17 January 2020

Chinese GDP: Friday, 2:00. Many doubt the accuracy of the data from the world’s second-largest economy, as it tends to match the desires of the ruling party. Nevertheless, the publication rocks markets. After growing at a yearly pace of 6% in the third quarter, economists expect a 6.1% growth rate for all of 2019. Industrial output is also eyed.

US consumer confidence: Friday, 15:00 The University of Michigan’s first estimate of consumer sentiment for 2020 is set to edge up from 99.3 to 99.4, reflecting strong confidence. Any deviation may impact the close of the week.

USD
US consumer confidence

EURUSD

Update: The pair is about to reach the support level (the uptrend line). As could be seen on the chart above that the pair is traded above a strong support level that is the uptrend line shown on the chart in red. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1.1200 – 1.1250.

Resistance levels:	Support levels:	Recommended:
▪ 1.1350 ▪ 1.1300 ▪ 1.1250	▪ 1.1050 ▪ 1.1000 ▪ 1.0950	We are bullish as long as the pair is traded above the uptrend line.

GBPUSD

Update: We remain the same. The chart above shows that the pair is about reaching a strong support level that is 1.2889. We will be waiting for the pair to reach the support level and in case it shows up bullish evidence, we can go long targeting the level of 1.31 followed by 1.32.

Resistance levels:	Support levels:	Recommended:
▪ 1.3400 ▪ 1.3350 ▪ 1.3300	▪ 1.2880 ▪ 1.3000 ▪ 1.2850	Waiting for the pair to reach the support level.

GOLD

Update: The pair is still traded above the support level. The chart above shows that the pair is traded above a strong support level that is 1540. Therefore, we need some bullish evidence to show up then we can go long targeting the level of 1590. On the other hand, breaching the level of 1540, opens the door for further downward movement during the week that it might reach the level of 1526.

Resistance levels:	Support levels:	Recommended:
▪ 1579 ▪ 1575	▪ 1540 ▪ 1526 ▪ 1515	We are bullish as long as the pair is traded above the level of 1540.

AUDUSD

Update: We remain the same. As could be seen on the chart above that the pair is traded above the downside of the bullish channel. Therefore, we are bullish as long as the pair is traded above it. Our first target is 0.6980. On the other hand, breaching the support level mentioned above, can open the door for further downward movement that it might reach the level of 0.6840.

Resistance levels:	Support levels:	Recommended:
▪ 0.7123 ▪ 0.6988 ▪ 0.6941	▪ 0.6750 ▪ 0.6685 ▪ 0.6650	We are bullish as long as the pair is traded above the support level.

GBPJPY

Update: No changes, we remain the same. The chart above shows that the pair is traded in a very tight range. Therefore, we better wait for the pair to reach the level of 144.15 than in case it shows up bearish evidence, we can go short targeting the level of 141

Resistance levels:	Support levels:	Recommended:
▪ 146.50 ▪ 146.00 ▪ 144.17	▪ 141.00 ▪ 140.50 ▪ 140.00	Waiting for the pair to reach the resistance level of 144.17.

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