30 October 2020

German GDP: Friday, 7:00. Germany’s economy plunged 10.1% in Q2, but a strong rebound is projected for Q3, with an estimate of 6.9%.

Eurozone Inflation Report: Friday, 10:00. Deflation remains a major headache for eurozone policymakers. CPI has posted two straight declines and another decline of 0.3% is expected in October. The core reading is projected to remain at 0.2%.

Canada GDP: Friday, 12:30. Canada releases its GDP reports on a monthly basis. In July, the economy slowed to 3.0%, down from 6.5% beforehand. We now await the August release, which should be treated as a market-mover.

EUR

German GDP
Eurozone Inflation Report

CAD

Canada GDP

  • EURUSD

Update: First target was hit. The chart above shows that the pair is trading above a strong support level. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1.18 followed by 1.1850. On the other hand, if the pair manages to break through the level of 1.1700 this means that we can go short targeting the level of 1.1650  followed by 1.1600.

Resistance levels: Support levels: Recommended:
▪ 1.1900
▪ 1.1850
▪ 1.1800
▪ 1.1700
▪ 1.1650
▪ 1.1600
We are bullish as long as the pair is trading above the level of 1.1700.
  • GBPUSD

Update: First target was hit. As could be seen on the chart above that the pair is trading below a strong resistance level that is 1.3000. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.2900.

Resistance levels: Support levels: Recommended:
▪ 1.3100
▪ 1.3050
▪ 1.3000
▪ 1.3100
▪ 1.3080
▪ 1.3050
We are bearish as long as the pair is trading below the level of 1.3000.
  • GOLD

Update: Targets were hit. As could be seen on the chart above that the pair is trading above a strong support level that is 1860. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1850 followed by 1890.

Resistance levels: Support levels: Recommended:
▪ 1900
▪ 1890
▪ 1870
▪ 1860
▪ 1825
▪ 1800
We are bullish as long as the pair is trading above the level of 1860.
  • AUDUSD

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 0.6970. Therefore, we will be waiting for bullish evidence to show up above it then we can go long targeting the level of 0.7150.

Resistance levels: Support levels: Recommended:
▪ 0.7275
▪ 0.7260
▪ 0.7240
▪ 0.7030
▪ 0.7000
▪ 0.6980
We are bullish as long as the pair is trading above the level of 0.6970.
  • GBPJPY

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 134. Therefore, we are bullish as long as the pair is trading above it. Our first target is 137 followed by 138.

Resistance levels: Support levels: Recommended:
▪ 138.50
▪ 138.00
▪ 137.50
▪ 134.00
▪ 133.50
▪ 133.00
We are bullish as long as the pair is trading above the level of 134.

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