Weekly Market Commentary | 22.05 – 28.05

Monday>
- On Monday, the empty calendar will not treat us with any data
Tuesday>
- On Tuesday, major world economies will publish their PMI numbers
Wednesday>
- Wednesday will start with an interest rate decision from New Zealand
- Market participants are expecting a 25bp rise
- Before the start of the European session, we will also learn the inflation number from the UK, expected to drop significantly to 8.2%
- The day will end with the FOMC Meeting Minutes
Thursday>
- Thursday will bring us a GDP number from the US, expected to come at 1.1%
Friday>
- Friday will be a rather quiet day, starting with Retail Sales numbers from Australia and the UK
- The week will end with the PCE Price Index number from the US, who is expected to come at 0.3%
 
Setups for This Week:
 
USDCHF
Primary View:
The USDCHF broke the 0.907 support, which gave us a proper, long-term sell signal here
Most recently, the price tested this broken support as a resistance and the outcome was negative, the price bounced
In addition to the horizontal resistance, the price bounced off a dynamic one, which only strengthens the sell signal
Alternative View:
The price coming back above the 0.907 will cancel the negative sentiment


AUDJPY
Primary View:
The AUDJPY is currently bouncing off a combination of two key resistances
The first one is a dynamic one, i.e., the upper line of the flag and the second one is the 92.3 that has been serving as a resistance since March
The bounce was made with a shooting star, which is very promising for sellers
Alternative View:
AUDJPY climbing back above the 92.3 will mean a signal to buy

 
 USDJPY
Primary View:
Last week was crucial for this pair, as we escaped a 6-month-long sideways trend locked inside of the triangle
The escape was to the upside, giving us the trading signal
Alternative View:
The USDJPY coming back inside of this triangle will cancel the buy signal and bring back the negative sentiment