Main Scenario: Our expectations below 107.41 – 107.86 levels are NEGATIVE!
Target Expectation: 106,41 – 105,90 – 105,52
Considerations Supporting The Scenario: The breaking trend line of the ending upward trend also represents the Fibonacci correction region. This region is a strong point of resistance as levels 107.41 – 107.86. Although the RVI indicator signals the BUY at the upstream rising, the 107.41-107.86 levels retain their power. Therefore, the SELL signal in the RVI indicator can be followed. The SELL signal is taken into account as the red line breaking down the Green Line.
Alternative Scenario: With 4 – hour closing above 107.41-107.86 levels, our alternative expectation is POSITIVE!
Alternative Target Expectation: 108,42 – 108,97 – 109,31
Critical News of the Week:
- Factory Orders from Germany,
- US Petroleum Institute Weekly Crude Oil Stocks data with Job Opportunities and Personnel Change Rate (JOLTS) from US,
- Speech of Bullard, member of the Federal Open Market Committee (FOMC)
- Industrial Production from Germany,
- BoE Monetary Policy Committee Meeting Minutes from UK,
- Crude Oil Stocks from US,
- The Treasury Cash Balance data from Turkey,
- Trade Balance from China,
- Data on applications for unemployment benefits from the United States
- Gross Domestic Product (GDP) from Japan,
- Consumer Price Index (CPI) from China,
- Trade Balance from Germany,
- Gross Domestic Product (GDP) and Manufacturing Production from the UK,
- Current Accounts and CBRT Expectations Survey from Turkey,
- Housing Starts, Employment Change and Unemployment Rate from Canada,
- Producer price index (PPI) and Baker Hughes borehole number data from the US