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Today at 12:30pm UK time. Canada Retail Sales m/m show changes in the value of goods sold in retail stores in the specified month compared to the previous month and is calculated statistics from several thousand retail stores. F:0.0%, P:0.8% #USDCAD may test 1.34 level.
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In the last week the US30 index has done well to reverse and rally back towards the key 26000 level which is likely to offer some resistance again given its history this year. For a couple of weeks just prior, the index eased lower and then fell sharply back to a three month low below 23500, before regaining some of that lost ground.
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Today at 2:00pm UK time. Existing Home Sales shows the amount of the secondary housing sales for the given month. Only closed deals are considered in the report. The indicator growth can have a positive effect on US dollar quotes. F:5.24M, P:5.21M.
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Despite rallying a little in the last couple of days, the AUDUSD has continued to decline over the last month moving to a four month low around 0.6865 before the recent rally. The key 0.7050 level which ably supported the currency pair and more recently has provided resistance is likely to play a role again should prices return. Despite several attempts, the AUDUSD has been unable to move back above this level as it is now offering resistance and preventing it from returning to its range above 0.7050.
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On Tuesday last week we covered gold which didn’t have a great week last week as it finished falling sharply away from the resistance at $1300. To start the week it surged higher to its highest level in a month reaching and testing the key level of $1300. The $1300 level has played a significant role with gold in the last few months and it would have come as little surprise to most that the sellers jumped in again at this level and forced prices lower.
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EURUSD - Drops Below Key 1.12 Level as Germany’s Economy Rebounds
on May 17, 2019
| By Stuart McPhee
|
EURUSD
In the last few days the EURUSD has reversed and eased lower back below the current key level of 1.12 moving to a two week low. In the week prior it attempted to rally higher however the it formed a classic reversal candlestick pattern before easing lower. In doing so, it has continued to achieve lower peaks and lower troughs and now looks poised to threaten the recent trough around 1.11.
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Today at 12:30pm UK Time. Building Permits show the number of permits for the construction of new facilities issued by the government or other regulatory authority for the given month compared to the previous one. F:1.278M, P:1.269M.
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In the last week or so the GBPUSD has fallen sharply from the key level at 1.32 down to a three month low near 1.28. It had previously done well to rally from a two month low up to the 1.32 level before sellers jumped in and turned the sterling away strongly. It spent around six weeks or so falling lower from a nine month high near 1.34 back down to the two month low before the rally, with that medium term trend now being extended with the recent decline. There are few signs of any support presently and even if it does rally a little, it faces possible further resistance at the 1.32 level again.
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Australia Employment Change
on May 15, 2019
| By Stuart McPhee
|
AUDUSD
Today at 1:30am UK Time. Employment Change measures a change in the number of officially employed Australians in the reported month. Employment growth is a sign of a stronger labor market and can be seen as positive for the AUD quotes. F:30K, P:25.7K. #AUDUSD may test 0.7050.
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