Week Ahead April 24th – 28th
FUNDAMENTAL DAN TEKNIKAL EUR/USD
Pair closed last week’s trading session unchanged after a choppy weekly trading session. The pair is looking for stronger catalyst before breaks higher or lower. The economic releases from both sides were on line with expectations. The inflation releases as it was widely expected remain steady on the same levels and this fully pricing in a 0.25% rate hike on the next FOMC. From the ECB side the hawkish tone remains intact with the divergence between the two central banks around same levels as the last 2 months.
As for this week, Traders and investors, will mainly focus on the Gross domestic product releases from both the US and the EU. The main catalyst behind any US Dollar move is the Durable good orders. General speaking the pair’s future is solely depended on the economic releases.
On the economic calendar, we have on Wednesday, the US Durable goods orders pointing higher at 0.8% On Thursday, US Gross domestic product expected lower at 2% On Friday, German gross domestic product expected higher at 0.2% European Gross domestic product lower at 1.4% German Harmonized index of consumer prices lower at 7.7% and US Michigan consumer sentiment unchanged at 63.5
Technically the picture is positive after last week’s close above 23.6%. In this week’s trading session if pair continues on the upside will re-test 1.1070 peak of January. If breaks and close above 1.1070 will open the road for 1.1200 Alternatively, if pair resumes downside we are expecting to re-test 1.0800 Our traders maintain open their short positions as of 1.0900 to 1.1030 targeting profits at 1.0700 We are expecting more aggressive short sellers on the way up and new buyers to appear at 1.0800 (38.2%)
FUNDAMENTAL DAN TEKNIKAL GBP/USD
Pair closed last week’s trading session marginally higher after a choppy weekly trading session. Economic indicators from both sides came out on line with expectations and this kept the pair hovering around same range of the last one month. Speeches from both central banks’ officials failed to guide investors on what next in the future policies.
As for this week, traders and investors will focus on the economic releases from the US, the lack of any economic releases from the UK will let the pair n the mercy of the US Dollar.
On the economic calendar we have on Wednesday, the US Durable goods orders pointing higher at 0.8% On Thursday, US Gross domestic product expected lower at 2% On Friday, US Michigan consumer sentiment unchanged at 63.5
Technically the pair is positive after last week’s close above 23.6% level. As for this week if pair continues on the upside and break above last peak of 1.2560 could open the road for 1.2650 Alternative if resumes the downside, and breaks below 23.6% will retest 38.2% Short sellers are standing between 1.2200 – 1.2520 targeting profits at 1.2000 we are expecting more aggressive short sellers on the way up and new buyers to appear around 1.2064 targeting profits above 1.2200
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