The economic calendar this week (19/2023) is much less abundant with important economic events, but it is worth mentioning at least three that could increase volatility in the markets. The first event and arguably the most important this week will be tomorrow’s US inflation reading. Inflation is expected to be 5% y/y which would indicate that prices have stabilised at a similar level to March.
Another noteworthy event is Thursday’s BoE decisions affecting the British pound. The market expects a 0.25bp interest rate hike to 4.5%. Also, Friday’s UK GDP data could have a significant impact on the pound’s quotations.
Instruments worth watching for the week of 19/2023
This week with tomorrow’s US data in mind, the US dollar pairs may be subject to greater volatility, so any forecasts are subject to increased risk and this should be kept in mind when making trading decisions.
EURJPY – bearish engulfing
Price has broken out of the outside bar and is heading towards the 145.60 support.
SILVER – two bearish engulfings
Silver price has formed a double top on the supply zone. Possible further declines towards the base of the formation 24.50 usd/oz
USDCAD – bullish engulfing on support
The pair formed a bullish engulfing pattern on the demand zone – signals an upward correction.
A detailed analysis of the three instruments and many other with reasoning based on the assumptions of the PA+MACD will be available during my live trading sessions from Monday to Friday every week.
LIVE EDUCATION SESSIONS
This WEEK (8-12 May) I am pleased to invite you to several online sessions. Below is the schedule of meetings:
Links: BASIC (beginners room) ADVANCED ROOM
The above analysis is based on the PA+MACD strategy, a detailed description of which you can read HERE . I will talk more about the PA+MACD strategy applied to these currency pairs during the live trading sessions which you can attend from Monday to Friday.
More current analysis on the group : Trade with Dargo
In our Facebook group, which you can join anytime: https://www.facebook.com/groups/328412937935363/ you will find 5 simple strategies on which my trading is based. There, every day we post fresh analyses of currency pairs and commodities. You can also visit my channel where I post my trading ideas: https://t.me/TradewithDargo