Unfortunately, the markets are gearing up and pricing in something unexpected, there appears to be a lot of sentiment being built in, and this is causing mixed feelings about the general direction, although a here we will outline where we most likely see this, but the analysis could be set both ways, as long as your managing the risk correctly then its ok to be wrong, but we will have to pay close attention to how price trades over the day as we get closer to the numbers for the UNEMPLOYMENT in the US.
The figures will not be pretty, many are losing their jobs and business owners shutting their doors and there is no timeline to guide as to when this may end, trading has become more unpredictable as liquidity dries up, so understand that markets right now can reprice dramatically to different levels in very short spaces of time.
With that being said, here is the outlook of the likely direction we see for the day.
The target is still on for 1.1060 and may only be reached after the numbers come out, however there may be some declines down to the 1.0800 level before be mindful of this but anything below that and our upside target is off and price may see weakness for the day.
The upside target for GBPUSD remains above 1.2520, there could be intermediate declines, but this will be unlikely if we are set for higher prices today.
We are still seeking the 1.350 level to the downside, as long as dollar see’s weakness then we should get our fill on the other fx pairs and the downside in this pair as well.
we are not done with Tesla and the premarket looks set for a decline today unless they can artificially pump up the price to squeeze out the sellers, Tesla has had to ask the government to help pay the workers salaries and companies do not qualify for this help unless the revenues are dropping, so pay attention here as the sellers may step in today on the unemployment numbers