Australian GDP: Wednesday, 00:30. The Australian economy slowed down quite considerably slowed down in Q3, 0.3%, a third of the of the pace in Q2. The outcome for Q4 will unlikely improve as the whole world slowed down, including China, Australia’s No. 1 trading partner.
US ADP Non-Farm Payrolls: Wednesday, 13:15. Automated Data Processing is the biggest provider of payrolls in the US and in recent months, its report has been well-correlated with the official NFP published later on. In January, 213K positioned were gained according to ADP. A more moderate expansion is likely now.
Canadian rate decision: Wednesday, 15:00. The Bank of Canada increased interest rates to 1.75% back in October but has not moved since then. No change is expected now. Governor Stephen Poloz and Deputy Governor Carolyn Wilkins said that the economy can grow with little inflation, signaling a pause. While the trade dispute with the US has been resolved, the global slowdown still casts clouds on the economy.
AUD
Australian GDP
CAD
Canadian rate decision
USD
US ADP Non-Farm Payrolls
- EURUSD
Update: No changes, we remain the same. As we reported last week that the daily timeframe shows that the pair has been traded above a strong support level that is 1.13 and it is still traded above it, so we still recommend to go long targeting the level of 1.15. This is conditioned by the continuation of trading above the level of 1.12.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.21 ▪ 1.1850 ▪ 1.18 |
▪ – ▪ 1.1217 ▪ 1.10 |
We are bullish as long as the pair is traded above the level of 1.1217 |
- GBPUSD
Update: On its way to its first target. As could be seen on the daily timeframe that the pair is traded below a strong resistance level that is 1.32. So, we are bearish as long as the pair is traded below it. Our first target is: 1.29. This is conditioned by the continuation of trading below the level of 1.33.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.36 ▪ 1.33 ▪ 1.32 |
▪ 1.2730 ▪ 1.27 ▪ 1.26 |
We are bearish as long as the pair is traded below the level of 1.33. |
- GOLD
Update: The retest is not done yet. The daily timeframe shows that the pair managed to break through a strong support level that is the uptrend line shown on the chart in blue. As a result, the pair might continue going down to reach the level of 1276 during the ween then there will be another scenario.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1365 |
▪ 1298 ▪ 1180 ▪ 1170 |
We are bearish as long as the pair is traded below the broken uptrend line. |
- AUDUSD
Update: Still waiting for some bullish evidence to show up above the support level. The daily timeframe shows that the pair is traded above a strong support level that is 0.70. So, we are bullish as long as the pair is traded above that level. Our first target is 0.72. This is conditioned by the continuation of trading above the level of 0.70.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7550 ▪ 0.7600 ▪ 0.7260 |
▪ 0.7000 ▪ – ▪ – |
We are bullish as long as the pair is traded above the level of 0.70. |
- GBPJPY
Update: We are still waiting for the pair to reach the broken neckline. As we reported last week that the pair managed to break through the neckline of the head and shoulder patter and continued going up too much. The pair now could be developing like a retest scenario to test the broken level (the neckline). In this case, we will be waiting for the pair to retest this area then we will decide if it is time to enter the market. Nothing to be done for now.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 ▪ 149 |
▪ 140 ▪ 139 ▪ 138 |
Nothing to be done for now. |
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