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Trading plan for 02/05/2017

Trading plan for 02/05/2017:

It was a quiet session overnight, as both Asia and London were on holiday and New York was unable to gather any momentum. The USD finds support after the US avoided the temporary government shutdown. Additionally, the positive sentiment and stock market records help to keep the appetite for risk.

On 2nd of May, the event calendar is busy only during the European session when April readings of PMI Manufacturing data from the eurozone are sceduled for release. This data is a revision of preliminary estimates, so it will likely attract minor interest. The UK PMI Manufacturing indicator is expected to confirm signals from other sectors of the economy that the recovery is stable.

EUR/USD analysis for 02/05/2017:

The PMI Manufacturing data is due to be published during the morning part of the trading session. Market participants expect the numbers to be at least in line with expectations. All of the PMI readings are still reported above the fifty level, so manufacturing in the eurozone is still in the expansion cycle. The most important data from the whole set is the data from Germany and France as any unexpected deterioration may signal that the eurozone has met some headwinds.

Let's now take a look at the EUR/USD technical picture on the H4 timeframe. There has been no rally attempt towards the swing high at the level of 1.0950 so far and the market is still consolidating the last week's gains. The weekend gap between the levels of 1.0730 - 1.0820 is still not filled. The dynamic support for the price is being provided by the golden trend line around the level of 1.0875. The next technical support is seen at 1.0854.

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Market snapshot: GBP/USD is again close to 1.2900 level

Market participants are waiting for PMI Manufacturing data to trigger the next move up or down. Any disappointment would start the corrective move towards the level of 1.2859, and in a case of a breakout lower, a move towards the range support at the level of 1.2772 is possible. The diminishing bullish momentum and the overbought market conditions support this view.

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Market snapshot: Gold below the important support

After the US House and Senate representatives have reached a $1.1 trillion deal to fund the government through the remainder of this fiscal year, gold prices fell towards the level of $1,259 and broke it. Currently, the market is trading around 23%Fibo at the level of $1,256 in oversold market conditions. The next support is seen at $1,246, $1,243 and $1,239.

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The material has been provided by InstaForex Company - www.instaforex.com