Today, the focus is on a sharp decline in US retail sales, statements by Japanese Prime Minister Shinzo Abe, as well as bulls in Tesla shares.
News
US retail sales fell below the lows of the last 28 years. Affects USD
Tesla has increased sales of electric cars in China. Affects Tesla
Hong Kong Bar Association called on Beijing not to interfere in the city’s internal affairs. Affects Hang Seng
Japanese Prime Minister Shinzo Abe predicts economic growth of 3.8% with an investment of $1 trillion into the economy. Affects JPY
The number of new cases of COVID-19 in Germany is reduced on the sixth day. Affects EUR
Calendar
12:30 GMT
A report will be published on the number of building permits issued in the United States. The expected amount is 1.3 million. If the real number is lower, the USD could respond with a decrease.
Technical Analysis
Tesla
Shares of the manufacturer of electric cars have added over 100% of their value since the beginning of March. Growth has only exceeded 20% in recent days, during this difficult situation. However, Tesla even manages to please investors with good data from China, where there is an active increase in sales.
Technical analysis using the Fibonacci fan shows that after correcting the asset to an upward support level (i.e., approximately 600), the stock may resume growth. It is noteworthy that both Goldman Sachs and JP Morgan previously expressed a target price of around 850.
EUR/NZD
The chart of the currency pair broke through the upper border of the narrowing channel, in which it has been since mid-March. High probability of bull activation.
AUD/NZD
The asset has exhausted its technical growth potential. Against this background, traders may begin to close their purchase orders, which will cause a decrease in quotations.
AUD/NZD on this day in history
- Since 2000, Apr 16th has been a trading day 14 times.
- On 64% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.62%.
- The downward trend was limited to 0.55%.