Euro-zone inflation: Thursday, 10:00. After the major countries have already released their own figures, we get the flash figures for the whole euro area. October was quite disappointing with 1.4% in headline inflation and only 0.9% in core CPI, quite a setback after this figure had already advanced. Healine inflation is expected to bounce to 1.6% and core inflation to tick up to 1%.
US Core PCE Price Index: Thursday, 13:30. This is the inflation indicator that the Federal Reserve prefers, making it of importance even though it lags the regular CPI report. The Core PCE stood at 1.3% y/y in September and may now rise to 1.4%, still below the Fed’s 2% target. Month over month, a rise of 0.2% is projected.
USD
US Core PCE Price Index
EUR
Euro-zone inflation
- EURUSD
Update: First target 1.1900 was hit. The pair may continue going up to reach the level of 1.2000. The pair is traded above a strong support level (the uptrend line shown in red) so we would go long targeting the level of 1.1900 during the daily. This is conditioned by the continuation of trading above the uptrend line.
| 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 uptrend line. |
- GBPUSD
Update: First target was hit 1.3450. It may continue going up to reach the level of 1.3500. On its way to the level of 1.3450. 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: The pair is about to reach the level of 1270. 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: the pair reached the down trendline. Let’s see the price behavior below that level. The pair rebounded successfully around the support level of 148 so it may continue going up to reach the down trend line shown in red on the chart.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 152 ▪ 151 ▪ 155 |
▪ 148 ▪ 147 |
Waiting for the pair to reach the uptrend line. |
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