Technical Analysis

European stocks slid on Friday as traders took some profits from the previous rally, which sent the French CAC index down 1% to trade at around 5,600 EUR ahead of the US session.

The EURJPY cross has been moving sideways since December, and it has been consolidating for six weeks

The Pound has been rallying recently, and the GBPUSD pair remains in a nice uptrend. On Wednesday, it was up 0.15%, trading at around 1.3670 ahead of the US session.

Monday has been a negative day so far as all of the risk-on assets were down, while the USD was up. 

The greenback erased its earlier gains after a really weak NFP number and the EURUSD pair was trading flat at around 1.2270 in the initial reaction.

The German DAX has been rising like there is no tomorrow, and it is up 20% since November lows. 

The greenback is having a tough time, and the USDJPY pair continues to be offered, with the dollar dropping to new cycle lows this week.

Monday has been a great day for metals so far, with gold trading 2% stronger at around 1,930 USD (an unusual bullish move as of lately), silver soared more than 3%, and copper was 2.4% higher. 

EURUSD continues its winning streak and is set to challenge greater highs.

S&P 500 futures record fresh highs following the New Year’s mood and upbeat sentiments in the market.

Global indices saw a considerable rise following news of US President Donald Trump signing the COVID-19 relief bill.
 

The NZDUSD pair, also known as the kiwi, has been trending lower this week, but it was up half a percent on Wednesday. At the last check, the pair was seen at around 0.7070.

Yesterday's rollercoaster ride is over, and the metal renewed its plunge, losing 1.5% on Tuesday, trading at around 25.75 USD during the US session.

Monday has been a negative day for equities, and the Dow index was down nearly 2% ahead of the US session, trading at around 29,880 USD.

As sentiment remains positive and stock markets are rising every day, the Australian dollar is outperforming the euro, which sent the EURAUD cross back to the summer lows. On Friday, it was seen consolidating, trading at around 1.61.

The greenback continued to bleed on Thursday, and the USDJPY pair was down 0.5%, falling toward the 103 level, last seen during March's COVID crash.

German DAX has been performing quite well this week, and it is totally ignoring a hard lockdown in the country, starting today. The index is up more than 3% on the week, rising each day so far.

Bullion woke up on Tuesday, and it erased Monday's losses, with the metal trading 1% stronger ahead of the US session, last seen at around 1,845 USD.

Monday has been a great day for US indices so far (again), and the tech-heavy Nasdaq 100 index was trading at around 12,500 USD during the US session, one percent stronger on the day.

Yesterday's rally is slowly erased on Friday, and the EURJPY cross was down 0.25% ahead of the US session, trading at around 126.20.

The WTI oil was up another percent on Thursday, and it was trading at around 46.20 USD during the US session, close to its cycle highs of 46.55 USD reached earlier in the week.

The greenback came under renewed selling pressure, and the GBPUSD pair was up 0.8% during the US session, trading at around 1.3450.

US stock markets performed well in November, but since December, we see some consolidation in the Dow Jones index.

Monday brought selling to precious metals, and it looks like the recent corrective rally has ended as silver failed to break and settle above the stronger resistance of 24.20 USD.

The AUDJPY cross was consolidating on Friday and was seen flat, trading at around 77.20 during the London session. 

Precious metals started to rise sharply on Tuesday, and it looks like a bullish reversal is in place.

The EURUSD pair has rocketed higher recently amid the broad US dollar weakness, and it rose more than 100 pips yesterday, settling above the critical 1.20 level. 

It has been a good ride for the Kiwi, and the NZDUSD pair is up 25% from March lows and 7% since November.

Precious metals failed to capitalize on the weak greenback (which is down to two-year lows) and were hammered recently, with silver down 15% from November highs, trading at around 22 USD today.

The USD is trading under pressure across the board as a result of upbeat data from China and losses in US stock futures.

Gold prices are set to extend the bearish momentum according to the IG Client Sentiment Index amidst a shift in fundamental narrative.

Tuesday witnessed a thrilling rebound of Dow Jones from the pandemic-driven crash that it suffered earlier this year.
 

The XAUUSD has been testing the support level of 1850 USD since the beginning of November and has shown signs of a modest decline.
 

The market witnessed a few aha moments, but the bigger question is whether it can sustain the gains it made.
 

Despite the recent USD weakness, metals have been offered, and gold is down nearly 1% on Thursday, trading at around 1,850 USD during the US session.

The EURUSD pair has been in a downtrend since 2008-2009, despite some ongoing volatility during the Finacial crisis.

Another vaccine news sent US stocks vertically higher, and the Dow Jones Index was up 1.5% ahead of the US session on Monday, trading at around 30,000 USD.

Monday's 250 pips spike amid vaccine news is slowly being erased, and the USDJPY pair is down 70 pips from Monday's highs.

The AUDUSD pair was down 0.3% during the US session on Thursday, trading at around 0.7260.

Another day, another vertical move in the FTSE 100 index as it was trading more than 1% higher during the US session on Wednesday, last seen at 6,375 GBP, which are five-month highs for this index.

Monday was a disaster for the bullion, and it plunged 5%, one of the largest declines ever for the metal.

Another incredible day for US equities and stocks rocketed higher after Pfizer’s vaccine news. Most of the major indices were up 3-5% today, while the Nasdaq 100 index was heavily underperforming, trading flat on the day.

What a week! The Nasdaq 100 index is up 8% since Monday, and it was consolidating recent gains on Friday as traders took some profits from the massive rally.

The greenback has been dropping like a stone over the previous days as markets are pricing in more stimulus, more stimulus and even more stimulus.

The bullion plunged 2% during the Asian session, only to fully recover, and it was trading in positive territory ahead of the US session, last seen near 1,910 USD.

It looks like drastic lockdowns are indeed bullish for equities as the FTSE index goes vertical after the UK announced a new lockdown in the country, where everything non-essential will be closed.

The AUDJPY cross was trading at 0.3% higher on Monday as it tried to recover from the recent sell-off. Since stock markets across the globe are rising notably today, the AUDJPY cross was bid as well. 

Financial markets are reversing yesterday's moves, and the greenback is sliding, while metals and stocks are advancing.

The greenback has been accelerating higher recently as sentiment worsened, and the global COVID-19 situation is deteriorating rapidly.

This week has been a bloodbath for European equities, and the French CAC index was down 2.5% on Wednesday, trading at around 4,560 EUR, which is the lowest level since the end of May.

It has not been a positive week so far for silver and the metal is down again on Tuesday, trading at around 24.20 USD during the US session.

The EURAUD cross was trading flat on Monday (although there has been some intraday volatility), and it was seen at around 1.66 at the time of writing.

It has not been a positive week for the USDJPY pair, and it is down circa 100 pips from this week's highs. On Friday, it was trading down another 0.2% and was seen hovering near 104.70.

Indices were down again on Thursday, and the Nasdaq 100 index was down 7 out of 8 previous days, something rather unusual.

Wednesday has been a negative day so far for equities, and the German DAX was down nearly one percent during the US session, trading at around 12,620 EUR.

Tuesday was a perfect day for EURAUD bulls as the cross was trading 1% stronger during the US session, seen at around 1.6780, which are five-month highs for this cross.

The NZDUSD pair, also known as the kiwi, rose 0.6% on Monday, and it was trading at around 0.6640 at the time of writing.

The FTSE 100 index declined notably on Thursday and tested previous lows of 5,800 GBP yet again, only to bounce from this level and post a 1% rally on Friday.

Thursday was a bearish day for EU indices, and the German DAX was down nearly 3% during the US session, trading at around 12,630 EUR. 

The GBPUSD pair is surging today and it was half a percent higher during the London session, trading at around 1.30. From its intraday lows, the cable is now up nearly 150 pips as it managed to completely erase a daily loss of 0.40%.

Despite the recent sell-off, the USDJPY pair managed to defend the strong support zone of 105.20, and it was trading somewhat higher on Tuesday, last seen at around 105.50.

The EURJPY cross has been rising along with equities, and since sentiment seems to be super bullish, we can expect more gains here.

It looks like the chatter of more ECB' QE is helping, and the German DAX has been bid over the previous days. It managed to push above the 13,000 EUR resistance, and on Thursday, it was up another one percent, hovering near 13,050 EUR.

The GBPJPY cross was down marginally during the US session on Tuesday and was trading near 137, down 50 pips from intraday highs reached during the Asian session.

As sentiment improved notably after news that Trump might be discharged from the hospital as soon as today, equities rallied, which pushed the AUDJPY cross higher as well.

The FTSE 100 index, also known as the Footsie, has been vastly underperforming other indices and is the weakest equity index year-to-date (out of the major indices).

Equities are up sharply on Thursday amid more stimulus news, and investors dont need anything else. Ahead of the US session, the Dow index was up more than 1%, trading above the important 28,000 USD level.

Precious metals have been bid this week and gold is up circa 50 USD from Monday's lows, trying to jump above the important 1,900 USD level. At the time of writing, the metal was spotted somewhat below this resistance.

It looks like oil does not want to move below the 40 USD threshold, and every dip below this level has been bought so far.

The Nasdaq 100 index kicked off the new weekend very well, and it was trading 2% higher during the early US session on Monday.

The USDJPY pair has been bid each day this week, and it was up 0.30% during Friday's US session, seen at around 105.70. It is now up nearly 200 pips since Monday's lows.

Bears are raging in this one! The AUDJPY cross, sensitive to the market sentiment, has been dropping like a stone, and the Aussie is down for nine consecutive days, which might be a new record. 

The Kiwi is down for the fourth consecutive day on Wednesday, and at the time of writing, the NZDUSD pair was trading more than half a percent weaker, hovering near 0.6590. That is one-month lows for this currency pair. 

The grenback strengthened on Monday and it continued to move higher on Tuesday as well, with the cable slipping 0.25% during the London session, trading at around 1.2780, which are September lows for this pair.

It was another bearish day for EU indices, and the German DAX was down more than 3% on Monday afternoon, trading at 12,700 EUR, which are one-month lows for this index.

The Canadian dollar, also known as the Loonie, was trading 0.25% weaker on Friday afternoon as weak retail sales numbers undermined it. The USDCAD pair was seen slightly below the 1.32 level at the last check.

The Nasdaq 100 index has been dropping the entire day, but it looks like US investors are ready to buy the dip as the price declined to the very strong support of previous days. 

The greenback came under renewed selling pressure over the previous days as the Fed continues to be dovish, which is driving investors out of the US dollar.

The GBPUSD pair is down 5% (or 600 pips) from its August' highs, but it looks like the recent plunge might be nearing its end. 

Since August, precious metals have been consolidating, and volatility has been minimal, following the very sharp uptrend in July.

The latest ECB meeting wasn't as dovish as expected, and the central bank actually said that the EURUSD pair near 1.20 is not a problem for Europe.

The GBPUSD pair, also known as the cable, has been under pressure over the previous days and it dropped below the important level of 1.30. On Wednesday, it was trading 0.4% weaker, last seen near 1.2930.

It looks like the latest 6% correction was all the bears could achieve and the markets are seen rallying on Monday again. As of writing, the SP500 index was up 0.30%, trading near 3,425 USD.

The AUDJPY cross fell yesterday as sentiment worsened, but it was trading flat on Friday, changing hands at around 77.20 ahead of US data.

It looks like the EURAUD cross is about to surge again, which might indicate risk-off trading flows. 

Yesterday's huge reversal continued on Wednesday, and the euro was down half a percent against the greenback, trading at around 1.1850.

The EURJPY cross rallied sharply on Thursday, then dropped even more sharply on Friday, and Monday has brought aggressive buying again.

Friday was a bad day for the US dollar, with the greenback down sharply against most of its major peers. The USDJPY pair was down one percent during the US session, trading near 105.40, which are two-week lows for this pair. 

As stocks are rising to new record highs each day and sentiment remains extremely bullish, the JPY crosses are also bid and in bullish trends.

The NZDUSD pair has been consolidating over the previous days, but it looks like it has formed a bullish base near 0.6520, and the pair is already trying to move higher on Wednesday.

The US dollar came under renewed selling pressure on Tuesday, which lifted many USD pairs and the so-called cable jumped 0.8% to trade at around 1.3165 during the US session.

Another day, another record! The Nasdaq 100 index is unstoppable, and it was trading more than 1% higher on Monday, outperforming other indices again and going vertical, again. 

The bullion was sold-off on Friday and it was down circa one percent ahead of the US session, trading at around 1,925 USD.

It looks like the recent surge in gold prices might be over as there is some notable weakness in precious metals on Wednesday.

The greenback came under renewed selling pressure today, and the EURUSD pair rose 0.75% to trade at fresh cycle highs above 1.1950. These prices were last seen in May 2018.

German DAX index was up for the sixt consecutive day in what appears to be the continuation of the new regime that stocks always go up. On Wednesday, the index was up 1.3%, trading at around 13,000 EUR.

The EURAUD cross was bid on Tuesday as it erased daily's losses and turned positive during the US session. At the time of writing, it was seen at around 1.6440.

On Monday, the EURUSD pair was trading 0.30% weaker during the US session, seen near 1.1750, at daily lows. 

Sentiment worsened on Friday, and it seems the bullish trend on this FX cross might soon come to an end. During the US session, the cross was trading half a percent weaker at around 124.80, testing the essential medium-term uptrend line.

You must have noticed the current vertical movement in silver and in precious metals generally. Silver rose from 18 USD in July to 28 USD now, which is a 60% increase in five weeks. 

The EURUSD pair has been rising sharply since May, and the euro touched 1.19 today before selling notably. During the US session, the EURUSD pair was trading somewhat lower on the day, completely erasing daily gains.

The NZDUSD pair, also known as the kiwi, has been moving sideways recently and this consolidation was welcome after the big runup earlier in the summer.

A couple of days ago, we informed you about a potentially bearish pattern in the French CAC index. It looks like this pattern was correct, and a bearish breakdown occurred, with the index dropping each day since then.

The greenback continues to suffer as it has been dropping sharply over the previous days, with Monday continuing in this trend. The USDJPY pair was down half a percent during the US session, trading at four-month lows near 105.50.

Not so long ago, we posted a bullish analysis for the AUDJPY cross. It managed to hit our target at previous highs, but the cross stopped right there and was sold-off sharply, posting a large double top pattern.

It looked like the French CAC index posted a nice bullish breakout from the consolidation triangle. All this occurred during a medium-term uptrend, which suggested the triangle pattern was only a continuation pattern in the bullish trend. 

The EURUSD pair traded below the 1.16 level during the US session on Wednesday, and it hit the 18-month highs. It was seen half a percent higher today.

The good old days are back! The Tech heavy Nasdaq 100 is soaring again, and the rest of the market is falling. 

As always, volatility in the FX market has been minimal on Friday, with the USDJPY pair trading flat during the US session, last seen at around 107.15.

The EURUSD pair continued to trade above the 1.14 threshold, which strengthened the EURJPY cross as well. It was trading nearly half a percent stronger on Thursday afternoon, seen at around 122.50.

The CAC index rose on Wednesday, along with other indices, but it will probably sell-off later in the day to close the bullish gap. At the last check, it was trading at around 5,050 EUR.

The GBPJPY cross traded weaker on Tuesday and was seen hovering near 134.40 during the US session, although it was up considerably from daily lows printed at 134.00.

The GBPUSD pair was flat on Monday and was seen trading at around 1.2615 during the US session as the pound is having some serious difficulties getting above the strong resistance of 1.2670.

The EURAUD cross has been consolidating over the previous days, and it seems stuck in a narrow range since July. On Friday, it was trading 0.4% higher during the US session, last seen at around 1.62650.

As dollar dumped, gold jumped. That was the story on Wednesday as traders sold the US dollar (the EURUSD pair returned above 1.13), and they bought gold with both hands

The FTSE index declined 1% on Thursday, but managed to recover slightly ahead of the US session as other indices were seen rising again.

The EURUSD pair was trading down 0.3% on Tuesday, and it was seen at around 1.1280 at the time of writing. 

The SP500 index, along with other indices, rallied sharply during the Asian session and it was trading 1.5% stronger ahead of the US opening bell. 

The EURUSD pair started to rally today, but it failed to breach the strong bearish trend line from June's highs, which leaves the intraday outlook neutral. Shortly after the US opening bell, the pair was only marginally higher on the day, hovering at around 1.1260.

As stocks rose, precious metals were pummeled and both gold and silver turned lower during the US session on Wednesday. Silver was down 1.5%, trading near 17.95 USD at the time of writing.

The New Zealand dollar, also known as the Kiwi, was trading flattish during the US session, but it managed to erase today's losses suffered earlier in the day. At the last check, the pair was trading at around 0.6440.

The AUDJPY cross was trading somewhat higher on Tuesday and was seen hovering at around 73.65 during the US session. 

The AUDJPY cross is usually a good barometer of the risk on/off trading in the financial markets and it has been stuck in a consolidation pattern for some weeks now. On Friday, the cross was seen ticking lower during the EU Session and was trading at around 73.60.

Wednesday was a negative day for equities as investors sold risk assets, and Thursday seems to continue in the bearish trend. The FTSE 100 index was down 0.7% during the London session, trading at around 6,090 GBP.

The GBPJPY cross rallied on Monday and Tuesday as sentiment improved and it was trading somewhat higher on Wednesday, hovering at around 133.50 in the morning.

The price of oil has been moving higher in tandem with stocks, and on Tuesday, it was seen another 1% higher during the Frankfurt session.

Equity markets started with a bearish gap on Sunday evening, but that was quickly closed, and optimism returned, with EU and US indices futures rising circa 1% during the London session on Monday. 

The price of silver has been consolidating since late May, and it has moved sideways most of the time. On Friday, the precious metal was seen 1% higher in the morning EU session, trading at around 17.50 USD.

The price of oil has been consolidating recently. The WTI benchmark has been trading at around 37 USD for the better part of June.

The rally from Monday's lows has been impressive and the Nasdaq 100 index is trying to continue in its bullish tracks, trying to get back above the important 10,000 USD level.

Monday's large bullish reversal in the stock markets was really impressive and equities erased sharp intraday losses to close the day notably higher. 

The Asian session on Monday started negative for risk-on assets, and a steep sell-off occurred. However, the EU session is beginning to look a bit more positive as the dip has been bought (at least for now). The GBPJPY cross is currently trading unchanged on the day at around 134.50.

Yesterday's huge decline in the equity markets failed to spark any strong selling in the USDJPY pair and it declined only mildly. On Friday, it was up 0.3%, trading at around 107.20 during the EU session.

Equities sold-off sharply on Wednesday and Thursday and the SP500 index was down 1.8% during the Frankfurt session on Thursday as it seems that yesterday's FOMC meeting was not dovish enough, which disappointed market participants.

The risk sentiment appears to be rebounding on Wednesday, ahead of the FOMC meeting, and the AUDJPY cross was trading slightly higher on the day, hovering at around 75.00.

The EURJPY cross managed to rise above the long-term bearish trend line, but traders took some profits from the recent rally (mainly in the USDJPY pair),

The GBPAUD cross has been falling nonstop for many weeks. However, it looks like it might have found its bottom (at least from the short-term perspective) as there are a couple of bullish signals on the chart right now. 

Volatility has been lower recently and gold has been consolidating over the previous days. On Friday, the metal was trading half a percent lower on the day, hovering at around 1,705 USD.

The EURAUD cross was trading somewhat higher on Thursday and was seen near 1.6260 during the Frankfurt session as the bearish momentum seems to be waning.

The Japanese Yen has been under severe selling pressure during this week and the USDJPY pair gained 200 pips on Tuesday, with the bullish momentum in JPY crosses continuing on Wednesday as well.

The GBPUSD pair, also known as the cable, has been rising steadily over the previous days and it was up 0.35% during the London session on Tuesday, changing hands at around 1.2530, which are one-month highs for the Pound.

The greenback continues to decline broadly, and it looks like investors are finally starting to price in the vast money printing by the Fed. On Monday, the EURUSD pair was up half a percent, trading at around 1.1140.

The greenback came under broad selling pressure this week and the NZDUSD pair capitalized on it, having broken above the critical resistance of 0.62.

Silver managed to stage a nice bullish reversal on Wednesday, which might push the price further higher today. During the Frankfurt session, it was seen half a percent higher on the day, changing hands at around 17.36 USD.

As sentiment improved, the Aussie has been bid, and the EURAUD cross is now seen at three-month lows, trading at around 1.6500.

Tuesday brought with it an anti-dollar mood, and the greenback suffered against other major currencies. The EURUSD pair was up 0.6%, while the GBPUSD pair advanced 140 pips, or 1.4%, during the London session.

The SP500 index was 0.3% higher during the London session on Monday and was seen trading near 2,970 USD, where the key resistance zone is located. 

The GBPJPY failed to post a bullish break through a strong resistance and was brought lower by the worsening sentiment. 

The latest rally brought the EURUSD pair to the 1.10 threshold, but bulls failed to breach this critical resistance again, and the euro was down 0.3% on Thursday, trading at around 1.0950.

The French CAC index dropped on Tuesday and erased nearly half of the big Monday's rally. On Wednesday, it was trying to push higher again and was seen half a percent stronger during the EU session.

The US dollar has come under severe selling pressure on Monday as the Fed reiterated its ultra dovish stance, and the AUDUSD pair rose nearly 2% on Monday.

The EURRUB cross has been falling slowly over the previous days, despite the poor coronavirus situation in Russia.

The SP500 index was down for three days yesterday, but late-day ramp pushed the index into positive territory. Thursday's candle now looks like some reversal bar. On Friday morning, equities were consolidating, and the SP500 index was flattish, with only minimal volatility during the Asian session.

As sentiment worsened over the previous days, the Yen strengthened broadly and the EURJPY cross dropped 150 pips from this week's highs. On Thursday, it was down 0.3% during the London session, trading at around 115.50.

The price of silver has been moving sideways after the early May's rally, and it looks like silver is consolidating before another leg higher.

EU indices were trading slightly lower on Tuesday, but the German DAX managed to stay above the short-term bullish trend line, thus defending the uptrend so far. During the EU session, the DAX was half a percent weaker, trading at around 10,830 EUR.

The SP500 index erased the overnight losses and was trading half a percent weaker during the EU session, last seen at around 2,925 USD.

The precious metal declined over the previous days as the US dollar strengthened (for whatever reason), and the bullion was trading at around 1,686 USD on Thursday morning. 

The EURAUD cross has been volatile in May so far, and the initial rally was nearly wholly erased. On Wednesday, the EURAUD cross was seen somewhat lower at the time of writing, changing hands at around 1.6810.

The greenback dipped against the yen but managed to strengthen against the Euro over the previous days. On Tuesday, the USDJPY pair was trading somewhat lower on the day, hovering at around 106.70.

The SP500 index opened with a bearish gap on late Sunday, but it managed to rally since then, and the index entirely erased the gap, only to turn lower again shortly after. 

The EURUSD pair rose notably on Thursday and it was seen consolidating on Friday, with the euro trading at around 1.0960 against the US dollar.

Wednesday was a very, very bullish day for the Nasdaq index, and technological stocks rallied 5% after Gilead Science said the Remdesivir drug is looking promising.

The euro continues to decline against the yen and on Wednesday, the price dropped to last week's lows of 115.50 as the Japanese yen strengthened notably against the greenback. 

As the US dollar suddenly surged (for whatever reason), precious metals took a beating on Tuesday, and both gold and silver were trading lower during the London session.

The greenback came under pressure on Monday, and it was trading broadly lower, with the USDJPY pair losing 0.3% during the London session, changing hands at around 107.20.

The GBPJPY cross has been consolidating recently, but Friday's sell-off might push it below the short-term uptrend line, which could mean the bearish trend is about to resume.

Cries were heard in every corner of the globe as the news of the WTI crude oil futures crash spread. Now that we’ve managed to digest this unprecedented event, traders have to get back into action and make their next move but trading on oil is extremely risky in the face of extraordinary volatility.

Sterling decline over the previous days, although losses were not dramatic. On Tuesday, the GBPUSD pair was trading 0.3% weaker, changing hands at around 1.24.

The bullion posted fresh seven-year highs a couple of days ago, but since then, it has been slowly drifting lower as traders took some profits from the recent strong rally. On Monday, the precious metal was trading half a percent weaker, hovering at around 1,675 USD.

Another day, another bullish run. US equities are ignoring all the worrying economic and fundamental data and are soaring each day. On Friday, the SP500 index was trading more than 1% higher during the Frankfurt session, hovering at around 2,865 USD.

The Footsie index was trading half a percent higher on Thursday, underperforming under EU/US indices, and it seems to be lacking upside momentum.
 

Oil is down another 2% on Wednesday, and the WTI benchmark is trading at around the essential 20 USD level.

As the Fed has been printing massive amounts of money into the financial markets, precious metals (and stocks) rallied strongly. It looks like the bottoms are in and a sharp inflationary environment is about to hit the world. 

As we noted during the previous week, the German index DAX was consolidating in a narrow range and it looked like a bullish breakout was imminent. This really occurred and the DAX index soared another 500 points after the breakout.

The SP500 index declined on Tuesday, and it was a sharp drop from daily highs as the index cratered some 4% to post a strong daily bearish pin bar. 

Gold and silver are soaring; US equities are roaring higher two or three times more as it looks like there won't be a recession, and the US economy will return to growth in the second half of the year. Perfect, as if nothing happened.

Silver took a pause in its strong rally and consolidated for many days, but this phase looks to be over, and the metal is heading higher again. 

The early morning pressure on the DAX index eased quickly and it accelerated higher during the London session, having erased nearly the whole daily loss. It was trading at around 9,550 EUR at the last check.

The GBPUSD pair rose ten big figures from its March lows and has been trading at around 1.24 for a couple of days now. 

It was the fastest bear market in history. Then, it was the quickest bull market in history. What happens now?

The greenback continues to strengthen again and the EURUSD pair was down 0.5% on Tuesday, testing the psychological level of 1.10 to the downside. 

Last week's silver rally was impressive, and the metal rose circa 15%. However, this still looks like a bear market corrective rally, and the long-term trend points to further possible downside pressure.

It has been a very bullish week for the German DAX index as the German regulator Bafin banned short-selling. DAX is now 20% higher on the week and is trying to break above the critical psychological level of 10,000 EUR.

The USDJPY pair has been moving sideways over the previous days and consolidated after the sizeable bullish move earlier in March.

Tuesday was one of the best days for equities in the history of the stock market, and US benchmarks rose +-10%, erasing three days of losses. On Wednesday, the index was 2% higher during the London session, trying to settle above the 2,500 USD threshold.

It seems like the worst could be over for now. The WTI oil was trading another 4% higher on Tuesday, following a healthy gain on Monday, and the benchmark was seen at around 25.00 USD during the London session.

The Fed has just announced an unlimited quantitative easing program, + the central bank will now be able to buy corporate, muni, and agency debt (for the first time).

The GBPUSD pair rocketed higher on Friday and was seen more than 3% higher during the London session, trading at around 1.1850. These massive movements are becoming a new normal as volatility continues to be extremely elevated, and the whole is buying the US dollars everywhere.

The German index is down 40% from its all-time highs reached just three weeks ago, and it continues to decline as the coronavirus situation is getting worse instead of better.

Gold used to be a safe-haven asset. Not during this crisis. The initial spike higher was quickly erased as investors are selling everything due to a shortage of US dollar liquidity, and cash is king, as during any crisis.

As the economic depression is nearing, industrial commodities, such as oil or silver, are cratering nearly every day. Silver is down 35% from its highs reached three weeks ago. On Wednesday, it was trading 2.5% weaker as well, hovering at around 12.30 USD.

The benchmark US index is in a bearish trend (defined as a 20% drop from the recent cycle highs) and is trying to defend the critical bullish trend line from 2009 lows.

As the demand for the US dollar soars, the GBPUSD pair is moving down, really sharply. The GBPUSD pair is down nearly 8% from its March highs reached ten days ago. On Tuesday, sterling was another 0.5% weaker during the London session, trading at around 1.22.

It was another brutal day for equities, and the FTSE 100 index declined 10% during the London session as investors sold stocks despite the Fed cutting rates to 0% and launching a massive QE program.

Many people claimed that cryptocurrencies would be the new safe-haven asset. As we can see, they could not be farther from the truth. 

German stocks are cratering again on Thursday, and the index is down 5% during the EU session, trading at around 9,840 EUR, which are levels last seen in the summer of 2016. 

The British pound was trading in green during the early London session, having erased today's losses, and the GBPUSD pair was up 0.35%, changing hands at around 1.2950 at the time of writing.

Equities reversed their direction on Tuesday and rocketed higher, with EU indices up 7%, erasing more than 50% of yesterday's losses. In comparison, US benchmarks were 5% stronger, also wiping more than 50% of Monday's decline. 

The combination of the coronavirus and Saudi oil war has sent stocks sharply lower, with EU benchmarks losing 8-10% and US equity futures were halted.

The USDJPY pair was offered again on Friday and continues to decline vertically as the virus panic spreads further, but unfortunately, so does the virus. The USDJPY pair was down 0.35% during the morning session on Friday, trading at 105.80, which are seven-month lows for the pair. 

The bullion held its post-Fed gains and consolidated on Wednesday, but on Thursday, it ticked higher again as equities gave up some of their profits. During the London session, gold was trading half a percent stronger, seen at around 1,645 USD.

It looks like the situation is coming under control, and yesterday, the SP500 index managed to defend the short-term uptrend line, which confirmed that the index doesn't want to go lower. At least for now.

The Australian dollar was trading 0.25% higher during the EU session on Tuesday, and the AUDUSD pair was spotted at around 0.6560 as bulls bought the Aussie despite the RBA cutting rates to historic lows and saying more cuts are coming.

The pound continued to fall on Monday and the GBPUSD pair, also known as the cable, was trading half a percent weaker during the Frankfurt session, hovering at around 1.2760.

As the virus outbreak is reaching pandemic levels, traders are running from equities, and main benchmarks have experienced the worst week since the financial crisis in 2008 as nearly all of the indices are down circa 15% on the week.

As mentioned yesterday on our Facebook page, the bullion managed to form a nice falling wedge pattern, which is usually a bullish formation.

The Footsie index was trading half a percent higher on Thursday, underperforming under EU/US indices, and it seems to be lacking upside momentum.
 

Cries were heard in every corner of the globe as the news of the WTI crude oil futures crash spread. Now that we’ve managed to digest this unprecedented event, traders have to get back into action and make their next move but trading on oil is extremely risky in the face of extraordinary volatility.

Precious metals were bid on Thursday and silver was trading nearly 3% higher during the US session, hovering near 26.50 USD.

The GBPJPY cross was down sharply on Tuesday and at the last check, it was seen 1.2% weaker, trading at around 138.10.