Trade ideas thread - European session 13 February 2020

Author: Justin Low | Category: News

Daily thread to exchange ideas and to share your thoughts

Good day, everyone! Hope you're all doing well as we get things going in the session ahead. It's been a softer start to the day for risk as coronavirus fears return back into the picture, following a case reclassification by Hubei - which saw the reported cases jump higher.

There is still no word about the NHC figures just yet and that is also a bit disconcerting for the market, as hopes about the situation turning the corner have been dashed.

Looking ahead, risk remains the key focus in the market right now and in the currencies space there are some interesting support levels keeping things in-check for now.

USD/JPY is hanging on around its 100-hour moving average, with USD/CAD supported by its 23.6 retracement level from the swing move higher since the start of the year.

Meanwhile, AUD/USD has retraced gains from earlier in the week but is still trying to keep above key hourly moving averages as well - the same case for AUD/JPY.

As for the kiwi, post-RBNZ gains have fallen short around the 100-day moving average as virus fears now bring near-term levels back into focus.

Cable remains caught in the middle between key levels around 1.2900 and near 1.3000. And EUR/USD looks to continue the pain train lower after a firm break below 1.0900.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
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