Last week the world reacted to the effects of the Coronavirus by stepping up their preventive measures, from closing schools and cities through to restricting air travel from other continents.
With volatility in the air, markets reacted by default. The significant market events were analysed and explained in detail by our Chief Market Analyst, Naeem Aslam.
The pandemic of Coronavirus. How was it influencing the market?Bitcoin experienced its biggest drop. Naeem questioned how low it could go. The price of Oil also dropped below $30. What was coming next? The massive sell-off seemed to be in full swing. Naeem asked if you will be buying. Crude price bounced from a defined support zone. Naeem explained the significance. When the markets did go up a bit, Naeem immediately looked at why they did so. BOE’s surprise action and Sterling itself are covered here: US Futures vs European Markets; was it a tug of war? One Master Class came in the form of how to trade the US NFP: And the second Master Class covered how to trade the ECB Meeting. Naeem also advised all to be safe against the Coronavirus, making the most of any time spent in quarantine by learning. The ECB Day itself. Naeem asked if you were ready. Towards the end of the week, the markets bounced back up a little. This is what Naeem made of it all: We have a huge trading community who follow us online, and when our trading community has questions, we answer them: Our traders trade with confidence at AvaTrade, and Manchester City, who we proudly sponsor, is training with confidence too. We filmed Kevin De Bruyne in action!
The said volatility demanded the analytical prowess of our Webinar Master, Troy. Watch Technical Analysis at its finest here:Troy analysed a possible Oil Price War that took place in a weekend and questioned if the price was being driven down on purpose. See what you think: The globe is still dealing with the tragic Coronavirus, and our team at AvaTrade is watching, analysing and keeping our trading community up to speed via daily analysis on our YouTube channel; subscribe here to keep informed.