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 our 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:
Please bear in mind that as we continue to see the price of oil fluctuate, in the event it drops below $5.50, we will be disabling trading on oil contracts. That means no new positions can be opened but existing positions can be closed.
Catching you up on last week:
• Reported COVID-19 cases have surpassed the 3 million mark globally with one-third of them coming from the US alone. Stay ahead of the pandemic and its effect on financial markets by following our new COVID-19 Market News page.
• The rollercoaster that is the price of oil did not disappoint — black gold dipped to below $11 before crude inventories saw fewer barrels produced than expected, sending it back up again by the middle of the week.
• GDP data showed that the US economy shrank by 4.8% in Q1, its biggest decline since the 2008 crash and the end of a record-long 11-year economic expansion.
This week, keep an eye on:
• APAC data including China’s PMI and Trade Balance, New Zealand’s Unemployment, and the Interest Rate Decision and Monetary Policy Statement out of Australia.
• Disney, Roku, and Lyft are among the many companies to post their quarterly earnings.
• Nonfarm payrolls on Friday; if recent Jobless Claims are anything to go by, we could see the highest unemployment rate in years.
Let’s take a closer look…
Each week, we take a closer look at the markets that move, and those you may have missed!
On this 4h chart, the price action looks compressed. While still in a downtrend longtime, 1.0730 has worked like a rising low a few days ago. A break to the upside from the current levels could bring the price toward 1.0890-1.0930. Above 1.10 could be technically interesting.
As e-commerce and home deliveries boom, FedEx shares have been depreciating since mid-2018. During the last 18 months, it has been moving within a downtrend channel, lost at the beginning of 2020, and recovered recently because of the overall market rally. Could be trading within the 120-138 range next, but more importantly, it is one of the stocks that has not followed the Central Bank rally during recent years and is far from its highs.
Despite oil’s volatility, NatGas has remained stable. The range has been clear for weeks: 1.63 – 1.97 and it’s been trading above it for a few days. Look out for a clear break of the 2.09 level for an upward move.
The German index has pushed higher not much like other indices in recent sessions. After a steep rebound from lows, it has entered ordered channel trading. It’s now trading slightly above previous highs in the 10800 area (referring to this 1H chart). If it does retrace, the 10350-10400 area will be a support to the price action.
Save The Date(s)
Here are the reports, meetings and other fundamentals to follow this week
|May 4th, 2020||08:00||EU Manufacturing PMI||EUR|
|May 5th, 2020||04:30||RBA Interest Rate Decision||AUD|
|May 5th, 2020||Close||Walt Disney Co. earnings||DIS|
|May 7th, 2020||11:00||BoE Interest Rate Decision||GBP|
|May 8th, 2020||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.