Weekly Market Commentary | 15.05 – 21.05

By Tomasz Wisniewski|

Published: May 15 2023, 09:29 GMT+0

Weekly Market Commentary | 15.05 – 21.05

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.


– On Monday, the only key data shall be the Empire State Manufacturing Index from the US which is expected to come negative at -3.7


– Tuesday will be surprisingly busy and we will start with the Claimant Count Change from the UK, expected to come at 31.2K

– The next important bunch of data will be the Canadian inflation which, on a monthly basis, is expected to remain at 0.5%

– At the same time, we will witness publication of the retail sales from the US, expected to rise by 0.5%


– Wednesday will have only two tier-1 evens in the calendar, the first being the Wage Price index from Australia, where 0.9% is expected – this would be a small rise compared to the 0.8% reported before

– The second tier-1 event is a speech by the BoE governor Bailey


– Thursday will start early with job data from Australia, where we are expecting the employment change of 24.1K; and thus significantly lower than the 53K reported before

– We will also learn the usual unemployment claims from the US

– The day will end with a speech by the BoC governor Macklem


– Friday will bring about retail sales data from Canada and the week will end with another speech by a central banker – the Fed chairman Jerome Powell.


Setups for This Week:



Primary View:

Last week brought a bigger correction on the EURUSD

The price denied the ascending triangle pattern (orange) and broke its lower line

The sell signal is on, with the target on the 38,2% Fibonacci (blue)


Primary View:

Strengthening of the US wreaked havoc on some of the commodities

Silver dropped sharply and broke a key horizonal support on 24.4 USD/oz (yellow)

The price staying below the hat area is a strong signal to sell

Alternative View:

Silver climbing back above the yellow area will be a signal to go long


Primary View:

Monday starts with a stronger USD and weakening of the JPY, which means only one direction for the USDJPY – up

The price is inside of the symmetric triangle pattern and aiming at its upper boundary

Sentiment in the mid-term is positive

Alternative View:

The USDJPY breaking the red support would be a signal to go short


Source: https://www.axiory.com/analytics/weekly-market-commentary/weekly-market-commentary-15-05-21-05