Weekly Market Commentary | 22.01 – 28.01

Weekly Market Commentary | 22.01 – 28.01
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!
  • Quiet start to the week on the charts, with American indices at all-time highs.
  • Empty macro calendar, no significant economic data releases scheduled.
  • Focus shifts to Japan with several key events:
    • Interest rate decision (rates expected to remain unchanged).
    • Monetary policy statement and outlook report from the Bank of Japan.
    • Press conference following the Bank of Japan's announcements.
  • New Zealand inflation data release:
    • Quarterly inflation expected to decrease from 1.8% to 0.5%.
  • Busy day with PMIs from leading economies:
    • PMIs from France, Germany, Eurozone, UK, and the US.
    • Only the UK and US flash services PMIs expected to be above 50.
    • Other PMIs anticipated to fall below the 50 threshold.
  • Interest rate decision from the Bank of Canada:
    • Rates expected to hold steady at 5%.
  • Another key interest rate decision:
    • European Central Bank expected to maintain current rates.
  • Advanced GDP data from the US:
    • Forecasted to show a 2% rise.
  • European Central Bank press conference following the interest rate decision.
  • Quieter end to the week:
    • Tokyo Core CPI expected to decrease to 1.9%.
  • Core PCE price index from the US:
    • Predicted to rise to 0.2%.
Setups for This Week:

  • Primary View:
    • Formation of a shooting star candlestick pattern (blue color).
    • Located at the high from early January and December highs (green color).
    • A drop below the shooting star indicates a bearish reversal, signaling a sell opportunity.
  • Alternative View:
    • If the price climbs back above the yellow line, it would indicate a buy signal.
  • Primary View:
    • Currently in a sideways trend (green color).
    • Maintaining position above key horizontal support (blue color).
    • Positive sentiment as long as the price remains above the blue support line.
  • Alternative View:
    • A daily close below the blue support area would trigger a sell signal.
WTI Oil:
  • Primary View:
    • Trading within a symmetric triangle pattern (blue lines).
    • A breakout above the upper line of the triangle would be a buy signal.
  • Alternative View:
    • Closing below the lower line of the triangle would be a sell signal.
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