US GDP (first release): Friday, 12:30. After a poor start to 2017, US growth picked up in Q2 and reached 3.1% annualized. A somewhat slower growth rate is expected in Q3, partly due to the hurricanes. This is the first release out of three, with two revisions pending. Nevertheless, this initial publication has the biggest impact. An annualized growth rate of 2.7%is on the cards.
USD
US GDP (first release)
- EURUSD
Update: The pair started going down as expected. The neckline is broken now. As could be seen on the daily chart that the pair is traded below a strong resistance level (1.1890). So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1660 during the week. Also, breaching the level of 1.1660 can open the door for further downward movement during the week that it may reach the level of 1.1600 followed by 1.1500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2000 ▪ 1.2100 ▪ 1.1890 |
▪-1.1650 ▪ 1.1600 |
We remain bearish as long as the pair is traded below the level of 1.1890. |
- GBPUSD
Update: The pair may touch the uptrend line than a pullback is expected during the day. As could be seen on the chart above that the pair is about to reach the uptrend line shown in red on the chart. This is where we can go long. So, we will be waiting for the pair to reach the uptrend line then in case it shows up some positive factors we can go long targeting the level of 1.3250.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3700 ▪ 1.3650 |
▪ 1.2990 ▪ 1.2900 ▪ 1.2800 |
Waiting for the pair to reach one the levels mentioned in the report. |
- GOLD
Update: Will the level of 1267 be broken? The pair has been traded above the level of 1267 and it managed to hold above it so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1290 followed by 1300 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1305 ▪ 1300 |
▪ 1267 ▪ 1260 |
We remain bullish as long as the pair is traded above the level of 1267. |
- AUDUSD
Update: Our weekly target has been hit. The pair managed to break through a strong support level at 0.7750 so it may continue going down to reach the level of 0.7692.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8100 ▪ 0.8060 ▪ 0.7940 |
▪ 0.7600 ▪ 0.7500 |
We remain bearish as long as the pair is traded below the level of 0.7750 |
- GBPJPY
Update: Still traded above the uptrend line. As could be seen on the chart above that the pair is traded above a strong uptrend line so the pair may continue going up to reach the level of 152 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 152 ▪ 151 ▪ 155 |
▪ 148 ▪ 147 |
Expected to show more bearish pressures. |
