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EUR/USD and GBP/USD on May 29 – results of the analysis of the COT report (Commitments of Traders)

EUR / USD and GBP / USD on May 29 – technical analysis recommendations
EUR / USD
Bulls, having the support of the major players in the COT report last May 19, 2020, lived up to expectations and were the leaders of the movement throughout the current week, allowing bears only minor corrections and retests. Now, the most important action is to optimistically close the week and the month of May, forming the shortest upper shadow corresponding to the candles. The technical picture of the euro at the moment is the test of the most important resistance area 1.1067-88 (the upper border of the daily cloud + weekly Kijun and Senkou Span A + monthly Tenkan), to which the pair may form good prerequisites of a breakout, but the result of the interaction will be formed later. Such will determine the further prospects of the situation.
The support for the central pivot level worked out to maintain a bullish mood in the lower time frames yesterday. Thus, the upward trend remains active today, supported by all analyzed technical analysis tools. The resistances of the classic pivot levels on H1 are now located at 1.1116 – 1.1155 – 1.1217,…

Dutch Retail Sales Drop In April

Dutch retail sales dropped in April, as demand slumped amid a lockdown in the country to slow the spread of the coronavirus, or Covid-19, figures from the Central Bureau of Statistics showed on Friday. Retail sales declined 1.5 percent year-on-year in April, after a 3.3 percent increase in March. The measures against the spread of coronavirus disease had a diverse effect on the non-food sector, the agency said. Sales of non-food decreased a record 15.8 percent in April, while sales in food stores rose 6.1 percent. Clothing and footwear sales fell at an accelerated pace. Do-it-yourself segment sales logged a record gain in April, in line with the March trend. Online sales gained 62.4 percent compared to the same month last year. The retail sales volume decreased 3.5 percent in April. The material has been provided by InstaForex Company – www.instaforex.com…

BTC analysis for May 29,.2020 – Broken upward channel and potential for the bigger drop towards the $8.750

Corona virus summary: According to an official announcement on the website of the UK Government, authority “unlocked” £150 million from dormant accounts “for coronavirus response.” Despite the word selection, to many, this sounds much like the Government seized this amount from accounts that were inactive over a certain period. This all is made possible under the so-called Dormant Asset Scheme in the UK, which is planned to expand its purview over a “range of financial assets.” An interesting take on this is provided by a recent report from Zero Hedge, which outlines that this scheme steps on the principles of laws that were prevalent back in feudal times. Among the main issues with that, apart from the fact that the Government has a legal claim over private property, is the fact that the “dormant bank account” rules can be “incredibly loose.” Technical analysis: Trading recommendation: The material has been provided by InstaForex Company – www.instaforex.com…

European Economics Preview: Eurozone Flash Inflation Data Due

Flash consumer prices from euro area and retail sales from Germany are due on Friday, headlining a busy day for the European economic news. At 2.00 am ET, Destatis is scheduled to issue Germany’s retail sales and import price data. Economists forecast retail sales to fall 14.3 percent on year in April, much bigger than the 2.8 percent drop reported in March. In the meantime, UK Nationwide house price data is due. House prices are forecast to rise 2.8 percent annually in May after climbing 3.7 percent in April. At 2.45 am ET, flash consumer prices, final GDP, producer prices and household consumption reports are due from France. Consumer price inflation is seen unchanged at 0.3 percent in May. At 3.00 am ET, GDP figures are due from Austria, Hungary and Turkey. Turkey’s economy is expected to grow 5.4 percent on year in the first quarter, slower than the 6 percent expansion seen in the fourth quarter of 2019. Half an hour later, Statistics Sweden releases GDP, foreign trade and household lending data. The economy is forecast to grow 2.2 percent on a yearly basis in the first quarter. At 4.00 am ET, Italy’s Istat releases revised GDP data…

Australia Private Sector Credit Steady In April

Private sector credit in Australia was flat on month in April, the Reserve Bank of Australia said on Friday – following the 1.1 percent increase in March. On a yearly basis, credit rose 3.6 percent – unchanged from the March reading. Housing credit was up 0.2 percent on month and 3.1 percent on year, while personal credit dropped 3.0 percent on month and 9.3 percent on year and business credit added 0.1 percent on month and 6.7 percent on year. Broad money gained 2.9 percent on month and 9.3 percent on year. The material has been provided by InstaForex Company – www.instaforex.com…

Elliott wave analysis of EUR/JPY for May 29, 2020

EUR/JPY has rallied to a high of 119.39 or just above our ideal target at 119.31. This has completed wave iii/ and we should now see a correction in wave iv/. As wave ii/ was a simple deep zig-zag correction, we should expect a complex flat correction, that doesn’t correct more than 38.2% of wave iii/. Then the pair may try to hit 117.84. Wave v/ may climb to at least 120.30 and possibly even closer to 121.16 where we see solid resistance. In the short-term, a break below minor support at 118.45 will confirm that wave iii/ has peaked and wave iv/ is in motion. R3: 120.29R2: 119.65R1: 119.39Pivot: 118.80S1: 118.45S2: 118.20S3: 117.84Trading recommendation: We took profit of 75% of our long EUR position at 119.20 enjoying a nice profit of 355 pips. We will re-buy EUR at 118.00 The material has been provided by InstaForex Company – www.instaforex.com…

Forecast for USD/JPY on May 29, 2020

USD/JPY
The US stock market (S&P 500) lost 0.21% on Thursday due to weak economic data: the volume of orders for durable goods fell by 17.2% in April, the second estimate of GDP for the first quarter was revised down from -4.8 % to -5.0% against an unchanged forecast (i.e. -4.8%). The Japanese Nikkei 225 index is down 0.65% today in the Asian session. The currency pair itself, following the stock market, turned down from the signal level of 107.78 yesterday and approached the support of the embedded price channel line (107.37) this morning, overcoming which will allow the price to fall to the MACD indicator line (107.12), then, in case it leaves the area under the MACD line, to the target level of 106.75.
The price has consolidated below the MACD line on the four-hour chart, the Marlin oscillator is in the negative zone. The probability of the bears’ success, that is, overcoming the support of 107.37 is 62-65%.
The material has been provided by InstaForex Company – www.instaforex.com…

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