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    Weekly Technical Analysis Report week 18/05/2015

    XAU/USD – Will the Precious Metal Retrace to the Downside?

    Gold has been escalating since the 1st of May, 2015. Based on last Friday’s data, the metal climbed as high as 1227.55, a major resistance level. The downtrend scenario has greater chances of prevailing this week if the price appreciates initially as high as 1257.98.

    In the event that the downside pressures overcome upside ones the precious metal could decline as low as 1169.35, provided that there is a sufficient break below the 1198.89 and 1182.39 levels.

    The stochastic oscillator confirms the bearish trend by indicating that the price has great chances of retracing once again to the downside below 50.2415

    Alternatively, a break above 1257.98 could force the metal toward higher levels.



    EUR/USD – Will the Pair Drop this Week?

    EUR/USD has been rising higher and higher since March 2015 with no any attentions whatsoever of retracing to the downside. Based on last week’s data, the pair has a greater possibility to retrace downwards from 1.1573.

    In the event that the bearish pressures overcome bullish ones the pair could drop as low as 1.0957, provided that there is a sufficient break below the 1.1223 and 1.1075 levels respectively.

    The stochastic oscillator confirms the bearish scenario by indicating that the price has for some time now stabilized below 50.2415, generating a strong resistance at this level.

    In contrast, a break above 1.1573 could be a strong indication that the pair can resume rising toward higher levels.

    Major Weekly Events

    Date

    Time (GMT)

    Event

    Currency

    Monday, May 18, 2015

    07:15

    Switzerland - Real Retail Sales (YoY) (Mar)

    CHF

    Tuesday, May 19, 2015

    01:30

    Australia - RBA Meeting's Minutes

    AUD

     

    15:45

    Canada - BoC Governor Poloz Speech

    CAD

     

    23:50

    Japan - Gross Domestic Product (QoQ) (Q1)

    JPY

    Wednesday, May 20, 2015

    08:30

    United Kingdom - BOE MPC Vote Unchanged

    GBP

     

    08:30

    United Kingdom - BOE MPC Vote Cut

    GBP

     

    08:30

    United Kingdom - BOE MPC Vote Hike

    GBP

     

    18:00

    United States - FOMC Minutes

    USD

    Thursday, May 21, 2015

    11:30

    European Union - ECB Monetary Policy Meeting Accounts

    EUR

     

    15:30

    European Union - ECB President Draghi's Speech

    EUR

    Friday, May 22, 2015

    n/a

    Japan - BoJ Monetary Policy Statement

    JPY

     

    03:00

    Japan - BoJ Press Conference

    JPY

     

    06:00

    Germany - Gross Domestic Product s.a (QoQ) (Q1)

    EUR

     

    08:00

    European Union - ECB President Draghi's Speech

    EUR

     

    12:30

    United States - Consumer Price Index (YoY) (Apr)

    USD

     

    12:30

    United States - Consumer Price Index Ex Food & Energy (YoY) (Apr)

    USD

     

    12:30

    Canada - Consumer Price Index (YoY) (Apr)

    CAD

     

    13:30

    United Kingdom - BOE's Governor Carney speech

    GBP

     

    13:30

    Japan - Bank of Japan Governor Kuroda Speech

    JPY

     

    13:30

    European Union - ECB President Draghi's Speech

    EUR

     

    Please note: The content in this weekly market analysis should not be taken as investment advice. It comprises our personal view.


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