Trading plan for 18/04/2017:
European indices start the new trading week in a mixed mood, the market does not clearly see the prevailing trend. German DAX and Spanish IBEX are gaining a little (0.2%), but the British FTSE 100 (-0.55%) is in decline at the time of writing. Investors returning to the market after the long Easter weekend have a lot of information and events to digest. The forthcoming presidential elections in France and the lack of relevant fundamentals will provoke a laziness, but be vigilant.
On Tuesday 18th of April, the event calendar is light in important economic releases. Nevertheless, market participants will keep an eye on the Housing Starts, Building Permits, Industrial Production, and Capacity Utilization Rate data from the US.
EUR/USD analysis for 18/04/2017:
The bunch of data from the US construction sector is scheduled for release at 12:30 pm and 01:15 pm GMT today. Global investors are generally expecting a good set of data, that will improve the economic sentiment in the US.
Let's now take a look at the EUR/USD technical picture at the 4H timeframe. The market keeps trading inside of the trading zone between the levels of 1.0569 - 1.0678 in a low volatility mode. Perhaps the data release will be a trigger for a sustained move in either direction. The market conditions are neutral but slightly biased to the upside.
Market snapshot: Gold is consolidating the recent gains
After the impressive rally to the level of $1,295, the yellow metal is consolidating gains in overbought market conditions. The main reason behind the recent rally was the uncertain geopolitical situation in the world. If this tension and uncertainty persist, then the price of the yellow metal might reach the level of $1,336.
Market snapshot: Crude Oil is in corrective cycle
Oil prices are now slipping from the highs at the level of $53.78 as the next technical support is seen at the level of $51.87 - 51.50 zones. Nevertheless, the uncertain geopolitical situation is still weighing on oil prices and in a case of further uncertainty or military escalation, the price might skyrocket towards the level of $54.92 and beyond in no time.
