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Technical Outlook

  

USA (USD): RETAIL SALES

Retail Sales measure the change in the total value of sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.  Last month’s retail sales was at -1.0%, lower than the forecast of -0.4%.

The report is due Tuesday, 16 May 12:30 GMT

US100 Technical Analysis

The US100 chart, clearly shows the price is in an uptrend on 13th March. The price was near the confluence, forming a higher low and 50MA crossing above the 200MA. This confluence here signified the continuation of the trend.

The Golden Cross was formed on 10th March, and the price created a series of highers and lows. A major high was formed at $13231 on 4th April, followed by a higher low. The price is very near to the resistance at $13231.2. Currently, the price is between the support and resistance, trading above both the moving average.

The RSI line is at 61.50, showing a slightly overbought condition. Moreover, an RSI divergence may be formed depending on future price movement. Traders must wait for the proper break of either the support or the resistance.

Pivot Points: US100

  Support  Resistance
S113326.72R113432.28
S213263.66R213474.76
S313221.17R313537.83

JAPAN (JPY): GDP (QOQ)

Gross Domestic Product (GDP) measures the change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health. Japan’s quarterly GDP rose by 0%, lower than the forecast of 0.2%.

The report is due Tuesday, 16 May 23:50 GMT

USDJPY Technical Analysis

USDJPY is under the buyer’s control and trading inside the bullish channel. The 50MA crossed below the 200MA moving, forming the Death Cross. The death cross significantly affects the price, bringing the price down by almost 3.68%.

After a few trading sessions, the buyers pushed the price up high again, gaining 1010 pips. Here the price formed its high and went into its correction phase, and halted at $129.69, forming a support zone. Steadily the price started to rise and tried breaking the previous high but couldn’t, forming the double top pattern. A double top is a bearish pattern; the price traded down for three trading sessions until we can see the buyers’ entry.

As the overall trend is Up, traders must take a look out for confluence. The market is now trading in between both the 50 and 200MA, signaling no mixed short-term and long-term trend sentiment.

Pivot Points: USDJPY

  Support  Resistance
S1133.91R1135.02
S2133.27R2135.49
S3132.80R3136.13

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