Eurozone PMIs: Friday, 7:15 in France, 7:30 in Germany, and 8:00 for the whole eurozone. The services sector has been in free-fall, with sharp contractions reported across the eurozone in April. The German PMI came in at 16.2, the eurozone release was 12.0, and the French reading stood at 10.2. The initial estimates for May are 26.2 for Germany, 23.9 for the eurozone and 28.8 for France. The manufacturing sector is in better shape, but still showing contraction, with readings well below the 50-level, which separates contraction from expansion. The German PMI came in at 34.5, the eurozone at 33.4 and the French release at 31.5. The forecast for the initial reads for May are 39.0 for Germany, 38.0 for the eurozone and 35.6 for France.
EUR
Eurozone PMIs
- EURUSD
Update: Our target is about to be hit. The chart above shows that the pair is trading below a strong resistance level that is 1.1000. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.0875.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1050 ▪ 1.1025 ▪ 1.1000 |
▪ 1.0875 ▪ 1.0850 ▪ 1.0800 |
We are bearish as long as the pair is trading below the level of 1.1000. |
- GBPUSD
Update: Target has been hit. As could be seen on the chart above that the pair is trading below a strong resistance level 1.2300. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.2170.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2450 ▪ 1.2430 ▪ 1.2300 |
▪ 1.2170 ▪ 1.2150 ▪ 1.2100 |
We are bearish as long as the pair is trading below the level of 1.2300. |
- GOLD
Update: No changes! As could be seen on the chart above that the pair is trading above a strong support level that is the uptrend line. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1750 followed by 1760.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1770 ▪ 1760 ▪ 1750 |
▪ 1720 ▪ 1715 ▪ 1710 |
We are bullish as long as the pair is trading above the uptrendline. |
- AUDUSD
Update: The pair started going downwards as expected. As could be seen on the chart above that the pair is trading below a strong resistance level that is 0.6600. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.6375 followed by 0.6530 followed by 0.6500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.6700 ▪ 0.6650 ▪ 0.6600 |
▪ 0.6530 ▪ 0.6500 ▪ 0.6480 |
We are bearish as long as the pair is trading below the level of 0.66. |
- GBPJPY
Update: The pair has hit its target. As could be seen on the chart above that the pair is trading below a strong resistance level that the downtrend line. Therefore, we are bearish as long as the pair is trading below it. Our first target is 130.50.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 133.20 ▪ 132.50 ▪ 132.35 |
▪ 130.50 ▪ 130.15 ▪ 130.00 |
We are bearish as long as the pair is traded below the downtrend line. |
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