 Welcome traders to another tickmail weekly market outlook for week commencing the 6th of June with me Patrick Manley Moving to the data calendar Tuesday we get us April trade balance looking for a negative 89.2 billion dollar print there deficit It's likely to remain wide on demand and inventory rebuild We also get April consumer credit looking for a 32 point April's print there credit growth Slowing from historically elevated levels then heading into Wednesday the April wholesale inventories Final estimate for the month restocking at a robust pace so that we should see a 2.1 percent print there and then on Thursday initial jobless claims 200k expected and Expected to remain at low levels for an exonium period of time then we round out the week in the US with May CPI Looking for a 0.7 percent print there versus a 0.3 percent print Last time now and inflation Looks to have potentially crested in the US and then we finished the week up with June University of Michigan sentiment Looking for a 58.9 versus a 58.4 print last time inflation and rate can serve still front of mind for that reading from a technical perspective dollar index We are tracking this potential wave 4 structure. So whilst we hold support at the 101 level We're looking for a fifth wave extension up into minimum the side objective of 106 16 At this stage any breach of the 101 on a closing basis would actually set up a move down to test trend channel support to the 9890s Moving to the Eurozone In terms of data quiet again like the US Tuesday we get June syntax investor confidence Looking for a negative 21.7 print there outlook remains clouded by consulate in Ukraine heading into Wednesday we get Q on final read GDP looking for 0.3 percent print there Find less but really to confirm a slow start to 2022 in the Eurozone then importantly on Thursday We get the ECB policy decision as End of asset purchases look likely to be on the table rates expected to remain at 0% and focus is really going to be on forecast and Forward guidance and that rounds out the data in in the Eurozone so from a technical perspective You're a continues to test trend channel resistance here Any breach of the 106 handle would confirm a potential way for a high and send us down looking for a move towards parity At this stage, we need to see a close through trend channel resistance Set up a deeper corrective move to test symmetry swing resistance up to the 109.09 level I'm heading to the UK Tuesday we get something global services PMI looking for 51.8 percent 51.8 print there. That's the final estimate for the month And that rounds out really a very light data week in terms of the UK So from a technical perspective looking at the sterling dollar here are a couple of scenarios Trapping at this stage and one is the potential to carve out an inverse head and shoulders pattern here So as we maintain support into that 124 handle we could see an extension up to test 129 Alternatively, if we fail to hold the 124 as support then I've been looking for move back down to test cycle loads and monkey protected range sport and trend channel sport coming into the 121 and they're obviously we're looking at 120 tests below So it's going to really be pivotal. See where the cable to get back through this trend line resistance in the 126 30s heading to Japan and on Tuesday April household spending the various negative 0.5 percent print there rising costs and weaker incomes are really starting to squeeze spending in Japan and then on Wednesday in Japan we get the First quarter GDP final print looking for a negative 0.3 percent smaller vision expected in the final effort for Q1 and that rounds out the data in Japan So from a technical perspective, we've got the test of that 126 30 126 20 area that we're looking for last week We have the upside extension of the way So I'm looking now for a move back through the potential wave three high here Let's just get ourselves a target for this move We are looking at a Just change the temper there Okay, so minimum upside objective for the wave five Target is one thirty two fifties up to a potential one thirty four twenty and monthly projected range resistance on three sixties and Rounding out the week down under in Australia data Monday May Am I inflation gauge looking for? 3.4 percent print last time out inflation above the balance and intense pressures mounting really in 2022 then on Tuesday or important RBA policy decision looking for Rates to be pumped up to 0.75 percent back-to-back rate heights Debate on likely size of the move in July The main focus of attention there and that really rounds out the the data slates down under in Australia from a technical perspective Whilst we hold The 73 handle as resistance. I'm looking for a deeper corrected move back into tests the 70 cents level now from there We could set up a inverse head and shoulders scenario and get a further leg to the upside It's tested into that trend channel resistance just about the 74 However, if we fail to find to maintain sport the 70 level We still have that downside objective the opposing target down to 66 40s and that concludes the weekly market outlook for week commencing June 6 as always traders plan the trade Trade prepared and most importantly manage your risk until next time. Thanks very much