Merry Christmas from all of us at Tiql
It’s the week before Christmas and many traders around the world are winding down. Remember many countries including the US won’t trade on Monday 25th and a lot of traders will take next week off.
But there is a packed calendar of events to trade before the long weekend so we’d like to help you to earn more with TIQL by giving you this free guide to the markets and dates to watch this week. Economic news and announcements cause financial markets to move a lot, and may provide some opportunities to trade.
Remember, you can earn some extra cash by inviting people to trade with TIQL. The very first time someone you invite makes a deposit of $5 of more, you will receive $1. Whoever you invite also gets $1 USD to trade with; you can’t get better than that! You can keep earning as we pay you a percentage every time your supporters trade with TIQL.
USD: twas the week before Christmas
If you haven’t moved your portfolio to Bitcoin, kick off your week with some USD action with Building Permits (Tuesday 19th 1.30pm GMT). Last month’s increase to 1.32M looks like a blip as forecasts indicate a drop back to 1.28M ending the year up from where it started.
Analysts forecast the quarterly Final GDP (Thursday 21st 1.30pm GMT) at 3.3% up from last quarter’s 3.1%. This is almost as high as December last year when it peaked at 3.5% before dropping sharply back to 1.4% by July.
Core Durable Goods (Friday 22nd 1.30pm GMT) is a great indicator of manufacturing health and is likely to be less than the 0.9% revised figure from last month at 0.5% predicted.
It’s a mixed bag for the US but in the context of a tax cutting bonanza for corporations the economy looks appealing and many pundits see a strong currency.
GDP: 3 events to trade
Gross Domestic Product is a popular snapshot into the economy as it measures the change in the value of all goods and services adjusted by inflation. This week we get to grips with GDP for three major economies – Canada, New Zealand and the United States as traders set up their positions for the holiday season.
Canada’s economy is either rebounding or back to Earth depending on which pundits you prefer. What they mean is it is anybody’s guess at this point. CAD is an interesting currency to trade and the uncertainty could give you plenty of opportunities to cash in. The GDP forecast (Friday 22nd 1.30pm GMT) is for 0.2% to stay the same.
New Zealand seems to have a more positive consensus in analysts circles with views that its economy is on the up. But, in contrast, GDP growth may apparently slow. This month’s GDP news (Wednesday 20th 9.45pm GMT) is forecast to contract to 0.6% from 0.8%.
The U.S. quarterly Final GDP data (Thursday 21st 1.30pm GMT) is looking strong. If it reaches predictions of 3.3% it will almost be back at its December 2016 peak.
Oil: a booming market
Traders have enjoyed the strongest year in oil for some time with prices up almost 15% as we head towards the end of the year despite the raft of bearish news in recent weeks.
OPEC has worked hard to cut production although this hasn’t always been fully supported, even within its own ranks. The result has been generally positive and US Crude Oil Inventories (Wednesday 19th 3.30pm GMT) also show reductions for the majority of the year since mid-February, supporting a rising price. Last week’s -5.1M barrels wasn’t dissimilar from the week before and there’s every indication that prices will remain strong. But every trader will tell you that oil can turn on a dime. The question is whether this is the week that will happen .
Here are the main news events to look out for this week:
- Tue Dec 19
- 00:30:00 UTC 2017 AUD Monetary Policy Meeting Minutes
- 13:30:00 UTC 2017 USD Building Permits
- Wed Dec 20
- 13:15:00 UTC 2017 GBP BOE Gov Carney Speaks
- 15:30:00 UTC 2017 USD Crude Oil Inventories
- 21:45:00 UTC 2017 NZD GDP q/q
- Thu Dec 21
- 03:50:00 UTC 2017 JPY Monetary Policy Statement
- 04:00:00 UTC 2017 JPY BOJ Policy Rate
- 06:30:00 UTC 2017 JPY BOJ Press Conference
- 13:30:00 UTC 2017 USD Unemployment Claims
- 13:30:00 UTC 2017 USD Final GDP q/q
- 13:30:00 UTC 2017 CAD CPI m/m
- 13:30:00 UTC 2017 CAD Core Retail Sales m/m
- Fri Dec 22
- 09:30:00 UTC 2017 GBP Current Account
- 13:30:00 UTC 2017 USD Core Durable Goods Orders m/m
- 13:30:00 UTC 2017 CAD GDP m/m
Some Markets to Watch…
Whichever way you think these markets are going to go, you can trade these and other markets from as little as 1 cent with TIQL.
AUDUSD: We saw Australian strength last week as the AUDUSD climbed to test the 200 SMA near a key supply zone and descending trend line. For now the range is defined by 0.77 and 0.75.
BTCUSD: $20,000 is beginning to look vulnerable now before the new year at this rate. Above 17,000, the outlook remains bullish.
Crude: Looking at the weekly chart, crude oil is approaching some significant potential supply near the $64 zone. We have an ABCD pattern playing out and completing in the confluence of two 50% extensions from earlier bullish moves. Drilling down to the daily chart, we can see there is near term resistance at $59 with some recent support (which was resistance) nearby ab $55.
GBPUSD: 1.3250 continues to be the line in the sand for Cable (the term used by traders to refer to GBPUSD). A level which may be of interest to the bulls as a likely target is 1.38, which is the low made in February of last year and the 61.8 Fibonacci retracement from the Brexit move down. For now, the channel is holding at 1.325, which remains a key level.
Gold: This market has begun to move back into the range after the break down below 1260 and out of the channel. Any daily closes above 1260 and this can be considered to be trading in the range. If the sellers come in and manage to get below 1250 on a daily closing bases and we could see a deeper correction to 1205 before the shorts cover.
Markets can really move during news events; all TIQL trades come with guaranteed stops to always protect you from losing more than you have invested in a trade.
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