Weekly Market Commentary | 18.03 – 24.03

Weekly Market Commentary | 18.03 – 24.03
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!
  • China's industrial production leaps to a robust 7%, shattering expectations of a 5.3% rise, hinting at the dragon economy's roaring comeback.
  • Retail sales from China hold steady, meeting forecasts at 5.5%, suggesting a balanced consumer confidence in the Asian giant.
  • Japan's central bank to hold its ground on interest rates amidst swirling rumors of ditching negative rates – not just yet, though.
  • Down under in Australia, rates are pegged to remain at a cozy 4.35%, even as the economic landscape evolves.
  • Canada's inflation radar is set to tick at 0.6% for the month, a figure keenly eyed by maple leaf market watchers.
  • The UK's inflation gauge is predicted to notch up to 3.5%, stirring the pot of economic forecasts and monetary adjustments.
  • Over in the US, the Federal Reserve stands pat, expectedly, at 5.5%. Yet, all eyes and ears are trained on the FOMC's buffet of statements, press releases, and economic projections, deciphering the Fed's fiscal path.
  • New Zealand's GDP, poised for a modest 0.1% uptick, rounds off an action-packed Wednesday.
  • A global PMI showcase takes center stage, painting the manufacturing and services landscape across leading economies.
  • Job numbers from Australia are up for grabs, alongside Switzerland and the UK's interest rate verdicts, promising a day bustling with pivotal data points.
  • UK retail sales are forecasted to take a slight 0.3% dip, a statistic that will undoubtedly stir discussions on consumer spending trends.
  • Jerome Powell steps up to the podium once more, closing the week with insights that could ripple through markets and trading strategies.
Setups for This Week:

Brent Oil
  • Primary View:
    • The price recently broke free from a symmetric triangle and a lateral consolidation zone, signified by an orange line, with an upward movement.
    • This upward breakout signals a buy opportunity, underpinned as long as the price remains above the triangle's upper boundary.
  • Alternative View:
    • Should the price retract into the triangle, this re-entry would suggest a false breakout, turning the signal towards a potential sell.
  • Primary View:
    • Following a breach of the mid-term downtrend line, the currency pair is now testing the strength of a yellow horizontal resistance.
    • A successful ascent past this barrier would confirm a bullish stance, advocating for a buy.
  • Alternative View:
    • A regression below the freshly surpassed green dynamic resistance could invert the outlook, presenting a cue for selling.
  • Primary View:
    • A constructive inverse head and shoulders pattern, highlighted in yellow, has concluded with a breakout above its neckline, offering a bullish signal.
    • The ensuing goal is to tackle the orange horizontal resistance, maintaining the buy momentum.
  • Alternative View:
    • Falling back beneath the delineated blue neckline would negate the bullish premise, shifting the bias towards selling.
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