Highlights

ATFX News Update_Martin

Author: AFTX   |   Latest post: Fri, 23 Aug 2019, 11:05 AM

 

ATFX Market Update - 2019.05.22

Author:   |    Publish date:


Personal opinions today
 
There were no major data releases in Asia trading hours today. Markets were focused on a speech by the ECB President speech. The UK April CPI and retail sales index and Canada's retail sales for March, as market focus data we should pay attention. The data will affects the relative currency fluctuations. Tomorrow morning, the Fed releases minutes from early of May monetary policy meeting. The minutes could show a market and monetary policy outlook, for June FOMC meeting and US dollar trends. It will affected all European currencies, commodity currencies and gold prices.
 
In addition, the European region will release a number of important data tomorrow. Includes: German and Eurozone manufacturing PMI, German business sentiment index. The data, which is expected to rise in the market, could be bullish for the euro and is recommended to be watched.
 
[Important financial data and events to watch]
15:30 ECB President Mario Draghi a speech at the event
16:30 UK CPI and retail sales index monthly rate in April
20:30 Canada retail sales for March
22:30 U.S. EIA crude oil inventories for the week
At 02:00 the next day the Fed released minutes
 
Today's suggestion:
 
EURUSD 
1.1150/1.1135 support
1.1195/1.1210 resistance
Markets wants to hear ECB President Mario Draghi positive remarks today lead to euro gains. The UK April CPI and retail sales index were released today and the Fed monetary policy minutes were released the following morning. These factors will affect the euro exchange rate up and down. Technically, the reference resistance is at 1.1195 and 1.1210, with support at 1.1150 and 1.1135.
 
GBPUSD
1.2770/1.2795 resistance
1.2705/1.2670 support
The Brexit debate in the UK parliament continues, with adverse factors affecting the pound. Although it emerged last night that the prime minister was planning to schedule a second referendum vote in parliament, it was opposed by other members of parliament. The news was eventually digested and the pound fell again from a high of $1.2820. Uncertainty political and economic outlook has affected investor confidence, and the pound has continued to fall. The results of today's UK CPl and retail sales data will have a short-term impact on the direction of the pound. But technically, the 1.2820 as an important reference resistance, if the price did not break through, the trend continues to decline. Continue with 1.2705 and 1.2670 support.
 
AUDUSD
0.6890/0.6920 resistance
0.6865/0.6835 support
The Australian dollar fell yesterday after the Reserve bank of Australia released the minutes and monetary policy comments increased the chances of a interest rate cut next month. Technically, there are still downside risks to the AUD trend. But found, AUDUSD double-bottom pattern was observed in the hourly chart, with the support level at 0.6865. If AUDUSD break through the support level, the target is 0.6835 and 0.6805. Otherwise rise, break through 0.6890, test 0.6920.
 
USDJPY
110.65/110.90 resistance
110.20/109.95 support
The U.S. trade department's suspension of a ban on Chinese telecommunications equipment manufacturers also boosted investment sentiment, with the Dow and Nikkei rising and the USDJPY test 110.65. If China and the United States can get further information to improve the trade tensions, and resume trade talks. It is believed that improving the investment sentiment and lead the stock market and the dollar against the yen rise . Conversely, the USDJPY could fall.
 
USDCAD 
1.3475/1.3505 resistance
1.3425/1.3400 support
Canada release retail sales in March today , market expected up 0.8 percent from the previous month to 1.1 percent, USDCAD rose on market expectations, with the greenback testing $1.3400. If Canada reports today that retail sales only met or below the expectations, CAD fall. In addition, keep an eye on crude oil price movements, if the price falls, the dollar is bullish against the Canadian dollar.
 
U.S. crude futures USOIL 
62.45/61.85 support
63.15/63.65 resistance
U.S. crude inventories for the week ended May 17 were lower than the previous week after June crude futures in New York were last traded on the floor. Fundamentals good, no matter to bearish crude oil price, crude oil prices technical adjustment. See initial support at $62.45 and $61.85 for resistance levels. See resistance at $63.15 and $63.65.
 
XAUUSD 
1270/1268 support
1282/1285 resistance
Gold prices downtrend cause U.S. economic data good 
, rising stock markets. In addition, Federal reserve monetary policy meeting minutes coming, is also affected by the decline in gold prices. But, we have to keeping an eye on the Trade talks and the Dow performance. If the news is positive or the Dow rises, gold prices are expected to fall. Conversely, gold prices may rebound, test resistance. Technically, support for 1270 and 1268 is near two-month lows and is worth watching for breakout support or a rebound.
 
U.S. Dow Jones industrial average futures US30
25905/26070 resistance
25515/25425 support
The dow Jones industrial average rose after U.S. economic data improved and the U.S. department of trade eased Chinese telecommunications equipment, taking a small step toward reopening trade talks with China. But sino-us trade relations did not see a clear, dow limit, attention to the downside risks. The dow has a chance to fall if tensions between the two countries flare up again or if there is negative talk. Current recommendations focus on resistance at 25855 and 25940. If the upper trial fails, the lower trial targets 25515 and 25425 are supported.
 
BTCUSD:
8150 / 8550 resistance
7550 / 7300 support
China and U.S. tension, global stock markets fell; Dow overall decline, the bitcoin demand increasing. Technically the bitcoin price back and breakthrough $7500, next target could $8000. Now, keeps watching the China and U.S. trade tension. If a positive outlook, bearish the price of Bitcoin. If contrary, the Bitcoin will continue the uptrend.
 
Enjoy trading! The content is for reference only. Please do ensure that you understand the risk.
 

Information provided by AT Global Market, Chief Analyst of Asia Pacific: Martin Lam

Registered Australian Accountant/ Certified Professional Manager / Certified Financial Advisor Experienced Investor / Media Market Commentator Martin Lam has Over 17 years’ experience in global investment market. Familiar with the worldwide stock indices, precious metals such Gold and Silver, Crude oil and Forex. He operated Martin Currency Trading Company and had partnership with a number of well-known international financial corporations and institutions. Before he join ATFX, he was TeleTrade Greater China development and Sales Director. Mr. Lam attends Hong Kong Now TV and China CCTV finance channel once a week. He also had regularly invited by different media, such as DBC Digital Financial Channel, Hong Kong Economic Times, The Standard, Ming Pao to share his experience to trade in Forex, Precious metals, Crude oil and worldwide stock indices. 
Contact: cs.gm@atfx.com or wechat: ATFX_China

Legal: AT Global Markets Limited (ATGM, registration number 24226 IBC 2017). ATGM is an International Business Company in Saint Vincent and the Grenadines. Registered address is : the Financial Services Centre, Stoney Ground, Kingstown, St.Vincent & the Grenadines.

 
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