Week Ahead May 13th – 17th
EURUSD pair closed last week’s trading session unchanged after a failing attempt to break higher and to maintain is bullish momentum created at the beginning of the week. Speeches from FED’s officials did not generate any volatility as all of them were on the same line as last week’s FOMC. The lack of any high impact economic release kept the pair hovering around same levels as it was widely expected.
As for this week, traders and investors will mainly focus on the US and EU consumer price index. If the US CPI will be confirmed lower we are expecting a selloff in US Dollar as markets will start to price in an interest rate cut by FED.
On the economic calendar we have on Tuesday, the German Harmonized index of consumer prices to remain un changed at 0.6% and US Producer price index unchanged at 2.4% On Wednesday, European Gross domestic product expected unchanged at 0.4%, US Consumer price index lower at 3.4% and US Retail sales lower at 0.4% On Friday, European core Harmonized index of consumer prices expected to remain unchanged at 2.7%
Technically the picture is neutral after last week’s close just above (38.2%) at 1.0768 In this week’s trading session if pair trades on the downside will test 1.0640 If trades on the upside will retest 1.0864 Our traders standing firm with long positions between 1.0863 and 1.0640 targeting profits at 1.0900 We are expecting more aggressive long positions on the way down and new short positions above 1.0900
GBPUSD pair closed last week’s trading session marginally lower after a failed attempt to break lower during BOE’s minutes. The central bank kept the interest rate unchanged as it was widely expected, although the 2 -7 voting from MPs to cut rates spread some signals in the market that the central bank could change its policy soon.
As for this week, traders and investors will mainly focus on US CPI release that expecting to print a lower number at 3.4% if this will be the case we are expecting a selloff in US Dollar and this could help the pair trade on the upside.
On the economic calendar we have on Tuesday, the UK ILO unemployment rate with expectations pointing higher at 4.3% and US Producer price index unchanged at 2.4% On Wednesday, US Consumer price index lower at 3.4% and US Retail sales lower at 0.4%
Technically the pair’s overall picture is neutral after last week’s close below (50%) at 1.2525 As for this week, if pair trades on the upside, will test 1.2600 Alternative, if trades on the downside, will test 1.2457 (38.2%) Our traders are long between 1.2566 and 1.2300 targeting profits above 1.2800 We are expecting more aggressive long positions on the way down and new short sellers above 1.2700 targeting profits at 1.2600
Pour un calendrier économique plus détaillé, veuillez consulter notre calendrier économique en direct sur :
https://tentrade.com/economic-calendar/
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