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!
With a new week comes new market opportunities. Here’s a recap of what you may have missed, as well as some highlights of the week ahead of us:
Catching you up on last week:
• US Retail Sales are up by 17.7% — its highest-ever monthly surge — after 2.5 million people returned to work in May.
• Unemployment data out of both the UK and Australia is on the rise, and in even higher than expected.
• EU leaders wrapped the week up with a summit on a pandemic recovery plan, only without any final consensus. The next is scheduled for mid-July.
This week, keep an eye on:
• The Interest Rate Decision and Statement from New Zealand
• PMI data coming in from throughout Europe and the UK with mixed expectations
• Come Thursday, out of the US we have Jobless Claims, Core Durable Goods Orders, Q1 GDP and finally, Nike Inc. is reporting its earnings after market close
Let’s take a closer look…
Each week, we take a closer look at the markets that move, and those you may have missed!
At the end of April, it looked like NatGas was starting an uptrend, having traded as high as 2.25 but the long-term bearish pressure got the upper-hand and the price is back in the 2020 wide range, 1.60-2.00. To the downside, 1.67, 1.64, 1.60; a break of the last could be dangerous for the price. To the upside, the 1.788-1.80 area represents a tough resistance where the most recent clear trendline is passing as well. RSI and MACD are negative, indicating weakness.
The Rand made its comeback in April and May, finally hitting the green trendline, rebounded, and is starting to depreciate once again. The first resistance at 17.20 has now been broken, also thanks to USD strength. The next intermediate target is sitting at 17.60, then a decisive resistance in the 17.85 area will be a test of both the upper/descending bound of the previous triangle and of the 66 EMA. To the downside, 17.05, 16.85 and the rising trend, now at 16.66. MACD and RSI are now positively inclined.
It has rebounded up to the 50% FIB level and is now trading at 38.2% (of the March drop). The index saw recent highs about two weeks ago, helped by the strength in the euro. We can see a clear uptrend (now passing at ~6850); a clear range (6460-7050) tested from the upside and the hypothesis of a downtrend. MACD has crossed to the downside. Supports at 7200, 7030 and (very important) in the 6850-6900 area. To the upside, 7585 and a break of 7750 would be the first positive signal.
The automaker is showing textbook divergence — the price is trading higher than its last highs; both RSI and MACD are not confirming such a movement. Technically, to the upside, the movement could be limited to the 1040/1050 area with some short-lived overshooting; to the downside, close to 940 is where the recent uptrend will be tested. A break would be a negative signal; the first support at 910, then 845. Between 720 and 830 there are at least two zones where the price has gapped recently, indicating that the movement through them could be fast.
Save The Date(s)
Here are the reports, meetings and other fundamentals to follow this week
|June 22nd||14:00||Existing Home Sales||USD|
|June 23rd||08:30||UK Manufacturing PMI||GBP|
|June 24th||02:00||RBNZ Rate Decision||NZD|
|June 24th||08:00||German Ifo Business Index||EUR|
|June 25th||12:30||GDP QoQ||USD|
*The above times are in GMT
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