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Trading plan for 09/05/2017:
Tuesday night in the markets was definitely calm. EUR/USD is trading in a range in a dozen or so pips around 1.0925. A similar scale of volatility shows USD/JPY as it is hovering around 113.00 level. The Australian dollar is again one of the worst performers. The Asian session was calm after yesterday's strong changes. Shanghai Composite is, however, at the slightest minus. The Gold ounce is still trading at $1230. WTI is priced at less than $46.50 a barrel.
On Tuesday 9th of May, the event calendar is light in fundamental data, but global investors will pay attention to Building Permits data from Canada and JOLTs Job Openings data from the US. There are two speeches from the FOMC members scheduled later in the day as well.
USD/CAD analysis for 09/05/2017:
The Building Permits data are scheduled for release at 12:30 pm GMT and market participants expect a 4.2% increase in the number of new building projects authorized for construction in Canada. The figure is widely used as an indicator for developments in the housing market, since receiving a permit to build is the first step in the construction process.
Let's now take a look at the USD/CAD technical picture. After reaching the top at the level of 1.3749, the price reversed and now is trading inside of a tight range between the levels of 1.3646 - 1.3758. In case of worse than expected data, the price might break out below the support at the level of 1.3646 and head towards the level of 1.3529, where the next technical support is.
EUR/USD analysis for 09/05/2017:
The speeches from FOMC Member Robert Kaplan and Neel Kashkari are the most important fundamental factors that might have an impact on EUR/USD today. EUR/USD did not move much after the French election ressults were announced yesterday, so comments from the FOMC members might be weighty reasons for markets to move them a bit.
Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The bulls are trying to get back control over this market as the price is bouncing from the old golden trend line around the level of 1.0900. Nevertheless, the market is still trading in a tight range between the levels of 1.0872 and 1.0950 and only a sustained breakout above the level of 1.0950 would be considered as bullish. Any hawkish comments from the FOMC members will make EUR/USD to dive pretty quickly towards the technical support at the level of 1.0872 and below.
Market snapshot: Crude Oil still trades below the important resistance
The level of $47.10 is the most important level for bulls. If they want to regain the control over this market, they need to violate this level and head towards the next technical resistance at the level of $48.18. The momentum is still positive and strong, so the bias remains bullish. No sigh of a negative divergence yet.
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