S&P 500 could move towards the 4244 level

Anton Kolhanov Anton Kolhanov

Weekly forecast, April 17 – 21, 2023

Uptrend scenario

An uptrend will start as soon, as the market rises above resistance level 4173, which will be followed by moving up to resistance level 4223 – 4244.

Downtrend scenario

The downtrend may be expected to continue, while market is trading below resistance level 4173, which will be followed by reaching support level 4096 and if it keeps on moving down below that level, we may expect the market to reach support level 3937.

Monthly forecast, April 2023

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 4073, which will be followed by reaching resistance level 4244 and if it keeps on moving up above that level, we may expect the market to reach resistance level 4382.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 4073, which will be followed by moving down to support level 3937 and 3839.

Author

Anton Kolhanov

Anton Kolhanov is a trader and an analyst. He started to study the Forex market in 2003.

EUR/USD holds ground near 1.1550 ahead of US Inflation data

EUR/USD is holding ground at around 1.1550 in the European session on Wednesday. The pair takes advantage of the profit-taking pullback in the US Dollar as traders reposition ahead of the critical US CPI inflation data. However, any upside attempts could be limited amid renewed US-Iran tensions.

GBP/USD keeps range near 1.3400, with eyes on US CPI

GBP/USD clings to minor recovery gains near 1.3400 in Wednesday's European trading, though it remains in a familiar range heading into the US CPI event risk. Traders keep an eye on developments around the Middle East crisis, which could ramp up volatility in the major.

Gold languishes near March low, below $4,200 as traders await US CPI report

Gold maintains its heavily offered tone through the first half of the European session and currently trades near its lowest level since March 23, around the $4,180-$4,175 region. Renewed hostilities between the US and Iran fuel inflationary concerns and bolster bets for more hawkish central banks.

Cardano's downtrend deepens despite on-chain bottoming signals

Cardano edges lower to $0.1600 signaling a potential extension of the 30% loss from last week. The altcoin remains under intense selling pressure, weighing on its retail support. Still, a spike in dormant supply re-entering circulation signals that the selling pressure has run its course, a pattern that often precedes a rebound.

US CPI data set to show inflation at three-year high in May, backing Fed hawkish tilt

The US Bureau of Labor Statistics will publish the May Consumer Price Index (CPI) data on Wednesday. The report is expected to show another step up in consumer inflation, driven by the persistently high Oil prices due to the ongoing crisis in the Middle East.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.