INTRODUCTION:
Having a summarized view of the market for the week, helps in charting your day-to-day activity in the market.
Today, we will be looking at the technical and fundamental analysis for the week, so as to enable us to have a balance in the market for this week.
WEEKLY FUNDAMENTAL ANALYSIS:
In the United States, the Labour market report will take center stage. Investors will also closely monitor JOLTs job opening, ISM manufacturing and Service PMIs, factory Orders, and foreign trade data. Globally, attention will be on the interest rate decisions from the European Central Bank, and Bank of Canada, Inflation rates will be released for Switzerland, GDP growth rates will be reported for Australia, and Canada, as well as service PMIs for China. Additionally, foreign trade data will be released for China, Australia and Canada.
ECONOMIC CALENDAR (GMT+1): high impacts only.
EURUSD ANALYSIS:
From our chart, EURUSD, is gradually developing a bearish momentum, supported by lower highs from our 4hrs and 1hrs timeframes. But currently the market is on our demand zone [email protected] and may push a little upward first and then push down to break our trendline support and the demand [email protected]. if this happens, it will push further to test demand zones 4 and [email protected] and 1.07654 respectively. Again, wait for a break and retest at each zone before coming in.
GBPUSD ANALYSIS:
GBPUSD is developing both an upward and downward momentum simultaneously. this structure creates a pressure in the market. hence, looking for a breakout. If the market breakout below the trendline support, will test our demand zone [email protected] and if it succeeds in breaking zone 4, will push to demand zone 3 and [email protected] and 1.24644 respectively. Again, if it succeeds inn breaking our trendline resistance and supply zone 2 above, will test supply zone [email protected].
ANALYSIS OF GBPJPY:
Looking at the chart above, the market is currently at our supply zone 1, if this zone holds, we expect the market to retest and break our trendline support to hit our demand zone [email protected]. If this zone breaks will push further to the demand zone [email protected] and then to demand zone [email protected]. but we wait for break and retest before trading any of the assets.
GOLD ANALYSIS:
From our chart, Gold is currently on our trendline support. It is both developing a downward and upward momentum. Hence, the market is under pressure expecting a breakout. If it breakout above the trendline resistance may test supply zone 2 and [email protected] and 2442.73 respectively. But if it breaks below our trendline support and demand zone [email protected] will push further to demand zone 3 and [email protected] and 2230.31 respectively.
ANALYSIS OF WTI:
WTI is currently on our trendline support, and we also have the demand zone 2 as a support level for WTI. We expect an upward push to the trendline resistance the supply zone 3@ 80.078. If this trendline and supply zone 3 is broken, WTI may push further to supply zone [email protected]. Conversely, if it breaks the demand zone 2, may test demand zone [email protected].
CONCLUSION:
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