Australian GDP: Wednesday, 1:30. Australia publishes its GDP report only once per quarter, without any revisions. The economy enjoyed a strong finish to 2016, growing by 1.1% q/q. Q1 will already be different. Treasury Secretary Morrisson hinted that we see some “fluctuations”. A growth rate of 0.3% is projected.
Crude Oil Inventories: Wednesday, 14:30. The weekly measure of oil inventories has an immediate impact on oil prices but also reflects on the global economy. Lower supply and marginally higher demand pushed inventories lower, helping oil prices stabilize.
AUD
Australian GDP
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Crude Oil Inventories
- EURUSD
Update: we remain the same. As could be seen on the chart above that the pair is traded below a strong resistance level around 1.1300. It also matches a Fibonacci level of 0.386 (From 14.10.2014 to 03.01.2017). So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1200 followed by 1.1100 during the week. On the other hand, if the level of 1.1300 is broken (by at least a daily close) then the way would be open for the pair to reach 1.1400.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1275 ▪-1.1300 ▪ 1.1350 |
▪ 1.1200 ▪-1.1150 ▪ 1.1100 |
We remain bearish as long as the pair is traded below the level of 1.1272. |
- GBPUSD
Update: We remain the same. As could be seen on the chart above that the pair is traded right above a strong support level that could be found at 1.2750 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.3000 during the day. In case that the level of 1.2750 is broken, then the way would be open for the pair to reach the level of 1.2700 followed by 1.2600.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3000 ▪-1.3100 ▪ — |
▪ 1.2750 ▪ 1.2700 ▪ — |
We remain bullish as long as the pair is traded above the level of 1.2750. |
- GOLD
Update: The gold managed to break through the downtrend line, on its way to reach the level of 1300.The Gold managed to reach the downtrend line shown on the chart above. We believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1250 during the day. This is conditioned by the continuation of trading below the downtrend line. On the other hand, if the pair managed to break through the downtrend line, then this would be very bullish for the Gold that it might reach the level of 1300 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1300 ▪ 1290 |
▪ 1250 ▪ 1220 ▪ 1200 |
- AUDUSD
Update: the pair managed to break through the level 0.7500 so it is on its way to the level of 0.7600.As could be seen on the chart that the pair went up once it touched the uptrend line shown on the chart in red. It may continue going up to reach the level of 0.7500 then there would be two scenarios: if the pair respects this level, then it may go down targeting the level of 0.7400. The second scenario: if the pair breaks through the level of 0.7500 then it may go up to reach the level of 0.7600.
| Resistance levels: | Support levels: | Recommended: |
| ▪ ▪ 0.7600 ▪-0.7700 |
▪ 0.7350 ▪ 0.7300 ▪ 0.7250 |
We remain bearish as long as the pair is traded above the level of 0.7500. |
- GBPJPY
Update: the pair is on its way to the uptrend line. As could be seen on the chart that the pair may continue going down to reach the uptrend line shown on the chart. This is not really a negative movement. This can support the strength of the GBP against the JPY. Let’s see what will happen.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 144 ▪ 145 ▪ 146 |
▪ 142 ▪ 141 ▪ 140 |
We remain bearish as long as the pair is traded below the level of 144. |
