Weekly Market Commentary | 27.11 – 3.12
27 November 2023
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:
- Quiet start with no major tier one data.
- ECB President Lagarde's speech scheduled during the European session.
- New home sales data from the US to be released.
Tuesday:
- Australian retail sales figures expected, with a forecasted 0.1% rise.
- Speech by Reserve Bank of Australia Governor Bullock.
- The day concludes with the US CB Consumer Confidence data, anticipated to be around 101.
Wednesday:
- Australian inflation data, projected to decrease to 5.2%.
- New Zealand's interest rate decision, likely to hold steady at 5.5%.
- Inflation reports from Germany and Spain.
- Prelim GDP from the US, expected at 5%.
- Speech by Bank of England Governor Bailey.
Thursday:
- Manufacturing PMI from China, forecasted at 49.6.
- Beginning of OPEC meetings.
- Canadian GDP data, with an expected 0.1% increase.
- Core PCE Price Index from the US, projected at 0.2%.
- US unemployment claims, estimated to be around 219,000.
Friday:
- Employment data from Canada, with the unemployment rate predicted to stay at 5.7%.
- ISM Manufacturing PMIs from the US, anticipated at 47.7.
- Speech by Fed Chairman Jerome Powell.
- Note: This Friday does not include non-farm payrolls, which are scheduled for the following week.
Setups for This Week:
NASDAQ:
Primary View:
- Bullish sentiment despite a correction attempt at the start of the week.
- Testing key horizontal support at 15,900 points (green line).
- A potential false bullish breakout (yellow color) could signal a sell if the support is broken.
Alternative View:
- A bounce from the green support area would reinforce the bullish trend and create a buy signal.
AUDUSD:
Primary View:
- Buy signal activated following the breakout above the orange resistance.
- Target set at the black downtrend line.
Alternative View:
- A reversal below the orange support line would shift the sentiment to bearish, signaling a sell.
Silver:
Primary View:
- Bullish scenario with a buy signal activated after breaking the black mid-term downtrend line.
Alternative View:
- A reversal below the black uptrend line would change the market sentiment to bearish, presenting a sell signal.
