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:
• Apple hosted its annual WWDC virtually, announcing new products and system updates that include Scribble 🖊️ and a digital car key 🔑 — AAPL traded at an all-time high on Tuesday
• US indices tanked Wednesday as states like California and Florida have seen spikes in confirmed COVID-19 cases 📊 — the Dow Jones Industrial Average fell 710 points
• The EIA’s oil inventories showed 1.442m barrels, compared to 229k expected 🛢️ the increase in production sent WTI down nearly 8%
• Initial Jobless Claims came in higher than expected at 1.48 million — 200k more than expected, marking 14 consecutive weeks of >1million new first-time benefit claims 💰
This week, keep an eye on:
•US jobs data is moved forward to Thursday as Friday is a federal holiday — check out the affected markets here. Analysts forecast that 3 million jobs were added over June and the Unemployment Rate is expected to drop to 12.3% from 13.3% in May.
• Manufacturing PMI data is due from the UK, US, across Europe and China throughout the week
• GDP out of Canada for April, and both QoQ and YoY from the UK
Let’s take a closer look…
Each week, we take a closer look at the markets that move, and those you may have missed!
XAGUSD faces the first resistance at 17.95, then a clearer one around 18.40. The first two floors are very clear:17.35 and 16.93. If this latter one is breached, the yellow area should be monitored. When a trend is broken, the price generally stays lateral and eventually inverts. Worth monitoring the correlation with gold.
The channel is clear; the steepest trend has already been lost and is probably suggesting some days of lateral movement. Price is below 200 SMA and both RSI and MACD are turning negative. To the downside, 25030, 24555, 23900; 25850 and 26300 to the upside.
The red trendline has been carefully respected by the price action. This means that 316.5 is a strong resistance; 320.20 eventually being the next one. To the downside 312.5, 308.55, 304 and 300 — this could be a nice target of a down movement.
The company posted its earnings after Wednesday’s market close. The shortest uptrend has been lost, indicating a weakening of the price action and probably some side movement as a result. Shares could easily go up and retest 4.90, 5.10 and even 5.25. It wouldn’t be surprising to see it trade down to 4.55 or even 4.30, especially if the overall conditions of risk-off from the past week persist.
Save The Date(s)
Here are the reports, meetings and other fundamentals to follow this week
|June 29th||14:00||Pending Home Sales||USD|
|June 30th||09:00||CPI (YoY) (June)||EUR|
|July 1st||07:55||German Unemployment Change||EUR|
|July 1st||08:30||Manufacturing PMI||GBP|
|July 2nd||12:30||Employment Situation (NFP)||USD|
*The above times are in GMT
Any opinions, news, research, analyses, prices or other information contained here are provided as general market commentary and do not constitute investment advice. FXPRIMUS does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.