04 July 2018

UK Services PMI: Wednesday, 8:30. The third and last of the purchasing managers’ indices in the US is for the services sector, the largest and most important one. The forward-looking survey stood at 54 points in May and is expected to tick down to 53.9 points in the read for June. A pick up in growth during the spring could boost the indicator and the pound, while concerns about Brexit could push it down.

GBP
UK Services PMI

  • EURUSD

The daily chart shows that the pair is traded above an uptrend line shown on the chart in red. The expected scenario for this week is that if the pair continues to be traded above the uptrend line, this opens the door for further upward movements during the week that it may reach the level of 1.1950 followed by 1.20.

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.20
▪ —
▪ 1.17
▪ 1.1650
▪ 1.1600
We are bullish as long as the pair is traded above the uptrend line.
  • GBPUSD

As could be seen on the daily chart that the pair managed to breach an uptrend line shown on the chart in red but we believe that the breakout of the trendline is not confirmed yet. To be confirmed, the pair must breach the level of 1.3050 with at least a daily close, otherwise the pair may continue going up to reach the level of 1.34 followed by 1.35 during the week. This is conditioned by the continuation of trading above the level of 1.3050.

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.35
▪ 1.34

▪ 1.3150
▪ 1.3050
We are bullish as long as the pair is traded above the level of 1.3050.
  • GOLD

As we can see on the daily chart that the pair is traded above a strong support level that is 1235 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1280 during the week. An alternative scenario: If the level of 1235 is broken, the way is open for the pair to reach the level of 1220 followed by 1210.

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1320
▪ —
▪ 1235
▪ 1220
▪ 1210
We are bullish as long as the pair is traded above the level of 1235.
  • AUDUSD

As we can see on the daily timeframe that the pair is traded above an uptrend line. This is a very bullish indicator that bullish bias may continue but this is not everything as the Gold is bearish which could lead the AUD to a strong bearish movement very soon. Let’s wait for some bullish evidence to show up above the uptrend line.

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ —
▪ 0.7370
▪ 0.7300
Waiting for the pair to show up some bullish evidence above the uptrend line.
  • GBPJPY

As could be seen on the daily timeframe that the pair is traded within an ascending channel. To be exact, the pair is traded right above the downside of the channel which means that there is a high potential that the pair may continue going up to reach the level of 150 during the week.

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 150.50
▪ 144
▪ 144
▪ 143
We are bullish as long as the pair is traded above the downside of the channel.

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