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Trading plan for 23/06/2017:
A quiet Asian trading session went without any publications or important events. The dollar weakened against all currencies from the G10 basket, but the change did not exceed 0.2%. The risky currencies are leading now: AUD (+0.19%), GBP (+0.16%) and NZD (+0.15%). Besides, the the Asian stock market posted some modest changes, the Nikkei 225 is up 0.1%, and the Hang Seng oscillates around yesterday's closing price. The Shanghai Composite is down 0.6%.
On Friday 23rd of June, the event calendar is quite busy with some important news releases. The series of PMI reports from Japan, France Germany and Eurozone will be published in the morning. Later on, Canada will unveil the Consumer Price Index data and the US will present another set of PMI reports and the New Home Sales data.
Analysis of EUR/USD for 23/06/2017:
A set of various PMI data is scheduled for release during the early London trading session. All of them are flash readings (estimates). The French PMIs (manufacturing, services, and composite) are all expected to beat the consensus or to be in line with expectations. The German and Eurozone PMIs are expected to beat the consensus as well, so generally, a good, positive and optimistic mood has dominated the European economy. In France, election has obviously lifted sentiment, but possible reforms could also have a negative short-term impact on the economy. Germany is still considered a power horse for the whole Eurozone, so the German data might be more reliable in that case.
Let's now take a look at the EUR/USD technical picture on the H4 timeframe. The market trades quietly inside of a narrow sideway zone between the levels of 1.1108 - 1.1211.The market conditions are neutral, but the indicator is bouncing from the oversold levels. The momentum indicator is trying to bounce above the fifty level as well. If the data are in line with the expectations or better, then there is a chance for a test of the nearest technical resistance at 1.1211. Otherwise, the sideways price action is expected to continue until the end of the week.
Market Snapshot: Gold bounces from 200 DMA
After making a possible Double Top pattern on the daily timeframe, gold reversed to the downside and lost around $40. The price has bounced from the 200 DMA recently, just around the level of $1,240. Nevertheless, the stochastic still shows a possible continuation of the down move, so the bounce might be short-lived. The next technical resistance is seen at $1,258 and the nearest technical support lies at $1,236.
Market Snapshot: USD/CAD rejected at the trend line level
As anticipated earlier, the USD/CAD pair went up to test the broken golden trend line from below and got rejected around the level of 1.3350. Currently, the price went all the way down to the nearest technical support at the level of 1.3210 and slowly tries to bounce again. The momentum indicator is indicating a weakness, so the next techncial support at the level of 1.3165 might be tested soon.
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