend reversal on new infections and mortality rate.

GER30 is approaching the psychological level of 10000 for the 4th time. SP500 and NAS100 are holding 20SMA and reversing to the upside. UK100 is a few days behind from SP500 as it’s trying to close above 20SMA.

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GER30 hourly chart

SP500 daily chart

NAS100 daily chart

UK100 daily chart

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Heading to currencies, EURUSD is moving below 61.8% while AUDUSD is forming a bullish daily candlestick above the 38.2% Fibonacci retracement level. GBPUSD is still holland above 1.2195 and USDJPY tested 50% from below and failed to close above it.

EURUSD daily chart

GBPUSD daily chart

USDJPY daily chart

AUDUSD daily chart

Checking the ZuluTrade’s Traders Sentiment, the community is buying USDJPY and USDCAD while is selling GBPUSD and GBPJPY. 

Today’s economic calendar includes the following news:

Nothing Major


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