Weekly Market Commentary | 11.12 – 17.12

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:

• A subdued beginning with no significant tier-1 data.
• Reserve Bank of Australia Governor Bullock’s speech set to conclude the day.

Tuesday:

• The UK reveals its Claimant Count Change, anticipated at 20.3K.
• Key data from the U.S. expected, with a slight decrease in yearly inflation to 3.1% projected.

Wednesday:

• The UK’s GDP figures to be released, with expectations of a minor drop to -0.1%.
• The U.S. is in the spotlight with Federal Reserve’s interest rate decision. While the rates are anticipated to hold at 5.5%, the accompanying statement and economic projections could significantly impact markets.

Thursday:

• Awaiting Australia’s job market data, with unemployment possibly climbing to 3.8%.
• A flurry of interest rate decisions from Switzerland, the UK, and the Eurozone, with rates likely to stay unchanged.
• U.S. retail sales data is also due, with a forecast decline of -0.5%.

Friday:

• China kicks off with industrial production and retail sales figures.
• A barrage of PMI data from major economies, with most figures expected below the 50 threshold. Notable exceptions are the UK and U.S. services sectors, predicted to come in above 50.

Setups for This Week:

Gold

Primary View

• The price has breached both the midterm uptrend line (red) and horizontal support at $2,010 (yellow).
• Currently trading below these levels, indicating a bearish signal.

Alternative View

• A recovery above the yellow zone could transform the outlook to bullish.

EURCHF

Primary View

• The pair is finding support at a crucial level of $0,944 (green horizontal line).
• The support holding firm could pave the way for a midterm bullish trend.

Alternative View

• A break below the green support could trigger a shift to bearish sentiment.

EURNZD:

Primary View

• Recent price action shows a rebound from the green support at $1,752.
• The formation of an inverse head-and-shoulders pattern (blue) and a break above its neckline (red) provide a bullish mid-term signal.

Alternative View

• A decline below the green support zone would switch the outlook to bearish.