04 December 2019

Australian GDP: Wednesday, The Australian economy expanded by a healthy 0.5% quarterly in both the first and second quarters of 2019. The upcoming publication for the third quarter is forecast to be identical with 0.5%. The economy in the land down under has been suffering from the Sino-American trade wars. While the Gross Domestic Product statistics are due out after the RBA’s decision, central bankers may already have the data in front of them.

US ADP Non-Farm Payrolls: Wednesday, 13:15. America’s largest payroll provider’s employment report for the private-sector shapes expectations for the government’s jobs report – and moves markets. Back in October, ADP reported a net gain of 125K jobs, exactly as expected. A similar increase is likely in November’s publication – 135K.

Canadian rate decision: Wednesday, 15:00. Stephen Poloz, Governor of the Bank of Canada, seemed to dismiss speculation of a rate cut. Most economic indicators are upbeat, and while oil prices have failed to rise, they remain at satisfactory levels. The BOC last changed the Overnight Rate back in October 2018 and has been on the sidelines ever since. This time will likely be similar – with the rate remaining at 1.75%.

ISM Non-Manufacturing PMI: Wednesday, 15:00. ISM’s forward-looking survey for the services sector surprised in October with a substantial jump to 54.7, reflecting healthy growth. The industry has been doing well, with consumers buying at full speed. This report for November encompassed Black Friday and will likely continue to show upbeat expansion. A score of 54.5 is on the cards. The employment component serves as a hint toward the NFP.

AUD
Australian GDP

CAD
Canadian rate decision

USD
US ADP Non-Farm Payrolls

ISM Non-Manufacturing PMI

  • EURUSD

The pair is about to reach a strong resistance level that is the downtrend line shown on the chart in red. Therefore, we will be waiting for some bearish evidence to show up then we can go short targeting the level of 1.0990 during the week. On the other hand, breaching the downtrend line to the upside can open the door for further upward movement during the week that it might reach the level of 1.1300.

Resistance levels: Support levels: Recommended:
▪ 1.1500
▪ 1.1400
▪ 1.1300
▪ 1.0993
▪ 1.0900
▪ 1.0850
We are bearish as long as the pair is traded below the downtrend line.
  • GBPUSD

The chart above shows that the pair is about reaching a strong resistance level that is 1.3177. Therefore, we will be waiting for the pair to reach that level then in case it shows up bearish evidence, we can go short targeting the level of 1.3000. On the other hand, breaching the above-mentioned resistance level, can open the door for an upward movement during the week that it might reach the level of 1.3300.

Resistance levels: Support levels: Recommended:
▪ 1.3300
▪ 1.3200
▪ 1.3177
▪ 1.2982
▪ 1.2900
▪ 1.2850
Wait for the pair to reach the resistance level.
  • GOLD

The chart above shows that the pair is traded within a descending channel. It is traded just right below the upside of the channel. Therefore, we will be waiting for bearish evidence to show up below it, then we can go short targeting the level of 1470 followed by 1465. On the other hand, a daily close above the upside of the channel can enhance the chances that the pair might reach the level of 1500 followed by 1510.

Resistance levels: Support levels: Recommended:
▪ 1510
▪ 1500
▪ 1470
▪ 1465
▪ 1455
We are bearish as long as the pair is traded below the upside of the bearish channel.
  • AUDUSD

The chart above shows that the pair is traded below a strong resistance level that is the downtrend line. In case the pair shows up bearish evidence below it, we can go short targeting the level of 0.6730 followed by 0.6695. On the other hand, breaking the downtrend line to the upside, can open the door for further upward movements during the week that it might reach the level of 0.7000.

Resistance levels: Support levels: Recommended:
▪ 0.7123
▪ 0.7050
▪ 0.7000
▪ 0.6730
▪ 0.6695
▪ 0.6672
We are bearish as long as the pair is traded below the downtrend line.
  • GBPJPY

The pair managed to break through a strong resistance level that is 141.46. Therefore, we are bullish as long as the pair is traded above it. Our first target is 143.80.

Resistance levels: Support levels: Recommended:
▪ 144.50
▪ 144
▪ 143.80
▪ 141.46
▪ 141
▪ 140.60
Follow the scenarios

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