FXPRIMUS Weekly

Get our Analysts’ insights into FX, indices, and commodities

FXPRIMUS Weekly is your comprehensive technical and fundamental trading guide for the coming week! Access the latest news and in-depth technical indicator data, delivered by out market experts each and every week!

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Catching you up on last week:

•  With demand at a low, and storage running out, Crude Oil futures fell into a near -$40 Monday, ahead of the contract expiry, before later rebounding

•  South Africa shared plans for a $26 billion economic stimulus package, worth ~10% of the country’s GDP, and later announced they would move the country into Alert Level 4 from May, allowing some businesses to reopen under certain conditions

•  Weak PMI data globally, as well as a further 4.4 million jobless claims, taking the total to 26.4 million people filing for unemployment benefits, equal to approximately 15% of the US workforce.

•  For these stories and more, follow our COVID-19 Market News page, updated almost daily with the TL;DR versions of what you need to know each day

This week, keep an eye on:

• Central Banks, including the Fed and ECB, are expected to share their monetary policies

• Q1 GDP data is expected globally; while some countries only started to feel the impact later in the quarter, Europe could take a bit hit here.

• Some of the US’ biggest companies are expected to report their earnings, among them the remaining FAANG stocks, as well as PepsiCo, Tesla and Microsoft.

Let’s take a closer look…

Each week, we take a closer look at the markets that move, and those you may have missed!

AUDUSD

After the last month’s sharp rebound, the aussie has got close to reaching resistance levels around 0.645. It has not been able to hit new highs after last week and now looks compressed into a consolidation triangle. To the upside, look at 0.639, then 0.645 for an eventual breakout; to the downside 0.6315, then the 0.6275 area.

Gilead Sciences

This stock has been under the spotlight recently on the hope that they could have a treatment for Coronavirus. Typical of any stock reacting to the news, the moves are random at times. The light green channel is a standard deviation one, where statistically about 68% of the distribution mass should lay. Worth adding that the price is showing a mid-term rising pattern, potentially unrelated to the drug news.

OIL

Crude oil has staged a good rebound: $17.90 then the $20 area are strong resistances (that could be stretched up to $23. Fundamental problems concerning demand and supply are not solved yet, so be wary of further down movements going into next expiry (19th May).

NASDAQ100

As of April 23rd’s market close, Nasdaq100 is down 1.08% YTD. The price is now moving around the 61.8% Fibonacci level of this year’s drop, testing the lower bound of the channel where it has been trading since the bounce started. The 8650 area could be the first resistance, followed by 8800 and 9000, a high from recent days. Then 8350 and 8100 and 7950 to monitor to the downside.

Save The Date(s)

Here are the reports, meetings and other fundamentals to follow this week

April 27th 23:30 Unemployment Rate JPY
April 28th 08:00 ECB Bank Lending Survey EUR
April 29th 12:30 Annualized GDP USD
April 29th 18:00 FOMC Rate Decision USD
April 30th 12:30 ECB Press Conference EUR

 

*The above times are in GMT

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