Trading Plan – Monday 30th March 2020: Markets open, all is calm; Saudi’s refuse emergency OPEC price meeting

Mark NugentMarch 2020, Trading Plan

Trading Plan – Monday 30th March 2020: Markets open, all is calm; Saudi’s refuse emergency OPEC price meeting

Last Week

Events and Calendar
Yet more stimulus and bullish words from the US (USD2.2 trillion package, “unlimited” bond buying), EU (EUR850 billion) and NZ (NZD30 billion QE).
US withdraws tender to purchase crude to replenish SPR.

Risk Sentiment
Mixed, not extreme.

Asset Classes
Equities make a significant bounce back from bear market lows.
WTI stays put at 18-year low.
GOLD bounces up to near 7-year highs.
FX – USD, JPY, AUD, NZD dynamic reverses on market calm – USD and JPY weak and AUD and NZD rising. CAD fails to join the commodity currency rally due to oil price concerns. EUR choppy at 1-year high. GBP rallies from lows.

This Week

The markets open and all is calm. Equities gap down a little from the Friday close but soon rise, closing the gap. Oil sticks to its 18 year low. Currencies are quiet.

This week I will be focusing on oil, CAD and the USD. I go through the rationale for the potential trades in the video.

Happy trading.

VIP Club members can watch the video HERE