Weekly Market Commentary | 22.04 – 28.04

Weekly Market Commentary | 22.04 – 28.04
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!
  • Kickstarting the week with a calm vibe as no major data releases are on the radar. It's the perfect opportunity to sip your morning coffee and ease into the trading week.
  • The day starts with a flurry of Purchasing Managers' Index (PMI) reports from across the globe, offering insights into the health of various economies.
  • First up: France, Germany, and the Eurozone. Keep an eye out for any surprises!
  • Then, the focus shifts to the UK and US, where robust readings are expected to buoy market sentiment.
  • Cap off the day with a look at New Home Sales data from the US, offering clues about the state of the housing market.
  • Australia takes the spotlight with its quarterly inflation figures, providing crucial insights into consumer price trends Down Under.
  • Meanwhile, Germany's IFO Business Climate index offers a pulse check on business sentiment.
  • Over in North America, keep tabs on Canada's retail sales and the US durable goods orders for potential market-moving surprises.
  • All eyes turn to the United States as GDP figures for the world's largest economy take center stage.
  • Additionally, watch for Pending Home Sales data, providing clues about future home buying activity.
  • Japan's interest rate decision sets the tone for the day, with no major changes expected.
  • End the week on a data-packed note with the release of the US Core PCE Price Index and Revised University of Michigan Consumer Sentiment reports.
Setups for This Week:
Primary View:
  • The price recently bounced off the long-term uptrend line, forming a bullish hammer candlestick pattern (marked with orange). This suggests potential upward momentum.
  • As long as the price remains above the red line, the bullish bias is likely to prevail.
Alternative View:
  • A break below the red line would indicate a shift in momentum and could signal a potential downtrend.
Primary View:
  • Currently, the price is consolidating within a rectangle pattern (marked with orange lines), indicating indecision in the market.
  • The week commences with a test of the upper boundary, potentially signaling a breakout to the upside.
Alternative View:
  • A rejection from the upper orange line may suggest a potential reversal and signal a sell opportunity.
Primary View:
  • The price recently broke below the symmetric triangle pattern and breached the orange horizontal support.
  • Remaining below this support level suggests a bearish sentiment prevailing in the market.
Alternative View:
  • If the price manages to reclaim the orange support level, it could signal a potential reversal and present a buying opportunity.
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