US Building Permits: US building permits declined more than expected in February, down 6.2% to an annual rate of 1.21 million units from 1.29 million units in January. The reading was below analysts’ expectations of 1.26mn, but was 4.3% higher than the period in 2016. The breakdown showed single-family permits soared to a nine-year high while multi-family permits plunged offsetting the overall figure. Housing starts rose 3.0% to an annual rate of 1.29mn for February from a revised 1.25mn for January. This was the highest reading in four months and there was a 6.2% annual increase. The number of permits is expected to rise to 1.25 million this time.
USD
US Building Permits
- EURUSD
Having the pair traded within the ascending channel shown on the chart may seem very bullish, but there is nowhere to enter the market at the time. So, we are waiting for the pair to break through one of the following levels: Resistance: 1.0680 – Support: 1.0560. Then there should be a strong movement if one of them is broken.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0680 ▪-1.0700 ▪ 1.0800 |
▪ 1.0560 ▪-1.0500 ▪ — |
Waiting for the pair to break through one of the levels mentioned in the report. |
- GBPUSD
Will the pair break through the down trend-line? Today’s trading session (technically) is very important. If the price managed to break through the down trend-line with a daily close (above the trend) then the way would be open for the pair to reach at least 1.2670. So, let’s see what will happen?
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2670 ▪-1.2700 ▪ — |
▪ 1.2400 ▪ 1.2300 ▪ 1.2000 |
Waiting for the pair to confirm the breakout for the downtrend line. |
- GOLD
We do not recommend trading the Gold at the time. We believe that it is better to wait for the pair to reach 1307 then if it shows some negative factors we may go short targeting the level of 1300 followed by 1285. On the other hand, if the level of 1307 is broken, then the way is open for the pair to reach 1315 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1307 ▪ 1315 ▪ — |
▪ 1285 ▪ 1280 ▪ 1275 |
We remain bearish as long as the pair is traded below the level of 1307 |
- AUDUSD
The pair is facing a strong resistance level around 0.7600 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7500. On the other hand, if the level of 0.7600 is broken, we may go long targeting the level of 0.7650 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7650 ▪ 0.7600 ▪– |
▪ 0.7500 ▪ 0.7480 ▪ — |
We remain bearish as long as the pair is traded below the level of 0.7600 |
- USDCAD
As could be seen on the chart that the pair is forming a bullish Harmonic pattern. The (PRZ) of the pattern could be found at 1.3070. So, we will not trade this pattern until the pair reaches the level of 1.3070 then we can go long if it shows some positive factors. We also find that the price may continue going up to reach the level of 1.3350. This is conditioned by the continuation of trading above the level of 1.3300.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3400 ▪ 1.3450 ▪ — |
▪ 1.3220 ▪ 1.3100 ▪ 1.3070 |
We remain bullish as long as the pair is traded below the level of 1.3300 |
