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Trading plan for 24/04/2017:
The initial reaction to the outcome of the first round of presidential elections in France helped the euro to strenghen and improved market sentiment, which can lead to the weakening of the yen and gold. The stock market is higher. The Japanese Nikkei is up 1.4%, while US futures on the S&P500 gained 0.95%. The exception is the Shanghai Composite which has dropped by 1.6% after the national media reported that Beijing intends to tighten supervision of the financial markets.
On Monday 24th of April, the economic calendar is light, but market participants will pay attention to the IFO data from Germany (current situation, expectations, and business climate) and the report on wholesale sales from Canada.
EUR/JPY analysis for 24/04/2017:
The IFO data is scheduled for release at 08:00 GMT, and the global investors do not expect any important changes to the data. The Ifo business climate sub-index is expected virtually unchanged at the level of 112.3, the current assesment sub-index is also expected unchanged at the level of 119.2 and the expectations sub-index 105.9 (marginal improvement). The eurozone's biggest economy is still expected to present a high level of performance, no surprises here.
Let's now take a look at the EUR/JPY technical picture on the H4 timeframe. The price gapped up above the 61% Fibo at 119.81 and stopped at 120.71. The whole area between the levels of 117.14 and 120.71 is a gap zone that sooner or later will be filled. The current trading conditions look overbought, but there is no sigh of a bearish divergence yet. The next support is seen at the level of 119.97 and the next resistance lies at 120.71.
Market snapshot: Support on Gold holds like a charm
The support zone between the levels of $1,263 - $1,270 provided support for the price after the gap down following the French presidential election results. The four-hour hammer candle low at the level of $1,265 should now act as an additional support for the price. The fight for dominance around the golden trend line with the larger time frame will now continue. The next technical resistance zone is seen between the levels of $1,295 - $1,308.
Market snapshot: Crude Oil bounces from oversold zone
After the last Friday sell-off, the crude oil prices are now in a corrective cycle. The immediate technical resistance is seen at the level of 50.08 and only a sustained breakout above this level opens the road towards the next technical resistance at 51.00. Please notice, that the decline from the level of 53.78 is a clear, impulsive, five -wave structure, so the correction upward should develop in three waves only.
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