Australian GDP: Wednesday, 0:30. The economy gained 0.4% in Q3, little changed from the 0.5% gain in Q2. Another gain of 0.4% is expected in the fourth quarter.
Eurozone Services PMI’s: Wednesday, 8:15 for Spain, 8:45 for Italy, final French figure at 8:50, final German one at 8:55, and final euro-zone number at 9:00. Services sector numbers have generally been better than those in the manufacturing one. Spain had a score of 52.5 in January. Italy had 51.4. The initial read for France stood at 52.6, for Germany it was 53.3 and for the euro-zone 52.8. No changes are expected in the final versions.
British Final Services PMI: Wednesday, 9:30. The initial estimate for services PMI came in at 53.3, with the second estimate slightly revised lower to 53.2 points.
US ISM Non-Manufacturing PMI: Wednesday, 15:00. The services sector continues to outperform manufacturing, and services PMI climbed to 55.0 in January, its highest level in five months. The estimate for February stands at 55.1 points.
BoC Rate Decision: Wednesday, 15:00. The BoC has kept the benchmark rate pegged at 1.75% since October 2018 and no change is expected at the upcoming meeting. The tone of the rate statement could affect the movement of USD/CAD.
AUD
Australian GDP
GBP
British Final Services PMI
EUR
Eurozone Services PMI’s
USD
US ISM Non-Manufacturing PMI
- EURUSD
Update: Waiting for the pair to show up bearish evidence below the suggested level. As could be seen on the chart above that the pair is about reaching a strong resistance area (1.1200 – 1.1240). Therefore, we will be waiting for the pair to reach that area and in case it shows up bearish evidence below it, we can go short targeting the level of 1.1100.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1300 ▪ 1.1240 ▪ 1.1200 |
▪ 1.1100 ▪ 1.1050 ▪ 1.1000 |
We are bearish as long as the pair is traded below the level of 1.1240 |
- GBPUSD
Update: No changes, we remain the same. The chart above shows that the pair is traded above a strong support level that is 1.27. Therefore, we will be waiting for bullish evidence to show up above it then we can go long targeting the level of 1.2870.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3400 ▪ 1.3350 ▪ 1.3000 |
▪ 1.2700 ▪ 1.2650 ▪ 1.2600 |
We are bullish as long as the pair is traded above the level of 1.2700. |
- GOLD
Update: Our targets have been hit. If the pair goes downwards to the level of 1625, then we can go long again. The chart above shows that the pair is trading above a strong support level that is 1588. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1615 followed by 1630.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1630 ▪ 1615 |
▪ 1588 ▪ 1585 ▪ 1575 |
We are bullish as long as the pair is trading above the level of 1588. |
- AUDUSD
Update: First target has been hit (downtrend line) waiting for bearish evidence to show up below it. As could be seen on the chart above that the pair might continue going upwards to reach the downtrend line shown on the chart in green. Therefore, we will be waiting for the pair to reach it then in case it shows up bearish evidence, we can go short.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7123 ▪ 0.6988 ▪ 0.6740 |
▪ 0.6400 ▪ 0.6350 ▪ 0.6300 |
Waiting for the pair to reach the downtrend line. |
- GBPJPY
Update: We remain the same. As could be seen on the chart above that the pair is trading below a strong resistance level (139) which enhances the chances of bearish movement during the rest of the week. Therefore, we are bearish as long as the pair is traded below it. Our first target is 136.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 146.50 ▪ 146.00 ▪ 144.20 |
▪ 137.00 ▪ 136.50 ▪ 136.00 |
We are bearish as long as the pair is traded below 139 |
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