Weekly Market Commentary | 30.12 - 05.01

Monday

• Inflation from Spain: CPI is expected to come in at 2.6%, offering insight into European price trends.

• Chicago PMI: Anticipated at 42.7, this indicator will shed light on manufacturing activity in the U.S. Midwest.

• Pending Home Sales (U.S.): Expected to rise by 0.9%, signaling potential momentum in the U.S. housing market.

Tuesday

• Market Closures: Japanese, German, New Zealand, and Australian markets will remain closed for the final trading day of 2024.

• China Manufacturing PMIs: Expected at 50.3, this release will hint at the state of manufacturing activity in China as the year ends.

Wednesday

• Market Holiday: All major markets will be closed globally for New Year's Day.

Thursday

• Market Reopenings: After the holiday break, trading resumes.

• Unemployment Claims (U.S.): This weekly figure will provide an early gauge of labor market trends heading into the new year.

• Final Manufacturing PMIs (U.S.): Expected at 48.3, giving a clear picture of the sector's performance for December.

• Crude Oil Inventories (U.S.): A key release for energy traders, reflecting supply trends.

Friday

• ISM Manufacturing PMIs (U.S.): Also projected at 48.3, this indicator will offer deeper insights into the health of the manufacturing sector as 2025 begins.

Setups for This Week:

EURAUD

• Primary View

  • The price is currently testing a long-term uptrend line and a horizontal support.

  • A bounce off these two lines will be a signal to buy.

• Alternative View

  • A price closing below the red support will trigger a signal to sell.

NZDJPY

• Primary View

  • The price is breaking above key horizontal resistance marked with red.

  • As long as we stay above this level, the sentiment remains positive.

• Alternative View

  • A price dropping back below the red support will indicate a false breakout and a signal to sell.

USDCAD

• Primary View

  • The price is consolidating sideways within the orange rectangle and currently testing a long-term green uptrend line.

  • Remaining within the rectangle indicates no clear trading signal for now.

• Alternative View

  • A breakout to the upside of the rectangle will signal a buy opportunity, while a breakout to the downside will signal a sell opportunity.