16 May Thursday View

Let's make it simple, short and clean.

Expected to be one of the major support 35086 (50 % retracement) was broken and held yesterday.

Now, a breach and hold of 33500 following another retracement 23.6 % % at 33387 could trigger a test of 32800 and 31870, the full retracement of 31870 to 38302. On the upside, 34150 and 35850 would act as resistances to be cleared for now.

On Economic side, we have some market shakers later in the evening, Building Permits, Core CPI m/m, Unemployment Claims, CPI m/m, Housing Starts, Philly Fed Manufacturing Index at 6:15 PM and around ; and FOMC Member Raskin's speech at 10:15 PM. All USD related.

We've attached a full economic calendar powered by forexfactory.com right at the bottom of this page.

Well, stay alert, Trade Happy, trade safe.

Along with the image posted with this post also check another image 16May_H4. If you have been following our post then you know where to find it, if not just let us know and we will direct you there.

Well, stay alert, Trade Happy, trade safe. :)