Weekly Market Commentary | 19.06 – 25.06

Weekly Market Commentary | 19.06 – 25.06
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 is a pretty quiet day with the American markets closed due to Juneteenth celebrations.
  • Australia will publish their monetary policy meeting minutes, as well as speeches by several Reserve Bank of Australia officials.
  • The key US data include building permits and housing stats.
  • Inflation data from the UK will be the main attraction, with an expected drop to 8.4% from the previously reported 8.7%.
  • Fed Chairman Jerome Powell will testify to conclude the day.
  • The action-packed day will start with a likely interest rate rise from the Swiss National Bank. The previous rate of 1.5% is expected to rise to 1.75%.
  • The Bank of England is also expected to raise its interest rate from 4.5% to 4.75%.
  • Fed Chairman Jerome Powell will testify on Thursday, too.
  • Manufacturing and Services PMIs from major world economies will be the main focus, with Manufacturing PMIs mostly expected to come below 50 and Services PMIs above 50.
Setups for This Week:
Dow Jones
Primary View:
The long-term sentiment here is definitely positive as the index escaped the symmetric triangle to the upside
A chance for a bearish correction is on the horizon, though, as the price creates a shooting star on Friday on a key resistance of 34300 points (yellow)
Alternative View:
If Dow Jones climbs back above the Friday highs, the bearish correction mood will be canceled
Primary View:
After an amazing first half of the month, the time for a bearish correction is finally here
A potential target is on the orange support created by the 38,2% Fibonacci
Alternative View:
The AUDUSD climbing above the Friday highs will cancel the chance for a bearish correction
June has been terrible for this pair, with the last week bringing us a proper, long-term sell signal
We are out of the triangle and under the 38,2% Fibonacci. As long as we stay below, a further slide is much more probable
The price will most probably drop further towards the green up-trendline
Alternative View:
It seems almost impossible, but if the price comes back inside of the triangle, it will give us a signal to buy
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