MARKET BRIEFING – LONDON OPEN 30.12.2015
December 30 gives us an increase in event risk with a good amount of data being released to the market.
The morning starts early with the Spanish Flash CPI data being released at 8:00 am London time. The change in the price of goods and services within the country is expected to improve to 0.1%, up from -0.3% of the November release.
This publishing is followed by the European Central Bank announcing the final M3 Money Supply number for 2015, with the domestic currency circulation and deposits is forecasted to come slightly lower to 5.2% this time.
The focus for the afternoon shifts across the pond to the United States when the National association of retailers will release Pending Home Sales number. The monthly increase is expected to reach 0.6% today.
This is followed shortly after by the Crude Oil Inventories data, made available by Energy Information Administration agency of the United States. Despite that commodity’s oversupply still persists in the markets, some further drop in stock held is expected. A reduction by -1.8 million barrels is projected this week after -5.9 million of the previous release.
The amount of data to be released under normal circumstances should be sufficient to move the market.
Nevertheless, with trading rooms across the major centres of London, New York, Tokyo and Frankfurt virtually deserted and with most corporate clients doing little between the Christmas and New Year break, volumes should be light but spikes in volatility could occur.
EURUSD
The intraday technical outlook
Trend 1 hour: Range
Target 1: 1.1008
Target 2: 1.0828
Projected range in ATR’s: 0.0090
Daily control level: 1.0985
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.4912
Target 2: 1.4714
Projected range in ATR’s: 0.0099
Daily control level: 1.4900
USDJPY
The intraday technical outlook
Trend 1 hour: Range
Target 1: 121.30
Target 2: 119.58
Projected range in ATR’s: 0.8594
Daily control level: 121.15
USDCHF
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.0012
Target 2: 0.9848
Projected range in ATR’s: 0.0082
Daily control level: 0.9855
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.3946
Target 2: 1.3736
Projected range in ATR’s: 0.0105
Daily control level: 1.3940
AUDUSD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.7372
Target 2: 0.7212
Projected range in ATR’s: 0.0080
Daily control level: 0.7205
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1080.73
Target 2: 1056.41
Projected range in ATR’s: 12.16
Daily control level: 1075.40
OIL
The intraday technical outlook
Trend 1 hour: Range
Target 1: 39.10
Target 2: 36.56
Projected range in ATR’s: 1.3307
Daily control level: 35.85
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