Crude Oil Inventories: Wednesday, 14:30. With the collapse in the price of the black gold, the publication gains higher importance. A drop of 0.9 million barrels was seen last week. Apart from the change in crude barrels, watch out for total US production, which is on the rise.
New Zealand rate decision: Wednesday, 21:00. The Reserve Bank of New Zealand is expected to leave the interest rate unchanged at 1.7% once again. While employment is on the rise, inflation remains subdued. The bigger question will be about the exchange rate. Will Governor Wheeler talk the down or show some satisfaction with the recent drop? Note that RBNZ holds a press conference at 22:00 and the governor also speaks later, at 1:00.
Bill Dudley speaks: Wednesday 10:25. Dudley is the President of the New York Fed and considered No. 3 at the organization. As a known dove, Dudley’s surprisingly hawkish comments in March set the stage for the rate hike. Is he still happy after the recent data?
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Crude Oil Inventories
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New Zealand rate decision
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Bill Dudley speaks
- EURUSD
Update: The pair is continuing to its final targeting around 1.0800. Above the current price of the pair we can find two strong resistance levels which are: The upside of the ascending channel and the downtrend line (that acts as a resistance level in our case). It is a good catch if the pair manages to go up again to reach those two levels then if it shows some negative factors, we may go short targeting the level of 1.0800. There are no exact prices to enter the market in this scenario. But rather we have areas that are very bearish (two levels mentioned above). We believe that these levels can take traders’ attention so let’s keep an eye on them and see what will happen?
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0900 ▪-1.0950 ▪ — |
▪ 1.0800 ▪-1.0700 ▪ 1.0680 |
We remain bearish as long as the pair is traded below the upside of the ascending channel |
- GBPUSD
The upside of the ascending channel was broken, so this may cause the pair to rise to the level of 1.3000 followed by 1.3100. This is conditioned by the continuation of trading above the level of 1.2700.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3100 ▪-1.3000 ▪ — |
▪ 1.2700 ▪ 1.2600 ▪ — |
We remain bullish as long as the pair is traded above the level of 1.2700 |
- GOLD
Update: Yesterday\s candle was a kind of a reversal candle so this may cause the pair to retest the resistance level that could be found around 1240. A retest is expected for the level of 1240. As could be seen on the chart above that the pair may continue going up to reach the level of 1240 then a rebound is expected in case it shows some negative factors that it may go down again to reach the level of 1210.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1280 ▪ 1300 ▪ — |
▪ 1215 ▪ 1210 ▪ 1200 |
We remain bearish as long as the pair is traded below the level of 1240. |
- AUDUSD
Update: Today’s candle could be bullish, so this may be a good reason for a bullish day to retest the broken support level (now it is a resistance level) around 0. 7400. The pair managed to break through the level of 0.7400 so this would open the door for the pair for further downward movement during the day that it may reach the level of 0.7300. This is conditioned by the continuation of trading below the level of 0.7400.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7600 ▪ 0.7550 ▪-0.7400 |
▪ 0.7300 ▪ ▪ — |
We remain bullish as long as the pair is traded below the level of 0.7400 |
- USDCAD
Update: A very tight movement since yesterday, so we remain the same. As we mentioned last week that the pair has been traded below a strong resistance level around 1.3840 and this helped the CAD to gain value against the American Dollar that it reached the level of 1.3600. So we believe that the level of 1.3600 is a good bullish area where we can go long targeting the level of 1.3840 again.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3800 ▪ 1.3840 ▪ 1.3700 |
▪ 1.3600 ▪ 1.3530 ▪ 1.3455 |
We remain bullish as long as the pair is traded below the level of 1.3600 |
