Week Ahead January 02 – 05
EURUSD pair closed last week’s trading session marginally higher after a muted holiday session. Without any economic releases or any official’s speeches, the week was muted and trading in a very narrow range.
As for this week, traders and investors will be focus on the FOMC minutes due to be release on Wednesday. And US non-farm payrolls on Friday. No change on interest rate is expected at this meeting. The inflation numbers will be the strongest catalyst behind any price action for this week.
On the economic calendar we have on Wednesday, the US ISM manufacturing PMI pointing higher at 47.1 On Thursday, the German Harmonized index of consumer prices pointing higher by 0.2% and US ADP employment to show an additional 113K new jobs. On Friday, European Harmonized index of consumer prices expected lower at 3.5% US non-farm payrolls to show another 163K and US ISM services PMI expected lower at 52.6
Technically the picture is positive after last week’s close above (61.8%) at 1.1039 In this week’s trading session if pair continues on the upside could test 1.1270 (100%) If resumes on the downside it will retest 1.0960 (61.8%) Our traders are short at 1.0966 and 1.1107 targeting profits at 1.0760 We are expecting more aggressive short positions on the way up and new long positions at 1.0860 (50%)
GBPUSD pair closed last week’s trading session marginally higher after a muted holiday session. Without any economic releases or any official’s speeches, the week was muted and trading in a very narrow range.
As for this week, traders and investors will be focus on the FOMC minutes due to be release on Wednesday. And US non-farm payrolls on Friday. No change on interest rate is expected at this meeting.
On the economic calendar we have on Wednesday, the US ISM manufacturing PMI pointing higher at 47.1 On Thursday, US ADP employment to show an additional 113K new jobs. On Friday, US non-farm payrolls to show another 163K and US ISM services PMI expected lower at 52.6 the lack of any UK economic releases will let the pair in the mercy of US Dollar
Technically the pair’s overall picture is positive after last week’s close just above (61.8%) at 1.2734 As for this week, if pair continues on the upside, will accelerate gains and open the road for 1.3126 Alternative, if resumes on the downside, will retest 1.2596 (50%) Our traders stay with short positions at 1.2723 targeting profits at 1.2500. We are expecting more aggressive short sellers above 1.2900 targeting profits at 1.2500 and long positions at 1.2460 targeting profits at 1.2825
For more detailed economic calendar events please visit our live economic calendar on:
https://tentrade.com/economic-calendar/
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