Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know.
- We shall kick off the week with Switzerland's CPI inflation data and analysts eyeing a potential downtick from the previous 0.3% to 0.2%.
- We're expecting the US ISM manufacturing PMI. The forecasts point to a marginal improvement from the previous 46.9 to 47.2, a positive sign for the manufacturing sector.
- The US markets take a break for the Independence Day, making it a rather quiet trading day. All eyes will be on Australia instead, as the Reserve Bank is set to announce its interest rate decision. Expectations are on hold at 4.1%, but any surprises could trigger the AUD volatility.
- The spotlight moves to China with the release of the Caixin services PMI. Estimates point to a 56.2 reading, hinting at robust service sector activity.
- All focus will be on the OPEC meetings taking place throughout the day. As oil prices remain low, any supply decisions could stir up the energy market.
- Wrapping up the day, we'll witness the US FOMC meeting minutes release, a key insight into the central bank's policy direction.
- In the US, the ADP non-farm employment change is expected to clock in at 236K, setting the tone for Friday's NFP report.
- We'll also get the usual weekly unemployment claims from the US, with forecasts pegging the number at 247K.
- Other US data include the ISM services PMI, predicted to rise to 51.3; and the JOLTS job openings, anticipated to be just shy of 10M at 9.94M. Both figures will be watched closely as indicators of economic health.
Setups for This Week:
- The week rounds off with the highly-anticipated US Non-Farm Payrolls. Before that, we'll have a speech from the Bank of England Governor Bailey that might well impact the Pound.
- Lastly, jobs data from Canada and the US will be on the menu. Analysts are expecting a lower NFP reading at 222K. With a possible drop in the unemployment rate from 3.7% to 3.6%, however, it will be interesting to see how the markets react.
The pair was inside of the two-week, wedge-shaped bearish correction but, on Friday, the price escaped to the upside
This brings a very technical buy signal to the chart
If the price comes back inside of the wedge, the buy signal will be cancelled
After the false breakout (green) from the head-and-shoulders pattern (yellow), the sentiment is truly positive
CAC broke the mid-term down trendline and came back above the 7350 resistance (orange), triggering a strong signal to buy
CAC dropping below the orange area would bring a proper signal to sell
USDCAD is back on track after the triple bottom pattern which helped the price climb back above the key resistance on the 1.323 (yellow)
1.323 is currently confirmed as a support and as long as we stay above, we will have a proper signal to buy
USDCAD dropping below 1.323 will trigger a signal to sell