22 November 2017

US Durable Goods Orders: Wednesday, 13:30. Sales of durable goods reflect investment and feed into GDP data. The revised data for September showed a gain of 2% in headline sales. The Fed focuses on core durable orders which increased by 0.7%, an upbeat figure. We now get the figures for October, the first report for the fourth quarter. Both headline and core orders are expected to rise by 0.4%.

US FOMC Meeting Minutes: Wednesday, 19:00. These are the minutes from the November meeting, which did not consist of new forecasts nor a press conference. While the Fed hinted that they are on course to raise rates in December, they changed their wording about inflation, describing it as “soft”. We will now get an insight into the discussion among the members. How worried are they about inflation? How pleased are they with job growth? It is unlikely that the minutes will change expectations about the December meeting, but the dollar will likely move.

USD

US Durable Goods Orders

  • EURUSD

Update: the pair started going up. Last week the pair managed to break through a down trend line and it is traded now above it so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.1850 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.2000
▪ 1.2100
▪ 1.1850
▪ 1.1500
▪ 1.1300
We remain bullish as long as the pair is traded above the broken-down trend line.
  • GBPUSD

Update: No changes. As we can see on the daily chart that the pair is traded above an uptrend line shown on the chart in red. The price of the pair may continue going up to reach the level of 1.3122 followed by 1.3450 during the week. This is conditioned by the continuation of trading above the uptrend line.

Resistance levels: Support levels: Recommended:
▪ 1.3700
▪ 1.3650
▪ 1.2990
▪ 1.2900
▪ 1.2800
We remain bullish as long as the pair is traded above the uptrend line.
  • GOLD

Update: We remain the same. As could be seen on the chart above that the pair is traded above an uptrend line shown on the chart in red along with a strong support level that could be found at 1260 so we remain bullish as long as the pair is traded above those levels. Our targets: 1290 – 1300.

 

Resistance levels: Support levels: Recommended:
▪ 1350
▪ 1305
▪ 1300
▪ 1267
▪ 1260
We remain bullish as long as the pair is traded above the level of 1260.
  • AUDUSD

Update: we remain bearish. The pair managed to form a head and shoulders patter shown on the chart above and it also managed to break through the nick line of the pattern so this has opened the door for the pair for further downward movement that it may reach the level of 0.7500 followed by 0.7400.

Resistance levels: Support levels: Recommended:
▪ 0.8100
▪ 0.8060
▪ 0.7940
▪ 0.7400
▪ 0.7500
We remain bearish as long as the pair is traded below the nick line of the pattern.
  • GBPJPY

Update: We remain the same. The pair managed to form a bullish harmonic pattern that it may go down to reach the uptrend line shown on the chart that is where we can go long (PRZ) so we will be waiting for the pair to reach that level. Breaching the level of 148 can open the door for further downward movement that the pair can reach the uptrend line shown on the chart in red.

Resistance levels: Support levels: Recommended:
▪ 152
▪ 151
▪ 155
▪ 148
▪ 147
Waiting for the pair to reach the uptrend line.