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 our market experts each and every week!

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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:

•  Recorded Coronavirus cases surpassed 5 million. Follow our COVID-19 Market News page for daily posts.

•  Walmart posted earnings, showing a 10% increase for in-store sales and a 74% surge in e-commerce sales as more people shop online.

•  On the data front, a further 2.4 million Americans file for unemployment; the nine-week tally is now a whopping 38.6 million, and 2 million British people did the same in April.

This week, keep an eye on:

•  A shorter week for US and UK markets, but the week kicks off with German GDP and the Ifo Business Climate Index

•  New and later Pending Home Sales data out of the US; March saw a 21% drop in pending home contracts and for April, a further 10% decline is expected

•  As more lockdown measures are lifted globally, could we be looking at the beginning of the end of the pandemic’s economic havoc?

Let’s take a closer look…

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

EURGBP

The euro has regained strength while the pound underperforms. Though the mid to long-term trend isn’t heading anywhere definitive, the pair is bullish over a short-term period. To the upside, the first resistance will be around 0.9035, a break may mean a further rally with a 0.915 target; to the downside, check the steepest trendline (should pass close to the 0.8870 support), then 0.8785 and 0.87.

HK50

Since early April, its price has been trading in a range of 23450-24700. During the last week, it’s pierced the steepest downtrend but has been rejected by the 66 EMA. Both RSI and MACD are flat, into slightly bullish territory. In the event of a break to the downside, the first target would be around 22750; to the upside, there’s more room, but check 25750 carefully.

Palladium

In this 4h chart, you can see the levels you want to monitor: 1765, 1880, 1950, 2125. You can also see that the price is now facing the downtrend starting early March (around 2100). The price is above both slow and fast MA and indicators are showing a constructive pattern. In the case of a break above 2100, look to 2275 first and then 2360. To the downside, you can follow the indication of the previous levels.

Chegg Inc.

It’s recently gapped up, posting a 37% gain and trading at values between 58.10 and 68.75. To the downside, watch the lower bound of the range, the steepest light green trend (54/57) and in the event of sudden weakness, the filling of the gap (close to 45). To the upside, take note of a break in the 69 area.

Save The Date(s)

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

May 25th 06:00 German GDP (QoQ) EUR
May 25th 08:00 German Ifo Index EUR
May 26th 14:00 New Home Sales USD
May 28th 12:30 GDP; Jobless Claims USD
May 29th 09:00 CPI EUR

 

*The above times are in GMT

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