The most important reports and news expected to be discussed this week: Our weekly market analysis provides information
to help make informed decisions in the financial markets.
Content
Important reports
Important reports
Tuesday, May 7
06:30 AUD – Australian Central Bank Interest Rate Decision (May)
Wednesday, May 8
16:30 USD – U.S. Crude Oil Inventory
Thursday, May 9
13:00 GBP – Bank of England Interest Rate Decision (April)
14:30 USD – Unemployment Claims Rate
Friday, May 10
08:00 GBP – Gross Domestic Product (Annual) (Q1)
Saturday, May 11
03:30 CNY – Consumer Price Index (Annual) (April)
03:30 CNY – Producer Price Index (Annual) (April)
Gold
Spot gold prices have stabilized at $2301 per ounce, facing pressure from expectations
that the Federal Reserve may continue to maintain higher interest rates for an extended period.
Technical analysis suggests prices have stabilized above a critical support level at $2291,
and if they hold, there’s potential for prices to rise back to the primary peak.
However, a clear break below this support could signal a further decline to retest the pivot support level around $2149.
Oil
West Texas Intermediate crude futures prices have dropped to $77 per barrel.
Prices form lower peaks and troughs than previous ones,
breaking through a support and demand zone around $80.
Analysts expect prices to continue falling to retest the support zone around $75-$76
If prices rise and stabilize above $80.75, the likelihood of reaching the main peak around $87.60 could increase.
GBPUSD
The pound has stabilized around $1.25, benefiting from the dollar’s weakness
after Federal Reserve Chair Powell indicated in the press conference following last Wednesday’s monetary policy meeting
that an interest rate cut is expected this year.
Technically, prices failed to break through the resistance level at $1.2570,
indicating a potential continuation of the downward trend to retest the support at $1.2300.
However, if prices consolidate above this resistance,
it could enhance the potential for a rise to the next resistance levels around $1.2710 – $1.2895.
EURUSD
The euro has stabilized around $1.07, moving in a medium-term downward trend
and in a correction phase where it broke a minor resistance level at $1.0724.
However, it will face another resistance level coinciding with the trend line at $1.0885.
If prices hold above it, the potential could increase to $1.1143.
Conversely, if the minor resistance-turned-support level is breached, a decline to $1.0600 is expected.
USDJPY
The yen rebounded following an informal intervention by the Japanese government
to support the local currency’s exchange rate after reaching its lowest level in 34 years.
Prices reached a support level of 151.95;
if they consolidate above this level, a rise to 158-160 levels is expected.
However, a clear break below this support would signal a continuation of the decline to the support zone around 146.
The most important reports and news expected to be discussed this week