Listen to the latest market mood for the coming session:

Once again the market is very firmly focused on the latest coronavirus outbreak. As a result, we are expecting more negative risk flows as the markets wrestle with the potential of a global pandemic and its economic fallout. Therefore, as long as this mood continues, we are expecting the following:

  • JPY, CHF, and Gold to remain strong on risk flows
  • AUD, CAD, oil, and NZD to remain weak on risk flows

Therefore, expect gold buyers on pullbacks, oil sellers and AUDCHF sellers too. Gold is at an interesting point having found support on the 4-hour pivot point below. Expect buyers at market price to target near-term highs at $1680.

Risk to this outlook: Any positive coronavirus related news that results in risk-on moves, may invalidate this outlook.