Weekly Market Commentary | 21-27.11

By Tomasz Wisniewski|

Published: November 21 2022, 11:57 GMT+0

Weekly Market Commentary | 21-27.11

Wondering 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.


– With no Tier-1 data on today’s agenda, traders shall look for impulses elsewhere


– Tuesday starts with a speech by the RBA Governor, Lowe

– We will also find out the retail sales numbers from Canada, where we are expecting a slight rise compared to the previous month’s numbers (1% vs. 0.7%)

– We will finish with speeches by three US central bankers. FOMC members Mester, George and Bullard will share their thoughts on economy and monetary policy


– Wednesday is by far the busiest day of the week

– We will start with an interest decision in NZ, where the rise of 75bp is expected

– We will then move on to Europe and its PMIs marathon, expecting rather weak numbers – both below 50 and worse than in the previous month

– In the evening, we will take a look at the Services PMI in the US, as well as the FOMC Meeting Minutes


– On Thursday, the US market is closed due to the Thanksgiving Day

– The only data worth mentioning will be Retail Sales in NZ, where the rise of 0.5% is expected, compared to the -2.3% reading from the previous month


– The Friday after the Thanksgiving will be quite uneventful as well, as there is no important data worth mentioning


Setups for This Week:



Primary View:

Last week was all about the defense of the 139 horizontal support (green)

The support was defended, bringing up a juicy upswing on Monday

Target is on the 144.8 (orange)

Alternative View:

Price breaking the 139 support will give us a sell signal, but this scenario is less likely to happen


Primary View:

Last week, price tried to break a major down trendline (black) and the 38,2% Fibonacci

Buyers failed, which confirmed the resistance and brought a mid-term sell signal

Target is on the 23,6% Fibonacci

Alternative View:

AUDUSD breaking the 38,2% will bring a proper buy signal


Primary View:

The first half of November was tremendous for Gold

The last few days brought up a bearish correction, which is aiming a very important support

That support is the 23,6% retracement of the downtrend and 38,2% retracement of the recent upswing