Now, doctors in the US are reporting that cases of coronavirus are going unreported, it almost seems as if it is necessary to play it down.
So, let’s look at the charts:
The first week of the month is complete, which means we should see greater levels of volatility come into play.
1.1060 is the target for this week, as long as we can stay above 1.0720, then we could see the price go to 1.0900, if we go below 1.0720 then potentially, we could see the dollar strengthen more and reach down to 1.0520.
We are seeking for 1.2720, it is likely to see price decline to 1.2180 before this occurs, should we see the price go below 1.2180 then we could see prices reach lower for the week.
1.3550 is the level we are seeking on the downside, but expect that it could potentially trade to 1.4320 before continuing lower, but heavy weakness is expected unless it trades above 1.4350 in which case the dollar will continue to strengthen and likely go higher sending EUR and GBP lower.
This week we may finally see the downside objective we have been waiting for at 260/share and if we get to 260 it would be worth considering holding something on for lower prices down to 80 a share ( yes this is extreme) but we have never seen such levels of unemployment enter the market, and this strength we are seeing is artificial and will inevitably send these markets to crash, no one is buying, there is so much uncertainty in the markets, and now reports are showing that cover-ups on the coronavirus are taking place, for instance, 21 million mobile contract users have disappeared from being active users, now you can argue that maybe with the unemployment in china with the lockdown measures, people could afford to cover their phone bills and this is something that, of course, we can consider, but this was not the official unemployment figures… so where are these people?
Consider what is happening in the world right now, the opportunity to jump on this is here but we must consider why the markets are behaving as they are. A crash unlike anything we have seen before is on the way and the world will be a very different place after that.