Market Review 16 April 2020

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