Weekly Market Commentary | 17.07 – 23.07

By Tomasz Wisniewski|

Published: July 17 2023, 11:18 GMT+0

Weekly Market Commentary | 17.07 – 23.07

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.


  • China’s GDP comes in lower than expected at 6.3% against 7.1%
  • Retail sales in China, too, read lower than expected at 3.1%, as opposed to the anticipated 3.4%
  • Industrial production in China rises by 4.4%, beating 2.5% increase expectations
  • US Empire State Manufacturing Index to be announced, expected at -3.5%


  • Australia’s Monetary Policy Meeting Minutes release
  • Canadian inflation data expected to come in at 0.3%
  • US retail sales anticipated to rise by 0.5%


  • New Zealand’s inflation data expected to drop to 0.9%
  • UK inflation forecast to plummet to 8.2%


  • Australia to release job data
  • US Unemployment Claims data set to be announced


  • UK retail sales expected to rise by 0.2%
  • Canadian retail sales with a 0.5% anticipated increase


Setups for This Week:



Primary View:

  • Last week, the price managed to escape a flag pattern, which triggered a buy signal.
  • The price is positioned above the significant up-trend line (green in the chart), endorsing a positive sentiment for this pair.

Alternative View:

  • If the price retreats back within the flag pattern, it shall signal a sell scenario.


Primary View:

  • Gold experienced a substantial rise last week due to the inverse head-and-shoulder formation and a bounce off the 38.2% Fibonacci level.
  • Despite the week concluding with a minor correction, the buy signal on gold remains on.

Alternative View:

  • Should the price dip below the 38.2% Fibonacci level, it will act as a strong signal to go short.


Primary View:

  • The previous week culminated in a significant bounce off the long-term up-trend line (green). Despite the prevailing strong downtrend, this presents a compelling opportunity to go long.

Alternative View:

  • A price breach of the green line would suggest an opportunity to go short in the long term.