For the day on Friday, we get the Core CPI numbers coming out of the United States, and of course the Michigan Consumer Sentiment numbers. Because of this, we think that it could be a relatively quiet day and may lean more towards the United States. However, we are watching the following 3 assets with interest:
DAX
The DAX is currently looking very bearish, but is also sitting on top of significant support. Because of this, we believe that a break above the top of the candle for the Thursday session would be enough to get the call buyers involved again as it would show strength. Support can’t be ruled out below either.
USD/CAD
The US dollars pressing up against the 1.32 region, an area that has historically been very resistive. A break out above here would be extraordinarily bullish, and could get the call buyers very interested in this pair again. However, pullbacks are very possible as this region has been stubborn.
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Dow Jones 30
US stock markets continue to grind sideways overall, and with the Core CPI numbers coming out as well as the Michigan Consumer Sentiment numbers, we could get a little bit of movement on Friday. Currently, the Dow is sitting on the psychologically important 18,000 support level. Any type of positivity could get the call buyers returning.
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