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Market Review 12 May 2020

May 12, 2020 (07:23)

by Constantinos Loizou

In today’s Economic calendar we can expect to see some volatility in the AUD and USD.
At 08:30 (GMT), the Australian Government will release their yearly budget.
At 12:30 (GMT), the US Bureau of Labor Statistics will release their Consumer Price Index (CPI*)
That number measures the price movements by the comparison between the retail prices of a representative shopping basket of goods and services.
The result is forecasted in a decrease to -0.2%, considering that last month was at -0.1%.
At 18:00 (GMT), the Financial Management Service of the USA will release their Monthly Budget Statement.
That number summarizes the financial activities of federal entities, disbursing officers, and Federal Reserve banks.
The previous month the result was -$119B

On the charts

As we can observe on the USD/CNH* daily chart, the price has formed a nice downward trading channel (red)
The channel has been broken to the upside a few days ago, but the price returned and retested the trendline of it
The price is now at 7.10260, above the 20 days Moving Average (purple)
The MACD and its signal line are both above zero, indicating some bullish attitude
Considering the above and if the price remains above the 20 days Moving Average, there is a possibility to see the pair moving higher to 7.15700, the previous resistance area

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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