Range Markets


During the upcoming  trading week traders look to the latest developments surrounding the coronavirus and the release of the Non-farm payrolls job report from the US economy. Financial markets participants are likely to be intensely focused on the coronavirus as it continues to spread to other countries outside China.

Monthly employment data from the US will be another key focus dor traders and investors this week, with the United States economy expected to have created around 175,000 new jobs during the month of February.

The Reserve Bank of Australia rate decision will be closely this week, alongside official GDP data from the Australian economy. The Bank of Canada also decides on interest rates, while the United States economy releases the high-impacting ISM Manufacturing survey.

Monday 2nd March, UK Manufacturing PMI

The UK Manufacturing Purchasing Managers Index is released by both the Markit Economics and the Chartered Institute of Purchasing and Supply. The PMI Index measures the activity level of purchasing managers in the manufacturing sector. A reading above 50.0 indicates expansion in the sector and below 50.0 indicates contraction. The Manufacturing PMI is based on a survey of purchasing managers in the manufacturing sector.

  • The GBPUSD pair is only bullish while trading above the 1.3060 level, further upside towards the 1.3130 and 1.3200 resistance levels seems possible.
  • If the GBPUSD pair trades below the 1.3060 level, sellers are likely to test towards the 1.2900 and 1.2750 support levels.

Tuesday 3rd March, RBA Rate Decision

The Reserve Bank of Australia Rate Decision is the market interest rate on overnight funds, with the RBA standing as the central monetary authority for the Australian economy. The Reserve Bank of Australia is widely expected to keep interest rates on hold at this meeting, following recent rate cuts. RBA policymakers are also tipped to strike an overall dovish tone towards the economy and monetary policy.

  • The AUDUSD pair is bearish while trading below the 0.6800 level, key support is found at the 0.6435 and 0.6400 levels.
  • If the AUDUSD pair moves above the 0.6800 level, buyers may test towards the 0.6880 and 0.6940 levels.

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Wednesday 4th March, US Private Sector Jobs

The ADP Private Sector employment change jobs report is released by the US Automatic Data Processing Inc and measures the change in the number of people employed inside the American private sector. A rise of this figure is seen as positive and good for stimulating US economic growth, while a weaker-than-expected number is seen as bearish and a possible indicator for future economic weakness.

  • The USDCHF pair is only bearish while trading below the 0.9770 level, further downside towards the 0.9610 and 0.9540 support levels seems possible.
  • If the USDCHF pair trades above the 0.9770 level, buyers are likely test towards the 0.9810 and 0.9890 resistance levels.

Thursday 5th March, OPEC Meeting

The mission of the Organization of the Petroleum Exporting Countries, (OPEC), is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets. OPEC was initially formed to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.

  • The USDCAD pair is only bullish while trading above the 1.3330 level, further gains towards 1.3500 and 1.3770 levels remain likely.
  • If the USDCAD pair trades below the 1.3330 level, sellers may test towards the 1.3280 and 1.3200 support levels.

Friday 6th March, US Nonfarm Payrolls Job Report

The NFP job report shows the monthly change in employment in the American economy, excluding the farming sector. The Non-farm payrolls job report is the most carefully observed indicator in the employment situation inside the United States. It is considered the most inclusive calculation of job creation, which causes the Nonfarm Payrolls Job report to become highly significant to market participants, due to the great importance of labour in the United States economy.

  • The USDJPY pair is bearish while trading below the 109.00 level, further losses towards the 107.50 and 105.80 levels remains possible.
  • If the USDJPY pair trades above the 109.00 level, buyers are likely to test the 109.60 and 110.50 resistance levels.

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