17 March 2017

US Prelim UoM Consumer Sentiment: Friday, 15:00. Consumer confidence declined in February to a three-month low of 95.7 from 98.5 in January, down from a 13-year high, amid milder expectations on finances and the economy. The results reflected clear differences between Republicans and Democrats following the election of Donald Trump as president. Republicans registered sentiment about 40 points higher than Democrats, according to the survey. The current conditions index inched down to 111.2 from a reading of 111.3 in the prior month. Future expectations six months from now decreased to a three-month low of 85.7 from 90.3. Consumer moral is expected to increase to 97.1 this time.

CAD
Manufacturing Sales m/m
USD
Prelim UoM Consumer Sentiment

  • EURUSD


Update: The pair may reach the level of 1.0770 and 1.0800 during the week, then if it shows some negative factors it may go down to reach the level of 1.0750 followed by 1.0650. The pair is on its way to reach the level of 1.0800 during the week. It is our strong resistance level for the week so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.0650 during the week. On the other hand, breaching the level of 1.0800 opens the door for further upward movement that the pair may reach the level of 1.0850.

Resistance levels: Support levels: Recommended:
▪ 1.0770
▪-1.0800
▪ 1.0850
▪ 1.0650
▪-1.0600
▪ 1.0500
We remain bearish as long as the pair is traded below the level of 1.0800
  • GBPUSD


Update: As could be seen on the chart that the pair may contuine going down (as a correction) to reach the level of 1.2300 then a pullback is expected that the pair may go up to reach its target 1.2400.As could be seen on the chart that the pair is traded above a strong support area around: (1.2080 – 1.2040) so as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.2400 during the week.

Resistance levels: Support levels: Recommended:
▪ 1.2400
▪-1.2500
▪ 1.2600
▪ 1.2080
▪ 1.0240
▪ 1.2000
We remain bullish as long as the pair is traded above the level of 1.2040
  • GOLD


As could be seen on the chart the Gold managed to form a harmonic pattern and the Gold is traded now right below our PRZ (Potential Reversal Zone) At the same time, if the pair continues to be traded above the level of 1220 then our final targets 1240 – 1250 remain the same.

 

Resistance levels: Support levels: Recommended:
▪ 1260
▪ 1240
▪ 1230
▪ 1220
▪ 1290
▪ 1180
We remain bullish as long as the pair is traded above the level of 1220.
  • AUDUSD


Update: We remain the same (Yesterday’s scenario). The pair is now traded right below a strong resistance level around 0.7720 so we believe that as long as the pair is traded below them, the pair may go down to reach the level of 0.7600 during the rest of the week. On the other hand, breaching the level of 0.7720 opens the door for further upward movements.

Resistance levels: Support levels: Recommended:
▪ 0.7720
▪ 0.7800
▪–
▪ 0.7410
▪ 0.7400
▪ 0.7600
We remain bearish as long as the pair is traded below the level of 0.7720
  • GBPJPY


The pair is traded in a very narrow range between 142.50 (the high) to 139 (the low). For now, it is traded right below the level of 142.50 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 138.60 during the day.

Resistance levels: Support levels: Recommended:
▪ 142
▪ 142.70
▪ —
▪ 138.70
▪ 138
▪ 137
We remain bearish as long as the pair is traded below the level of 142.50