Matt Simpson, CFTe, MSTA
CityIndex
A snapshot view of last week's money flow and technical notes for the week ahead.
KEY EVENTS THIS WEEK:
AUD: RBA Minutes; New motor vehicle sales; NAB quarterly business confidence
CAD: Manufacturing sales; Rate decision/statement; Core CPI; Wholesale sales
CHF: PPI
CNY: New Loans; GDP q/y; industrial production y/y; Fixed asset investment ytd; NBS press conferencel Retail sales
EUR: Draghi speaks; ZEW economic indicator; CPI/Core CPI y/y
GBP: CPI y/y; RPI Input; Carney speaks; Unemployment rate; Claimats amount
JPY: Monetary policy statement; Press conference
NZD: CPI q/q
USD: Core/Retail sales; FED Chair testifies; PPI; Building permits;
FOREX: W1
DXY Inside week and Spinning Top provide a neutral bias; However holding above 80 key level so potential for gains
AUDUSD Shooting Star and Inside week below 0.945 resistance warns of potential weakness below this key level
EURUSD Inside week spinning top; Meanders around the 50wk eMA and ranging between 1.350 and 1.370 key levels; Neutral on W1
GBPUSD Hanging Man warns for potentials weakness; However trend still bullish and buy-setups may be considered above 1.70
USDCAD Morning Star Reversal above last week’s Spinning Top Doji and TL from 2012; COTS suggests trend may return bullish
USDCHF Inside week but above previous Bullish Hammer; Potential for continued gains above 0.895 resistance
USDJPY Bearish outside week and at lower end of the 102-103 range; Neutral bias but with bearish undertone
NZDUSD Bullish trend and bullish close to 5-year highs; Continues to be favoured for 'buy the dip' strategies
COMMODITIES: W1
GOLD Target remains $1350 and $1355 however the bullish move is losing momentum; Considering buy setups above $1330
WTI Most bearish close in 11 weeks and at 8-weel low; Intraday remains bearish below $101.50
BRENT Most bearish weekly close in 27-weeks and resting on bullish trendline from April 2012; Downside break targets $103.80
CFD and forex trading are leveraged products and can result in losses that exceed your deposits. They may not be suitable for everyone. Ensure you fully understand the risks. From time to time, City Index Limited’s (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material. As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.