Euro-zone inflation: Friday, 10:00. While headline euro-zone inflation has decelerated to 0.7% – a multi-year low – the Core Consumer Price Index accelerated to 1.1%, a level that provides some encouragement for the European Central Bank. Similar levels are likely now.
Canadian GDP: Friday, 13:30. Canada publishes its GDP reports on a monthly basis – providing up to date data. In the past two months, Canadian growth has disappointed, with an increase of only 0.1% in August and stagnation in July. The figure for September concludes the third quarter and thus provides a broader picture of the economy. A quicker pace of expansion is on the cards now.
EUR
Euro-zone inflation
CAD
Canadian GDP
- EURUSD
Update: No changes! The pair has been traded below a strong resistance level for a few weeks which reflects how strong the downtrend is. The pair is also traded above a support level (1.0993 – on the short run). We believe that it is better to wait until the support level is broken then we can go short targeting the level of 1.0926.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1500 ▪ 1.1400 ▪ 1.1300 |
▪ 1.0993 ▪ 1.0900 ▪ 1.0850 |
We are bearish as long as the pair is traded below the downtrend line. |
- GBPUSD
Update: No changes! The pair is traded in a very tight range between: Resistance: 1.30 and Support: 1.2773. Therefore, we can wait for the pair to reach the support level then we can go long targeting the resistance level. On the other hand, if the support level is broken, we can go short targeting the level of 1.2680.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3240 ▪ 1.3100 ▪ 1.3010 |
▪ 1.2773 ▪ 1.2700 ▪ 1.2660 |
Waiting for the pair to reach on of the levels mentioned in the report. |
- GOLD
Update: We remain the same! As could be seen on the chart above that the pair is traded below a strong resistance level that is 1478. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1445.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1490 ▪ 1478 |
▪ 1454 ▪ 1450 ▪ 1430 |
We are bearish as long as the pair is traded below the level of 1478. |
- AUDUSD
Update: No changes! As could be seen on the chart above that the pair is traded above a strong support level that is 0.6769. Therefore, we are bullish as long as the pair is traded above it. Our first target is 0.6850. On the other hand, if the level of 0.6769 is breached, we can go short targeting the level of 0.6701.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7550 ▪ 0.7600 ▪ 0.7000 |
▪ 0.6769 ▪ 0.6701 ▪ – |
Follow the report. |
- GBPJPY
Update: Waiting for some bearish evidence! The Harmonic pattern that was mentioned before is still active. We can use the short-term movements to make some PIPS. Therefore, we can go short of the pair shows up bearish evidence below the level of 141.46 targeting the level of 139.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142.30 ▪ 142 ▪ 141.50 |
▪ 138.95 ▪ 138 ▪ 137 |
Follow the scenarios |
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