For the bulls, possible resistance levels a t$3.046 previous high, at $3.436 derived from October 30th high and coinciding with Fibo extension 1.618, and finally at the $4.023 price Fibo extension level 2.618.
For the bears, possible support levels at 0.618 Fibo retracement $2.820 price level, at $2.698 inside support level and finally at $2.451 low of March 18th.
• The US markets will be busy in terms of announcements today. The news announcements include Retail Sales and Core Retail Sales, followed by Industrial Production and Preliminary UoM Consumer Sentiment.
• Fewer Americans filed new claims for unemployment benefits last week, as companies held on to their workers amid the growing labor shortage that helped to curb job growth in April. Initial claims for state unemployment benefits totalled a seasonally adjusted 473,000 for the week ended May 8, compared to 507,000 in the prior week.
• The U.S. Energy Information Administration reported on Thursday that domestic supplies of natural gas rose by 71 billion cubic feet for the week ended May 7. That was slightly below an increase of 74 billion cubic feet forecast. Price rose above $3 following the announcement but closed almost flat on the day.
• Gold futures ended higher on Thursday, finding support after back-to-back session declines, as U.S. Treasury yields eased back from their highest levels in weeks and U.S. equities traded mostly higher.
• At 12:30 (GMT) Retail Sales outcome is expected to be announced. This report indicates the Change in the total value of sales at the retail level. It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
• At 12:30 (GMT) Core Retail Sales will be announced. This measures the change in the total value of sales at the retail level, excluding automobiles. Automobile sales account for about 20% of Retail Sales.
• At 13:15 (GMT) Industrial Production is due to be announced. This measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
• At 14:00 (GMT) Industrial Preliminary UoM Consumer Sentiment will be published. This is a survey of about 500 consumers which asks respondents to rate the relative level of current and future economic conditions.
US Indices yesterday:
• Dow Jones +1.29%
• S&P 500 +1.22%
• Nasdaq +0.72%
Sources: Investing.com, forexfactory.com, Reuters.