Weekly Market Outlook

Weekly Market Outlook: This week, key economic indicators and central bank decisions will impact financial markets.
Investors will focus on data from China, the U.S., primary commodities, and movements in Primary currency pairs.
This article outlines the significant events and trends to watch.

 

 

Content

Economic Calendar

Gold

Oil

Dow Jones

GBPUSD
EURUSD

USDJPY

 

 

 

 

 

Economic Calendar

Monday, July 22

CNY: PBoC Prime Lending Rate

Tuesday, July 23, 2024
USD: Existing Home Sales (June)

Wednesday, July 24

USD: Manufacturing PMI (July)
CAD: BoC Interest Rate Decision

USD: Services PMI (July)

Thursday, July 25
USD: GDP (Quarterly) (Q2)

Friday, July 26
USD: Core PCE Price Index (Yearly) (June)

 

Gold

Gold dropped about 0.5% last week after initially rising 3%.
The markets are awaiting the PMI data and GDP figures.
Technically, gold reached support levels of 2393-2387 and is expected to rise again to 2433.

 

WTI Crude Oil

Due to selling pressure and liquidity shortages, WTI crude oil futures fell to around $78 per barrel.
If it holds above the critical support level of $78.25, it could rise to the resistance level of $80.50.
Breaking this resistance could lead to $87.65.
Conversely, if it breaks below the key support, it could continue falling to retest the $72.50 support level.

 

 

 

 

 

US Dow Jones Index

The Dow Jones Index rose about 3.00% last week before falling to close at a 0.5% gain.
The markets are awaiting PMI data and GDP figures.
Technically, the index is near the support levels of 39900-40100 and is expected to rise again to 40800.

 

GBPUSD

The GBP fell to 1.29 against the USD, facing intense selling pressure from the 1.3044 resistance level.
Continued selling pressure suggests a potential test of the 1.2780 support level,
with a break below pushing it to 1.2615. Holding above 1.2900 could lead to a rise to 1.3044 and then 1.3150.

 

EURUSD

The pair fell last week after starting strong.
The markets are awaiting PMI data and US GDP figures.
Technically, it broke the support levels of 1.0895 and the upward trend line, with further declines expected to 1.0850.

 

USDJPY

The USD stabilized around 157 against the JPY but was still under pressure from the 162.00 resistance level.
It broke essential support levels that turned into resistance.
It will likely climb again if it rises above the 158.75 resistance level.
Failing to surpass the resistance could lead to a decline to the 154.60 support level,
and breaking below could push it to the vital support of 152.00.

 

Weekly Market Outlook

Essential News to be Traded This Week

Essential News to be Traded This Week: As we enter the final week of May 2024,
traders should monitor several critical economic announcements expected to influence market movements.
This week brings essential data releases and economic indicators that could impact trading strategies and market sentiment.
Here’s a detailed overview of the key events and their potential effects on various markets.

 

Content
Economic Calendar
Gold
Oil
Dow Jones
GBPUSD
EURUSD
USDJPY

 

 

 

Economic Calendar

Monday, May 27, 2024 

CAD Wholesale Sales (Monthly)

Tuesday, May 28, 2024 

USD CB Consumer Confidence Index (May)

Wednesday, May 29, 2024 

EUR Consumer Price Index (Yearly) (May)

EUR German Consumer Price Index (Monthly) (May)

Thursday, May 30, 2024 

EUR Core Consumer Price Index (Excluding Food and Energy) (Yearly)

USD Gross Domestic Product (Quarterly) (Q1)

USD Initial Jobless Claims

Friday, May 31, 2024 

EUR Consumer Price Index (Yearly) (May)

USD Core Personal Consumption Expenditure Price Index (Yearly) (April)

 

Gold

Gold prices dropped approximately 3.85% during last week’s trading following the Federal Reserve’s minutes,
which expressed concerns about inflation.
The markets await the US GDP, jobless claims,
and personal consumption expenditure data.
Technically, gold fell from the indicated harmonic pattern, closing below the 200 moving average.
If it closes below support level 2330, gold may head toward 2290.

 

Oil

West Texas Intermediate (WTI) crude oil futures prices stabilized near $78 per barrel.
They continue to face resistance around $80 and support at $76, moving within a sideways range since the beginning of May.
If they break the resistance level, they are expected to rise to the $84 – $87 range.
Conversely, breaking the support level around $76 could push prices to retest the $72 – $68 support levels if they turn downward.

 

 

 

US Dow Jones Index

The Dow Jones index dropped approximately 2.60% during last week’s trading following the Federal Reserve’s minutes,
which expressed concerns about inflation. The markets await the US GDP, jobless claims,
and personal consumption expenditure data.
Technically, the index fell from the harmonic pattern, breaking the support level 39225 and heading towards the 38600 level.

 

GBPUSD

The pound rose to 1.27 USD, moving upward since April, rebounding from the 1.23 support level.
With prices breaking the resistance around 1.2700, it is expected to continue rising,
facing further resistance around 1.2800 and then at the main resistance at 1.2895.
If it turns downward, breaking the support level around 1.2465 could likely lead to a retest of the main support level around 1.2300.

 

EURUSD

The pair dropped approximately 0.55% during last week’s trading before closing with a 0.20% decline.
The markets await the US GDP, jobless claims, and personal consumption expenditure data.
Technically, the pair fell from the harmonic pattern, and if it breaks and closes below the 1.0800 support level,
it may head toward the 1.0750 level.

 

USDJPY

The dollar stabilized near 157 yen, maintaining an upward trend since the beginning of the year.
It is expected to continue rising, with prices holding above the 156.80 resistance level,
potentially pushing it to the main peak around 160.40.
If it turns downward, breaking the support level around 151.95 could likely lead to a return to the support area around the 146 levels.

 

Essential News to be Traded This Week