Main Scenario: As long as it remains below 1.2105 level, our main expectation is NEGATIVE!
Target Expectation: 1,2000 – 1,1950 – 1,1900
Considerations Supporting The Scenario: Our negative expectation is supported by the downward rotation of the arms in the Envelopes indicator and the continuation of the sell signal in the Relative Vigor Index indicator.
Alternative Scenario: The alternative expectation is POSITIVE in case of 4-hour closing over the level of 1,2105!
Alternative Target Expectation: 1,2191 – 1,2248 – 1,2300
MOST IMPORTANT NEWS OF THE WEEK:
- Consumer Price Index (CPI) and producer price index (PPI) from Turkey,
- Construction Purchasing Managers Index (PMI) from the UK,
- Manufacturing and ISM Manufacturing Purchasing Managers Index data from the United States,
- Gross DomesticProduct From Australia,
- Caixin service Purchasing Managers Index (PMI) from China,
- Service Purchasing Managers Index (PMI) from the Eurozone,
- Service Purchasing Managers Index (PMI) from the UK,
- US Trade Balance, Beige Book, US Petroleum Institute Weekly Crude Oil Stocks data and FOMC Members Williams, Kashkari and Evans’ Speeches from US
- Interest Rate Decision from Canada,
- Factory orders data from Germany,
- ADP Non-Farm Employment Change, Non-Farm Productivity, Unit Labor Costs, Service Purchasing Managers Index (PMI), Factory Orders, ISM Non-Manufacturing Purchasing Managers Index (PMI) and Energy Information Office Crude Oil Stocks data from US,
- Industrial Production from Germany,
- Gross Domestic Product From The Eurozone,
- Interest rate decision from Russia and Central Bank of Russia (CBR) press conference,
- Consumer Price Index From Brazil,
- Average Hourly Earnings, Average Hourly Income, Non-Farm Employment, Unemployment Rate, and US Federal Reserve (Fed) President Powell’s Speech from US,
Employment Change, unemployment rate and Ivey PMI data from Canada.