28 November 2018

28 November 2018

powered by Land-FX

US GDP (second release): Wednesday, 13:30. The first estimate of US growth for Q3 came out at 3.5% annualized, not as fast as Q2 but still a rapid clip of growth. Nevertheless, there were a few worrying signs such as a high level of inventory growth and a drop in exports. The second release matters not only for the change in the headline but also if we see modifications to the composition. A revision to 3.6% is forecast.

US New Home Sales: Wednesday, 15:00. Sales of new homes trigger broad economic activity around them and impact the wider economy. They stood at an annualized level of 553K in September. We will now receive the numbers for October. The housing sector showed signs of a slowdown in recent months.

USD
US GDP (second release)
US New Home Sales

  • EURUSD

Update: We remain the same. The daily chart shows that the pair is about to reach a strong support area that is located between 1.13 to 1.1220 so we believe that in case the pair reaches this area and shows up some bullish evidence, we can go long targeting the level of 1.14 – 1.1415 during the week. This is conditioned by the continuation of trading between the two support levels mentioned above.

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.1850
▪ 1.18
▪ –
▪ 1.1217
▪ 1.10
We are bullish as long as the pair is traded above the level of 1.1217.
  • GBPUSD

Update: We remain the same. As we can see on the daily chart that the pair is about to reach a strong support area that could be found at 1.27. In case the pair reaches this level and shows up some bullish evidence, we can go long targeting the level of 1.30 during the week. This is conditioned by the continuation of trading above the support level of 1.2690.

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.3350
▪ 1.29
▪ 1.2679
▪ 1.2650
▪ 1.2550
We are bullish as long as the pair is traded above the level of 1.2690.
  • GOLD

Update: The pair is about to reaching the resistance area. As could be seen on the chart above that the pair is traded in an unclear area so we will be waiting for the pair to reach either the resistance of 1235 – 1242 (where we can go short) or to reach the support level (the uptrend line where we can go long).

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1235
▪ –

▪ 1180
▪ 1170
Waiting for the pair to reach one of the levels mentioned in the report.
  • AUDUSD

Update: Target was hit, 2nd target 0.7350. As could be seen on the chart above that the pair is about to reach a strong support level that is 0.7180 – 0.7160 which is where we can go long targeting the level of 0.73 during the week.

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ 0.7260
▪ 0.7000
▪ –
▪ –
We are bullish as long as the pair is traded above the support level of 0.7160.
  • GBPJPY

Update: The pair is traded in a very tight range. The daily chart shows that the pair is traded above a strong support level that is the uptrend line. In case the pair shows up some bullish evidence, we can go long targeting the level of 147 followed by 148.

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 149
▪ 145
▪ 144
▪ 143
We are long as long as the pair is traded above the uptrend line.

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