 Welcome to TickMail weekly market outlook for week commencing the 4th of May with me, Patrick Munlow. In terms of data next week in the US, we start with Monday and March factory orders, new orders are expected to contract dramatically as economic activity continues to stall. We also receive March durable goods orders, final read to confirm collapsing investments intentions. On Tuesday we get March trade balance, February showed the narrow balance in three years. We also get April ISM non-manufacturing, expected to fall to a record low as the service sector is hit really hard. We also get a couple of Fed speakers, we have Evans, Bostich and Bullard speaking. On Wednesday we'll get the April ADP employment data, initial claims have shown an unprecedented rate of job loss, so we can expect those to be weak. We also get Fed speaker, Bostich speaking again, discussing the response to COVID-19 virus. On Thursday we'll get Q1 productivity out of the US, productivity obviously is expected to stall as the labour market continues to deteriorate. We'll get initial jobless gains, rate of job loss is moderating but still at a substantially low level. We'll also get March consumer credit, jumped a little bit in February and another increase is expected. On Friday we have the headline event for the US, the April non-farm payrolls, initial claims are at levels never seen before, so we can expect a real jump in the unemployment rate, median estimates are up to 16.3%. We'll also get the April average hourly earnings with wage growth will suffer and continue to suffer at record levels. Finally we end out the week with March wholesale inventories, final prelims showed fall in wholesale and non-durables. From a technical perspective, the dollar index traded down to our target from last week at the 9868 level. We'll have to see how we open up now on Monday and if bulls can defend this 9862, 9830 area, then there is still a chance that we'll get another leg hired to test this 10150 level. However, if we take out the 9820, look for a quick move down to 9728, may see some rotation there, but we would then expect the 9870 to 9850 area to act as resistance to ultimately go to the primary equality target down at the 9620 to 9640 area. Whilst we're talking about the dollar, let's check in with gold. Gold pulled back to retest symmetry swing support, the 1670 area. As bulls defend this area, there's still a chance we're going to test up to the primary equality objective at the 1766. We'd be anticipating we see sellers here watching for key reversal patterns at this level for a more significant corrective phase. However, if sufficient supply doesn't enter the market at this 1770, then we can look higher for a test at the 1850 to 1880 area before seeing a corrective phase. In Europe, on Monday, we get the May Centix investor confidence reading. The surveys already at the lowest level on records are not expecting anything spectacular out of there. On Tuesday, we get March PPI. Energy prices fell sharply in February, and so that's likely to see a weak read on that data. On Wednesday, we get European retail sales for March. Flash GDP was already identifying a record collapse in activity, so we can expect those to be weak. On Thursday, we get German March industrial production poised for one of the largest falls on record there. On Friday, we round out the week with German March trade balance likely to be squeezed as exports have come under significant pressure. The Euro recovered from the support area that we highlighted last week. We're now testing the initial resistance at the 110 level. A failure to get a close above Friday's high could see another leg of weakness ultimately trading back down in the current range to test the 10770 area through here. We look for the downside equality objective at 10670. However, if we can get a sustained push through Friday's high, then we have the top side equality objective at 11280 as the target on the upside for the week. In the UK, pretty light on data next week, or really all we've got is on Thursday we get the BOE policy decision. That's going to be the focus, and the focus will be on the assessment of the asset purchase programme and its efficacy with respect to the economy. From a technical perspective, Sterling failed to take out this 126 again, and we saw a key reversal inside day, bearish inside day on Friday. If we take out Friday's lows, I'll be looking for a move back down to test support at the 123 handle. From there, we'll see if buyers step back in. If they do, then we could be back up looking for that test of the 128 target. If we can get an early reversal and take out Friday's highs, last week's highs, then again, late 127 to 12817 is the upside objective. But if we see another failure once we base at 123, if we can't get back through 12470, then I'll be looking for a move down to test the prior lows in the range here at 12160. In Japan, again, pretty light data week all we've got really to look for is Friday's March household spending. Precautionary savings are expected to dampen household spending as the consumer and households are concerned about economic growth and activity. So that's the only piece of real data that we're going to get out of Japan next week. From a technical perspective, we continue just to grind lower here in the dollar yen. And what we're looking for really now is a move down to test this equality objective at the 10460. Certainly, as this range resistance continues to hold, that's what we're looking for. However, if we can get a close back through 108, then that would set up a test of range resistance to 10950. In Australia, key focus for the data next week is going to be the April payrolls data from the ABS weekly update reveal, likely to reveal a sharp fall in employment. We also get much retail sales. Preliminary estimates showed extraordinary stockpiling surge in Australia. We have Q1 retail sales that will drive the biggest quality volume, really, since the great financial crash. And then we end out the week in Australia with the RBA statement on monetary policy on Friday. And the forecast is to update the economic impacts of the post COVID environment. From a technical perspective, the Australian dollar couldn't take out the 6560 area. And we saw some profit taking into Friday, looking now at the first support area at this 6370. If we can find buyers here, then we could still see a push for that upside objective at the 67 handle. However, if buyers don't emerge at the 6350, then I'm looking for a deeper drop to test the 6050 area as the next level of support. And that concludes the weekly market outlook for week commencing the 4th of May.