21 August 2019

Canadian inflation report: Wednesday, 12:30. Canada’s Consumer Price Index has been more robust than in several other developed economies with the Media CPI and the rimmed CPI standing at 2.2% and 2.1% respectively – above the target of 2%. However, headline prices dropped by 0.2% in June. An increase of 0.1% is on the cards for July. Core Median CPI is projected to slow to 2.1%, Trimmed CPI to 2%, and the Common CPI to 1.8%.

FOMC Meeting Minutes: Wednesday, 18:00. How worried are Federal Reserve officials? The question refers to trade tensions and subdued inflation – the factors that resulted in the Fed’s decision to lower rates on July 31st – the meeting that the minutes provides details of. Two voting members dissented and voted against slashing rates and markets will want to know if these hawks were joined by others or if doves on the sidelines wanted even more. While some see the document as stale, it is essential to remember that it is revised until the last moment, with officials aware that markets are watching.

 

 

CAD
Canadian inflation report

USD
FOMC Meeting Minutes

  • EURUSD

The daily timeframe shows that the pair is about to reach a strong support level that is 1.1030. We are looking forward to going long just in case the pair shows up some bullish evidence above this level then we can go long targeting the level 1.12

 

Resistance levels: Support levels: Recommended:
▪ 1.1500
▪ 1.1450
▪ 1.12
▪ –
▪ –
▪ 1.1030
We are bullish as long as the pair is traded above the level of 1.1030.
  • GBPUSD

The chart above shows that the pair is traded above a strong support level that is 1.2010. So, we are bullish as long as the pair is traded above it. Our first target us 1.24.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.3310
▪ 1.2550
▪ –
▪ –
▪ 1.20
We are bullish as long as the pair is traded above the level of 1.20.
  • GOLD

The gold is facing a strong support level that could be found at 1478. We will be waiting for the pair to reach that level then we can go long targeting the level of 1530. This is conditioned by the continuation of trading above the level of 1478.

 

Resistance levels: Support levels: Recommended:
▪ 1520
▪ 1510
▪ 1474
▪ 1260
▪ 1265
Waiting for the pair to reach the support level of 1474.
  • AUDUSD

As could be on the daily timeframe that the pair is traded above a strong support level that is 0.6680. We also find a strong resistance level at 0.6827. If the pair managed to break through the resistance level, we can go long targeting the level of 0.70 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ 0.7000
▪ 0.6680
▪ 0.6650
▪ –
Waiting for the confirmation
  • GBPJPY

The chart above shows that the pair is traded above a strong support level that is 126.65. But we will be waiting for a retest for this level so we can go long. Let us wait for the pair to reach it again.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 141
▪ 126.68
▪ 126.50
▪ 126
Waiting for some confirmations

 

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