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.
Monday>
- Monday will be surprisingly busy with major economies publishing their services PMI numbers. The most important one of them will be the ISM Services PMI from the US expected to come at 52.6
- Before the European session opening, Switzerland posted their inflation number. The expectations were on 0.3% which was also the final reading
Tuesday>
- Tuesday will be all about the interest rate decision from Australia, where no changes are expected
- European investors will take a closer look at retail sales data and the German Factory Orders number expected to come at 2.7%
Wednesday>
- Wednesday will be important for the commodity currencies AUD and CAD
- A speech from the RBA’s Lowe will be published and a few hours after that, we will learn the Australian GDP number
- The start of the American session will bring the interest rate decision from Canada where no changes are expected, either
Thursday>
- This week will have a surprisingly busy Monday and a quiet Thursday, which does not happen very often. The key data for this day will be the usual claims from the US
- Japanese Traders will also watch for the GDP numbers from Japan but as a final reading, it usually aligns with expectations
Friday>
- Friday will be the key day for the Canadian Dollar, as we will learn the job data from Canada
- Traders should also pay attention to the inflation number from China, expected to rise by 0.2%
Setups for This Week:
EURGBP
Primary View:
The pair has been on our radar for some time, as we witnessed the breakout from the symmetric triangle pattern who brought a bearish sentiment here
After the smaller rectangle, the price continued the downswing until we met the horizontal support at 0.587
Currently, a bounce off the support gives a short-term buy signal
Alternative View:
If the price breaks below 0.587, we will have a major signal to sell
EURPLN
Primary View:
An exotic, but recently a very technical forex pair
Here, the price is inside of a rectangle pattern (yellow) with clear horizontal support and resistance
The price breaking the support will bring about a new signal to sell
Alternative View:
The price breaking from the rectangle to the upside can potentially cause a bullish correction
CADJPY
Primary View:
For the past few weeks, the CADJPY has been trading in a channel up formation (black lines)
We are aiming at its upper line at the moment and the long-term sentiment remains positive
Alternative View:
The CADJPY breaking the lower line of the channel up formation will mean a proper signal to sell
