Weekly Market Commentary | 24.04 – 30.04

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.

Monday>

– The new week will start slowly, with no key data being published on Monday

– The only number worth noticing will be the German Ifo Business Climate expected at 93.4

Tuesday>

– Tuesday will be quiet as well, with the Australian and Italian markets not operating

– The only key data will be the CB Consumer Confidence from the US which is expected to come at 104.1

Wednesday>

– On Wednesday, Australians will come back from their day off with important inflation data. Inflation is expected to drop to 6.6% from the 6.8% reported before

– We will also see the Core Durable Goods Orders number, where a drop of -0.2% is expected

Thursday>

– Thursday will be pretty empty, which is not really common

– The only key number published on that day will be the GDP in the US expected to rise by 2%

Friday>

– Friday will be by far the busiest day in the calendar and we will start with the BoJ policy statement and outlook followed by the press conference

– Traders on the Euro will be excited to see the Prelim CPI from Germany which is expected to come at 0.6%

– 0.2% – this is the expected GDP in Canada that will be reported before the start of the American session

– At the same time, we will also get the Core PCE Price Index from the US expected at 0.2%

Setups for This Week:

EURGBP

Primary View:

The pair is approaching the end of the symmetric triangle pattern

This week, we will probably witness a breakout indicating the direction for the next few weeks

Monday starts with a test of the upper boundary, which makes the bullish breakout slightly more probable

Alternative View:

If the price breaks the lower line of the triangle, we will get a proper signal to sell

AUDJPY

Primary View:

Friday ended with a proper drop, which cancelled the gains from the whole week

The drop did not happen in a random place as it was a bounce off the key, long-term down-trendline

That bounce confirms the bearish sentiment and a sell signal

Alternative View:

AUDJPY breaking the down-trendline would be a legitimate signal to go long

USDCAD

Primary View:

Last week brought about a comeback above the major up-trendline

This means that the breakout to the downside was a false one and it can serve as a proper signal to buy

As long as we stay above the up-trendline, the sentiment is positive

Alternative View:

USDCAD dropping below the up-trendline again will be a signal to go short

Source: https://www.axiory.com/analytics/weekly-market-commentary/weekly-market-commentary-24-04-30-04