Weekly Market Commentary | 17.07 – 23.07
17 July 2023
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:
- China's GDP comes in lower than expected at 6.3% against 7.1%
- Retail sales in China, too, read lower than expected at 3.1%, as opposed to the anticipated 3.4%
- Industrial production in China rises by 4.4%, beating 2.5% increase expectations
- US Empire State Manufacturing Index to be announced, expected at -3.5%
Tuesday:
- Australia's Monetary Policy Meeting Minutes release
- Canadian inflation data expected to come in at 0.3%
- US retail sales anticipated to rise by 0.5%
Wednesday:
- New Zealand's inflation data expected to drop to 0.9%
- UK inflation forecast to plummet to 8.2%
Thursday:
- Australia to release job data
- US Unemployment Claims data set to be announced
Friday:
- UK retail sales expected to rise by 0.2%
- Canadian retail sales with a 0.5% anticipated increase
Setups for This Week:
NZDUSD
Primary View:
- Last week, the price managed to escape a flag pattern, which triggered a buy signal.
- The price is positioned above the significant up-trend line (green in the chart), endorsing a positive sentiment for this pair.
Alternative View:
- If the price retreats back within the flag pattern, it shall signal a sell scenario.
Gold
Primary View:
- Gold experienced a substantial rise last week due to the inverse head-and-shoulder formation and a bounce off the 38.2% Fibonacci level.
- Despite the week concluding with a minor correction, the buy signal on gold remains on.
Alternative View:
- Should the price dip below the 38.2% Fibonacci level, it will act as a strong signal to go short.
USDCAD
Primary View:
- The previous week culminated in a significant bounce off the long-term up-trend line (green). Despite the prevailing strong downtrend, this presents a compelling opportunity to go long.
Alternative View:
- A price breach of the green line would suggest an opportunity to go short in the long term.
