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Market Review 16 April 2020

Apr 16, 2020 (06:42)

by Constantinos Loizou

In today’s Economic Calendar we can expect to see some volatility in the EUR and USD
At 09:00 (GMT), the Statistics Office of the Eurozone (Eurostat) will announce their Industrial production for the previous month
The result is forecasted to decrease to -0.2% considering that last months results was at 2.3%
At 12:30 (GMT), the Department of Labor of the USA will announce their Initial Jobless Claims
The result is expected to decrease to 5100K considering that last week was at 6606K
At 12:30 (GMT), the US Census Bureau will announce their Building Permits Change
That above number indicates the permits for new construction projects
The result is forecasted to decrease to 1,3M considering that last month was 1,452M

On the Charts

As we can observe on the Dow Jones 30 Weekly Chart, the price is currently below the blue upward trendline
The Index after the sharp downward trend of the previous month, reacted to the upside and retested the trendline
Price in now at $23,500 after its reaction to the 200 Weeks Moving Average (orange)
The ROC 6 and MACD are both below zero
Considering the above, if the price closes this week below the upward trendline, and the 200 Weeks Moving Average, then there is a possibility to see again the price moving lower to retest the previous support level at $18,200

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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