Our target one for EURUSD was hit yesterday and the pair rallied higher for the rest of the day. Economic stimulus talk and positive economic data from the US helped the pair higher. The Philly Fed Manufacturing Index release was a nice surprise beating analyst consensus expectation by 4.3 index points (26.3 vs. 22 expected). Unemployment claims were a disappointment but it didn’t slow the rally as traders were focusing on potential new stimulus. The main risk events today include the UK and Canadian retail sales numbers and the ECB President Lagarde’s speech. See our economic calendar for more details. By reading further you agree with our disclaimer at the bottom of this page and acknowledge that we do not provide investment advice.

The price of gold ranged between the 1856.50 support and 1864.50 resistance just like we suggested in yesterday’s Price Action Analysis video. Gold has now moved above the resistance and outside of the downward-pointing regression channel. The fact that the price of gold has been able to push above these technical barriers suggests the bears are no longer in charge and that this market has now more upside than downside potential. The key support and resistance levels are 1852.60, 1860.80, 1884.85 and 1893.50 and 1899.20. We are looking for long trade signals above the 1860.80 support with intraday targets at 1879.30 – 1874.75 (T1)  and  1889.15 – 1884.65 (T2). For more analysis on this and many other markets, you may want to subscribe to TIOmarkets YouTube channel.

Recent macroeconomic data releases

  • New Zealand Official Cash Rate 0.25%, 0.25 expected
  • US CPI 0.0%, 0.1% expected
  • US Core CPI 0.0%, 0.2% expected
  • US Unemployment Claims 709K, 730K expected
  • US Core PPI 0.1%, 0.2% expected
  • US PPI 0.3%, 0.2% expected
  • Prelim UoM Consumer Sentiment 77.0, 82.1 expected
  • US Core Retail Sales 0.2%, 0.6% expected
  • US Retail Sales 0.3%, 0.5% expected
  • Canadian CPI 0.4%, 0.2 expected
  • Canadian ADP Non-Farm Employment Change -79.5K
  • US Philly Fed Manufacturing Index 26.3, 22.0 expected
  • US Unemployment Claims 742K, 707K expected

Macroeconomic data releases today

  • UK Retail Sales, -0.3% expected
  • ECB President Lagarde Speaks
  • Canadian Core Retail Sales 0.0% expected
  • Canadian Retail Sales 0.2% expected

You may access the times and dates in the economic calendar here.

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Trade Safe!

Janne Muta
Chief Market Analyst
TIOmarkets.com

TIOmarkets offers exclusively consultancy-free service. The views expressed in this blog are our opinions only and made available purely for educational and marketing purposes and do NOT constitute advice or investment recommendation (and should not be considered as such) and do not in any way constitute an invitation to acquire any financial instrument or product. TIOmarkets and it’s affiliates and consultants are not liable for any damages that may be caused by individual comments or statements by TIOmarkets analysis and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his/her investment decisions.

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