UK Services PMI: Thursday, 8:30. As in the US and most developed economies, the services sector is the most important one, and the financial services industry is especially eyed. Markit’s PMIs culminate with this event. After seeing OK growth with 54.5 points in February, a similar score of 54.2 is expected for March.
USD
UK Services PMI
- EURUSD
Update: We remain the same. As could be seen on the daily chart that the pair is on its way to reach the resistance levels of 1.2440 – 1.25 so we believe that if the pair reaches one of those levels, we can go short targeting the level of 1.24 followed by 1.2350 during the week. This is conditioned by the continuation of trading below the level of 1.2550.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2550 ▪ 1.2440 ▪ — |
▪ 1.22 ▪ 1.21 ▪ 1.1550 |
We are bearish as long as the pair is traded below the level of 1.2550. |
- GBPUSD
Update: We remain the same. As could be seen on the daily chart that the pair is on its way to reach the resistance levels of 1.4270 – 1.4340. This is where we can go short if the pair shows some negative factors below them. If this happens, we can go short targeting the level of 1.40 followed by 1.3950 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.4340 ▪ 1.4200 ▪ — |
▪ 1.3800 ▪ 1.3700 ▪ 1.3600 |
We are bearish as long as the pair is traded below the level of 1.4340.. |
- GOLD
Update: The pair started going down. For the fifth time, the pair is traded below strong resistance levels that could be found at 1365 to 1350. So, we are bearish as long as the pair is traded below them. Our first target is: 1330 followed by 1320.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1365 ▪ — |
▪ 1310 ▪ 1300 ▪ 1290 |
We are bearish as long as the pair is traded below the level of 1365. |
- AUDUSD
Update: We remain the same. As could be seen on the daily chart that the pair is traded within a descending channel. Having the pair traded below the upside of the channel can open the door for further downward movements during the week that it can reach the level of 0.7671.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ 0.7900 ▪ — |
▪ 0.7700 ▪ 0.7600 ▪ 0.7500 |
We are bearish as long as the pair is traded below the upside of the channel. |
- GBPJPY
Update: On its way to hit its first target. The pair successfully formed a head and shoulders pattern as could be seen on the daily chart. The neck-line of the pattern is broken (150.30) so we are bullish as long as the pair is traded above it. Our first target is 153 followed by 154.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 |
▪ 147 ▪ 146 |
We are bullish as long as the pair is traded above the level of 150.30. |
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