Weekly Market Commentary | 24-30.10

By Tomasz Wisniewski|

Published: October 24 2022, 09:33 GMT+0

Weekly Market Commentary | 24-30.10

Want 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.


– The Chinese GDP came in better than expectations (3,9% vs 3.3%)

– European PMIs are coming in mostly under 50, with a few negative disappointments. EURUSD trades lower

– Still to come, PMIs from UK, which of course should heavily impact the GBP


– Fairly quiet on Tuesday, with the CB Consumer Confidence being the key data released on that day. A slight decline compared to the previous month is expected


– We start with inflation data from Australia, where actually a decline is expected (1,6% vs 1,8% before)

– A real blast for the Canadian Dollar with the BoC deciding the rates. A 50 bp rise is what the market is expecting this time around


– It’ll be ECB day with a rate decision crucial for Euro. A bulky rise of 75 bp is expected. Anything lower than that will be pure disappointment

– We’ll also get to know the GBP data from the US, a number which of course should affect almost every asset on the market


– Friday will bring us a thrill straight from Japan with the Monetary Policy Statement and a Press Conference where we’ll find out more about the future of yen

– This week will end with the GDP data from Canada, where around 0% is what economists are expecting.


Setups for This Week:



Primary View:

The main pair starts the new week on the upper line of the channel down pattern and a horizontal resistance on 0.988 (orange)

A combination of two resistances can be a great bearish factor, which may help to drag the price lower

The first target is on the mid-term blue up trendline

Alternative View:

If the price breaks the upper line of the channel down pattern, a great long-term buy signal will be created

Dow Jones

Primary View:

The Dow Jones finished last week with a great upswing, confirming the buy signal coming from the double bottom formation on the 38,2% Fibo

Monday starts with a small correction but it doesn’t change the main bullish sentiment here

The target is on the upper line of the wedge pattern (upper green)

Alternative View:

Should the price drop below the 38,2% Fibo, we’ll get a proper, long-term sell signal


Primary View:

CHFJPY as every pair with yen was heavily influenced by the intervention from the BoJ

Here, almost the entire movement is already gone, with the price close to long-term highs again

We are inside of the ascending triangle pattern. A breakout to the upside will give us a buy signal and a breakout of the orange up trendline will give us a signal to sell