Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.
Frequency: Released monthly, on the last Tuesday of the current month.
Usual Effect: A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.
Last Read: 101.5
Forecast: 96.1
Published time: Today at 14:00 GMT
Market Impact:
1- EURUSD:
Trend Direction: Downward (recovery mode).
Support and resistance: 1.1117, 1.1185, 1.1290, 1.1330, 1.1460, 1.1514
We have 4 scenarios :
a- A reading around 96.1 : will keep the pair in the current range, 1.1200/1.1330.
b- A reading between 96.1: 101.5 , will bring a pullback towards the key support 1.1185, buying on dips still recommended.
c- A reading above 101.5 , may expose 1.1185 and open the 1.1117 levels.
d- A reading below 96.1, will build strong pressure on the 1.1330 levels.
2- GBPUSD:
Trend direction : Downward.
Support and resistance : 1.4780, 1.4950, 1.5100, 1.5240, 1.5365, 1.5522
a- A reading around 96.1 : will keep the pair in the current range, 1.5100/1.5240.
b- A reading between 96.1: 101.5 , will bring a bearish move towards the key support 1.5100.
c- A reading above 101.5 , may expose 1.5100 and open the 1.4950 levels.
d- A reading below 96.1, will bring recovery towards the 1.5240/1.5365 levels.
3-USDJPY:
Trend Direction: Downward (recovery mode).
Support and resistance: 116.12, 118.80, 121.00, 122.00, 123.78
a- A reading around 96.1 : will keep the pair in the current range, 118.80/121.00.
b- A reading between 96.1: 101.5 , will open 121.00 levels .
c- A reading above 101.5 , may take out 121.00 and open 122.00.
d- A reading below 96.1, will build strong pressure on the 118.80 levels.
Stay tuned for updated….
