The global markets received a shock last week Friday as the Bank of Japan unexpectedly implemented a negative interest rate policy to boost its ailing economy. Risk-on took center stage and global stocks surged as optimism grew around central banks unleashing stimulus measures to calm the turmoil in the financial markets. This feel good feeling was short-lived on Monday when negative data from China caused WTI and Stock markets to crash.
– The EURUSD needs to break below the 1.0800 support and this should cause a selloff towards 1.070
– Despite the sharp pop to the upside, the GBPUSD is still bearish and prices should trade towards 1.420
– WTI is heavily bearish and breach below $31 should open a path towards $30
– Gold has become bullish as prices have broken above $1125
The global markets received a shock last week Friday as the Bank of Japan unexpectedly implemented a negative interest rate policy to boost its ailing economy. Risk-on took center stage and global stocks surged as optimism grew around central banks unleashing stimulus measures to calm the turmoil in the financial markets. This feel good feeling was short-lived on Monday when negative data from China caused WTI and Stock markets to crash.
– The EURUSD needs to break below the 1.0800 support and this should cause a selloff towards 1.070
– Despite the sharp pop to the upside, the GBPUSD is still bearish and prices should trade towards 1.420
– WTI is heavily bearish and breach below $31 should open a path towards $30
– Gold has become bullish as prices have broken above $1125
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