Good morning Forex Kings,
A huge move over night as Corona virus fears escalate globally.
The virus has now spread to the EU with over 220 cases being reported in Italy and dozens more across Europe. South Korea is the highest reporting country outside of China with 833 cases and 8 deaths. Cases are now appearing in Afghanistan, Labanon, Israel and Egypt.
The VIX (volatility index) exploded higher above a key trend line.
United Airlines & MasterCard join the club and slash growth forecasts for 2020.
Global indices faced a large sell off yesterday and we managed to scoop 441 PIPS profit on the DAX.
Global indices are now resting on key support levels, we could see a retracement today before another large move.
We are no focusing on the NZDJPY.
Technical Analysis – 4 Hour Charts
We will only enter this position if the NZDJPY breaks below 69.90.
Trade SET UP: SELL STOP (Entry Price 69.85), stop loss set at 70.30 and take profit set at 69.00
Stop Loss: 45 PIPS
Take Profit: 85 PIPS