CB Consumer Confidence: Tuesday, 14:00. The Conference Board reported a high level of confidence in May: 128 points. The fresh report for June will likely be similar but a small drop cannot be ruled out, as a result of the trade wars. Consumer confidence is a leading indicator towards retail sales.
Durable Goods Orders: Thursday, 12:30. Orders of durable goods fell by 1.6% in April. The less-volatile and closely watched core durable goods orders increased by 0.9%. A more modest increase in core orders is likely for May. The figure feeds into Q2 GDP.
USD
Durable Goods Orders
- EURUSD
As we can see on the daily timeframe that the pair is traded above an uptrend line shown in red on the chart above. The continuation of trading above the uptrend line opens the door for further upward movement during the week that it may reach the level of 1.20. This is conditioned by the continuation of trading above the uptrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.21 ▪ 1.20 ▪ — |
▪ 1.17 ▪ 1.1650 ▪ 1.1600 |
We are bullish as long as the pair is traded above the uptrend line. |
- GBPUSD
We mentioned last week that the pair went through the uptrend line. It seemed that it was a breakout but it was just a shadow (the low price of the day) and the breakout was not confirmed as there was no daily close below the uptrend line. As a result, the pair may go up to reach the level of 1.33 followed by 1.34 during the week. This is conditioned by the continuation of trading above the uptrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.36 ▪ 1.35 ▪ 1.34 |
▪ ▪ 1.3150 ▪ 1.3000 |
We are bullish as long as the pair is traded above the uptrend line. |
- GOLD
As could be seen on the daily chart that the pair managed to break through an uptrend line and the breakout was confirmed by a daily close. Therefore, we may go short targeting the level of 1260 followed by 1250 then 1240 during the week. This is conditioned by the continuation of trading below the broken uptrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1330 ▪ 1320 ▪ — |
▪ ▪ 1250 ▪ 1240 |
We are bearish as long as the pair is traded below the uptrend line. |
- AUDUSD
We stated last week that the pair has been traded above an uptrend line. This is a very bullish indicator that bullish bias may continue but this is not everything as the Gold is bearish which could lead the AUD to a strong bearish movement very soon. Let’s wait for some bullish evidence to show up above the uptrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7550 ▪ 0.7600 ▪ — |
▪ 0.7370 ▪ 0.7300 ▪ |
Waiting for the pair to show up some bullish evidence above the uptrend line. |
- GBPJPY
Having the pair traded within an ascending channel can open the door for further upward movement during the week that the pair may reach the level of 150. This is conditioned by the continuation of trading above the downside of the channel.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 ▪ 150.50 |
▪ 144 ▪ 144 ▪ 143 |
We are bullish as long as the pair is traded above the downside of the channel. |
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