 Welcome traders to another tick mill weekly market outlook for a week commencing Monday the 5th of December Okay, let's jump into the data slate for the week ahead this afternoon in the US we will get services PMI data and non-manufacturing ISM Which is looking to come in at fifty three point five below the last reading of fifty four point four But still technically in the expansion zone. We also get October factory orders looking for zero point seven percent print there Really S&P global materially weaker than the ISM pointing to clear downside risks for the manufacturing sector Capital investment is also likely to be subdued through the third quarter heading in to Tuesday we get the October trade balance looking for a negative seventy seven billion their import prices and demand are starting to Heading into Wednesday Q3 GDP Sorry Q3 productivity 0.3% final estimate for that reading and on Thursday We will get October consumer credit looking for twenty six point five there high rates to weigh over the coming year on the appetite The consumer credit in the US will get a vision jobless claims Remaining at relatively low levels around that 200k mark and then rounding out what we come Friday November PPI Looking for zero point two percent there annual producer inflation is easing from those record highs We'll also get October wholesale inventory spinal estimate zero point eight percent I'm running out the week with December University of Michigan sentiment looking for a fifty six point eight print there pressure from inflation and Rates still dominates the headlines From a technical perspective dollar index has traded through our target We were looking for a test last week of that one oh four forty We hit that in the overnight session and what I'm looking for now is three-way Corrective move back into the trend channel resistance So something in this one oh five fifty area watch for bearish reversal patterns there to redeploy shorts looking then for a test of this Weekly projected trend line support in the midpoint of the broader channel that we've been trading in Looking for one oh two ninety as the next downside objective at this stage We'd really need to get a close back through the 107 90 area to suggest a more meaningful low is in place moving to the Eurozone In terms of the data for the week ahead Don't have anything on tap tomorrow. We have Wednesday then Q3 GDP In the eurozone looking for zero point two percent as the final estimate And that's that runs out really a pretty light data slate for the eurozone this week We have had some PMI data out this morning And that's coming brought in line with expectations October retail sales negative so far this year weakness is broad based in that sector with Recent rising rates in eurozone pressuring consumer at the time. We still have obviously the ongoing conflict In the Ukraine so from a technical perspective the euro dollar We're still looking for a test of this one oh six twenty area Which coincides with this weekly projected trend line resistance from there. I'm looking for a three-way corrective move Certainly think about retest of one oh three sixty potentially down to one oh three at this stage And we take a close back through one oh two to suggest a more meaningful high in place For now, we're looking for further upside in in the euro here Once we get this initial test of the there's one oh six twenties and we look to reload on the long side after a three-way corrective move Into the UK in terms of data for the week ahead what we have Again pretty light slate in the UK Services PMI final lesson at forty eight point eight Out this morning and that is the only tier one piece of data. We're going to see from the UK this week There is some the British Retail Consortium will on Wednesday release their unofficial first indication first look at retail sales For November obviously important as we're heading into the festive shopping season So this will give the first indications potentially of what? What markets can look to expect in terms of consumer sentiments and consumer appetite for spending as obviously still dealing with this cost of a living crisis in the UK and Recent rate rises continue to weigh on housing and the consumers wallet So to be interested to see what that's that survey gives us so from a technical perspective Sterling trading through our target last week. We're looking for one twenty two fourteen We have achieved that so what we're looking for now. So as we test into this one twenty three sixty I'm looking for some consolidation here three-way corrective move and we're taking another look at this trendline support Trend channel support these prior highs back into that one twenty one fifty If we find more buyers stepping in there Then we'll be looking for bullish reversal patterns to engage on the long side next target on the outside It's going to be this one three four ninety and one twenty five should be should become the magnet then at this stage Really need to close back through this daily trendline support 1890 suggests the potential for a more meaningful high in place Moving to Japan In terms of data for the week ahead Tuesday October household spending Centage year of the year last time two point three percent market anticipating a zero point nine percent print Real spending capacity is under significant pressure Into year-end and then on Thursday we get the October current account balance 605.4 billion yen versus last time 909.3 billion Surplus under pressure from that weekend which has been Correcting in recent weeks. So from a technical perspective with respect to the dolly and we have achieved the one thirty three ninety eight target So our next target on the downside now. We're looking for a test into one thirty two fifteen So I'm looking for any pullbacks initially into this one thirty six twenty watch a bearish reversal patterns there to engage on the short side But people have moved down towards one thirty two if the pullback extends I'd certainly be paying very close attention to any test of the one thirty seven seventy and Any reversal patterns from there would also be an opportunity to engage on the short side at this stage We really need to see a close through trend channel resistance coming in one thirty nine fifties to suggest a broader corrective phase to develop Down under in Australia we will get The Q3 current account balance On Tuesday looking for a six point two billion balance their trade surplus narrows after reaching record levels in Q2 of this year And then we will have the all-important RBA policy decision with the markets anticipating another rate rise tighten cycle continues responding to the inflation challenge looking for a three point one three point ten percent level on On Tuesday from the RBA policy decision and into Wednesday we get Q3 GDP looking for zero point seven percent print there Versus a zero point nine percent last time out domestic demand growth remains robust in In Australia and then into Thursday October trade patterns looking for twelve point one billion versus twelve point four last time Out another sizable surplus supported by the LNG export revenue We're also here from RBA assistant governor Jones speaking at an FIRN conference in Sydney on Thursday and that runs out the data Down under for this week in terms of the technical setup We have We've been training around this target zone that we have the 1676 770 broke out into the back end of last week. We're consolidating again What I'm looking for now is a test of this 6890 from there I'm looking for any pullbacks back into the trend channel support and the pivot here 6760s to Reengage on the long side and we are looking now for a test of the 70 level But weekly projected range resistance coming in just below there 69 95 and that concludes the weekly market outlook for week events in December the fifth as all the traders plan the trade trade the plan and most importantly manage all this Until next time. Thanks very much