Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know.
Monday>
- The vast majority of leading financial markets will be closed today due to Whit Monday celebrations
Tuesday>
- Tuesday will start with the GDP number from Switzerland which is expected to come at 0.1%
- The second key piece of data will be the CB Consumer Confidence from the US expected to come at 99.1
Wednesday>
- The last day of May will be juicy! We will start early with the inflation number from Australia that is expected to come at 6.4%.
- We will also get the prelim inflation reading from Germany which is expected to drop to 0.2%
- Canada will also publish its GDP expected at -0.1%
- The day will finish with the JOLTS Job Openings that are expected to drop to 9.41M
Thursday>
- Thursday will bring several additional PMI numbers from the leading economies, with the ISM Manufacturing PMI from the US being the leading one
- We will also learn the inflation number of the Eurozone which is expected to drop to 6.3%
Friday>
- It will be the first Friday of the month which means learning the NFP from the US. The expectations are really low at 189K
Setups for This Week:
Dow Jones
Primary View:
- The last week started poorly as the price was dropping lower and threatening the lower line of the symmetric triangle
- Friday brought about a decisive bounce off the support, which cancelled the bearish sentiment
- Currently, the most probable scenario is the price climbing towards the upper line of the triangle
Alternative View:
- If the price breaks the lower line of the triangle, we will get a proper signal to sell
EURUSD
Primary View:
- The EURUSD continues trading in the downtrend, but it looks like the sellers are losing the momentum
- The price is still below key resistance at 1.076 (blue) and down-trendline
- As long as we stay below, the sentiment is negative
Alternative View:
- The price breaking above the two resistances will bring us a proper signal to buy
USDCHF
Primary View:
- The USDCHF is currently in a place where traders need to make an important decision about the mid-term situation on this pair
- We are below the key horizontal resistance inside of the flag formation
- As long as we stay below the green area, the sentiment is negative and a breakout of the lower line seems more probable
Alternative View:
- The price climbing above the green resistance would trigger a proper, mid-term signal to buy
