Forexlive Americas FX news report: Go BIG or go HOME.

Author: Greg Michalowski | Category: News

Forex news for NY trading on March 24, 2020

Go big or go home!

That is the motto's for the markets today. 

Just take a look at some of these numbers for commodities:

  • Spot gold is trading up $75.62 or 4.87% at $1628.85
  • Spot silver is up $0.94 or 7.13% at $14.21
  • Bitcoin is trading up 5%
  • WTI crude is trading up 3.5%
Go BIG or go HOME.

Then there is the BIG gains in the stock market:
  • The Dow had it's biggest point gain ever. It rose 2112.98 point or 11.36%. The % gain was the largest since 1933
  • The S&P rose 209.93 points or +9.38% to 2447.33
  • The Nasdaq was the dog of the major indices. It rose only 557.18 points or 8.12% to 7417.85.
Go BIG or go HOME. 

How about some of these BIG individual gains for stocks:
  • United Airline, +25.65%
  • Chevron, +23.2%
  • Ford Motor, +23.19%
  • American Express, +21.95%
  • Delta Air Lines, +21.14%
  • Boeing, +20.67%
  • Intuit, +19.92%
  • General Motors, +19.88%
  • Morgan Stanley, +19.42%
  • McDonald's, +18.48%
  • NVIDIA +17.52%
  • MasterCard, +16.4%
  • Tesla, +16.33%
Go BIG or go HOME. 

How about Europe? How did their indices performed today?

  • German DAX, +10.98%
  • UK's FTSE, +9.05%
  • Italy's FTSE MIB, +8.93%
  • France's CAC, +8.39%
Go BIG or go HOME. 

Looking at the % low to high ranges for the major stock indices below, all the indices in Europe and NA closed at session highs.

Forex news for NY trading on March 24, 2020Looking at the forex market, below is a look at the ranges - and more importantly - the 22 day average range for the major currency pairs from one month ago. The 22 day average ranges for the major currency pairs versus the US dollar range between around 40 pips for the EURUSD, USDCHF and NZDUSD and up to around 90 pips for the GBPUSD (see red line in the chart below). 

The ranges from a month ago for the major currency pairs.

What are the 22 day average ranges now?  Apart from the USDCHF  at around 132 pips, the average ranges are 150 to 220 pips for the major currency pairs vs the USD.

Go BIG or go HOME.  

The ranges are big now
Everything is BIG now.  

Taking a look at the strongest and weakest of the major currencies today, the GBP is the strongest followed by the AUD and the NZD. The weakest were the JPY, USD and CAD.  

The strongest and weakest of the major currencies
A closer look at some of the major currencies and levels to eye in the new day:

USDJPY:  The USDJPY moved lower early and tested a trend line on the hourly connecting lows from yesterday and today. That trend line below comes in at 110.40 and moving higher. The 100 hour MA is below that at 110.268. On the topside, today the price spent most of the NY session trading in the upper extreme area over the last 3 days between 111.35 to 111.58. There were two attempts above the high extreme and each failed.  That is a problem for the bulls. We are closing below the low or the extreme area (below 111.35) at 111.22. Stay below 111.35 would keep the sellers more in control in the new trading day. 

EURUSD: The EURUSD traded above and below the 100 hour MA over the last 4 hours of trading around 1.07658 and is ending the day near that MA level.  It will be a barometer for the bulls and bears in the new trading day. Trade above is more bullish. Move below is more bearish.  On more upside momentum, the first hurdle is the 1.0800 level.  ON the downside the 1.0700 to 1.0710 is the next target support. 

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