20 May 2020

UK Inflation Report: Wednesday, 6:00. Consumer inflation continues to fade, falling to 1.5% in March. This was down from 1.5% and was the weakest reading in four months. The core figure dropped from 1.7% to 1.6%. In April, the projection is 0.9% for the headline reading and 1.4% for core CPI.

Eurozone Inflation: Wednesday, 9:00. Inflation has fallen sharply as the eurozone economy has been paralyzed by the Covid-19 outbreak. The initial April read fell to 0.4%, and the final reading is expected to confirm this figure.

GBP
UK Inflation Report

EUR
Eurozone Inflation

  • EURUSD

Update: We remain the same. 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: No changes. 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: We remain the same. 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: Still trading below the resistance level. 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 started going downwards as expected. 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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