CommoditiesETFsForexMarket Review

Another wave of unemployment

With the US reporting record amounts of new deaths from the coronavirus and Michigan state unemployment benefits websites crashing, you can expect at the very minimum 5 million more claims to come in. Already there are a huge number of people who despite all the deaths occurring seem to want the economy to reopen as they are losing jobs or business, the thing they don’t seem to understand is that if they do not have their health they cannot do those jobs or run those businesses. Either way it’s beginning to look very ugly and large funds are sitting on shares they can’t sell because there are no longer any natural buyers that buy that level of volume and we are surely in for another drop on stocks.


S&P500 ETF: SELL

When the US market opens later, we expect to see prices begin to expand lower based on the news of the unemployment figures that show the negative impacts of the coronavirus. Our target comes in at 220.00 on this asset

EURUSD: BUY

This pair we are still looking for 1.1060 and today the negative news for the dollar should finally give us that, although expect the price to likely stay flat or trade a little lower before the unemployment numbers come out.

GBPUSD: BUY

Our target remains at 1.2720 and while we are expecting higher prices, don’t be surprised if there is a lack of energy or any lower prices before we get the drive up.

USDCAD: SELL

This pair has been tricky, and while it started moving against us yesterday, we closed out the original positions to wait for new information, today we have started selling this pair with the target of 1.3550 still in mind.

GOLD: BUY

We are still looking for 1790 and possibly 1800+ as we will start to see the full downside of the stock market. For now our target for the day is 1750 with the expected price could trade a little lower before then.

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