Weekly Market Commentary | 29.05 – 04.06

By Tomasz Wisniewski|

Published: May 29 2023, 08:14 GMT+0

Weekly Market Commentary | 29.05 – 04.06

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.


– The vast majority of leading financial markets will be closed today due to Whit Monday celebrations


– Tuesday will start with the GDP number from Switzerland which is expected to come at 0.1%

– The second key piece of data will be the CB Consumer Confidence from the US expected to come at 99.1


– The last day of May will be juicy! We will start early with the inflation number from Australia that is expected to come at 6.4%.

– We will also get the prelim inflation reading from Germany which is expected to drop to 0.2%

– Canada will also publish its GDP expected at -0.1%

– The day will finish with the JOLTS Job Openings that are expected to drop to 9.41M


– Thursday will bring several additional PMI numbers from the leading economies, with the ISM Manufacturing PMI from the US being the leading one

– We will also learn the inflation number of the Eurozone which is expected to drop to 6.3%


– It will be the first Friday of the month which means learning the NFP from the US. The expectations are really low at 189K


Setups for This Week:


Dow Jones

Primary View:

  • The last week started poorly as the price was dropping lower and threatening the lower line of the symmetric triangle
  • Friday brought about a decisive bounce off the support, which cancelled the bearish sentiment
  • Currently, the most probable scenario is the price climbing towards the upper line of the triangle

Alternative View:

  • If the price breaks the lower line of the triangle, we will get a proper signal to sell


Primary View:

  • The EURUSD continues trading in the downtrend, but it looks like the sellers are losing the momentum
  • The price is still below key resistance at 1.076 (blue) and down-trendline
  • As long as we stay below, the sentiment is negative

Alternative View:

  • The price breaking above the two resistances will bring us a proper signal to buy



Primary View:

  • The USDCHF is currently in a place where traders need to make an important decision about the mid-term situation on this pair
  • We are below the key horizontal resistance inside of the flag formation
  • As long as we stay below the green area, the sentiment is negative and a breakout of the lower line seems more probable

Alternative View:

  • The price climbing above the green resistance would trigger a proper, mid-term signal to buy