07 March 2018

Australian GDP: Wednesday, 00:30. Australian publishes its GDP data only once, without any revisions, giving the release a more significant impact. After a quarterly growth rate of 0.6%, A slightly slower growth rate is expected, 0.5% in the last quarter of the year. In addition, yearly growth is also expected to be more modest.

 

ADP Non-Farm Payrolls: Wednesday, 13:15. The publication by ADP for the private sector doesn’t always correlate very well with the official BLS NFP on Friday, but still moves the markets. After reporting an impressive gain of 234K in January, a somewhat smaller increase of 194K positions is expected for February.

 

Canadian rate decision: Wednesday, 15:00. The Bank of Canada raised the interest rate in January after two excellent jobs reports, but things have changed since then. Canada saw a big drop of 88K jobs in January and the retail sales report was quite worrying. Moreover, the recent tariffs imposed by Trump are very damaging to Canada. the BOC has already expressed concerns over NAFTA and immediate tariffs on steel will have another chilling effect. The team led by Stephen Poloz may even hint that rate cuts are possible.

AUD
Australian GDP

USD
ADP Non-Farm Payrolls

CAD
Canadian rate decision

  • EURUSD

As could be seen on the daily chart that the pair is traded above a strong support level that is 1.21. Therefore, we are bullish as long as the pair is traded above it that it may reach the level of 1.25 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.2530
▪ —
▪ —
▪ 1.21
▪ 1.1600
▪ 1.1550
We are long as long as the pair is traded above the level of 1.21
  • GBPUSD

As could be seen on the daily chart that the pair is traded right above a strong support level that is the EMA of 50 (D). So, we are bullish as long as the pair is traded within a descending channel. The pair is heading towards the upside of the channel. In case the pair shows some negative factors below it, we can go short targeting the downside of the channel.

 

Resistance levels: Support levels: Recommended:
▪ 1.4200
▪ 1.4100
▪ —
▪ 1.3800
▪ 1.3700
▪ 1.3600
We are bearish as long as the pair is traded below the downside of the descending channel.
  • GOLD

The pair is heading towards the level of 1350. We will be waiting for the pair to be traded between the level of 1350 and 1365 and in case it shows some negative factors there, we can go short targeting the level of 1310 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1350
▪ —
▪ —
▪ 1310
▪ 1300
▪ 1290
We are bearish as long as the pair is traded below the level of 1365.
  • AUDUSD

As could be seen on the daily chart that the pair is heading towards the level of 0.7900. This is where we can go short that in case the pair shows some negative factors, we can go short targeting the level of 0.7800 followed by 0.7750 during the week. On the other hand, breaching the level of 0.79 can open the door for further upward movement during the week that it may reach the level of 0.80 followed by 0.8050 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 0.8000
▪ 0.7900
▪ —
▪ 0.7700
▪ 0.7600
▪ 0.7500
Waiting for the pair to reach the level of 0.79.
  • GBPJPY

The pair successfully rebounded around the level of 145 and it is heading towards the broken downside of the ascending channel shown on the chart.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 147
▪ 146
The pair is heading towards the broken downside of the broken channel.

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