21 November 2019

21 November 2019

powered by Land-FX

ECB Meeting Minutes: Thursday, 12:30. The last meeting presided by Mario Draghi as President of the European Central Bank yielded was all about defending his legacy and especially the last policy changes in November. The Frankfurt-based institution cut rates and announced the restart of the bond-buying scheme. The document may show how the hawk/dove divide played out as the Governing Council braces for the new president – Christine Lagarde. The euro is set to move.

US Existing Home Sales: Thursday, 15:00. Sales of existing, or second-hand homes, have stabilized and stood at 5.38 million annualized units in September. The figure for October may show an uptick. The housing sector is well-correlated with broader economic activity.

USD
ECB Meeting Minutes
US Existing Home Sales

  • EURUSD

Update: No changes. As could be seen on the chart above that the pair is traded below a downtrend line shown on the chart in red. In case the pair reaches this level and shows up some bearish evidence, we can go short targeting the level of 1.0999 during the week. On the other hand, breaching the downtrend line to the upside, can open the door for further upward movements that it might reach the level of 1.13 followed by 1.14.

Resistance levels: Support levels: Recommended:
▪ 1.1500
▪ 1.1400
▪ 1.1300
▪ 1.0999
▪ 1.0900
▪ 1.0850
We are bearish as long as the pair is traded below the downtrend line.
  • GBPUSD

Update: The pair started going downwards. As could be seen on the chart above that the pair is traded below a strong resistance level that is 1.3010. Therefore, we are bearish as long as the pair is traded below it. Our first target is 1.2780. On the other hand, breaching the level of 1.3010 to the upside, can open the door for further upward movement that it might reach the level of 1.3240.

Resistance levels: Support levels: Recommended:
▪ 1.3240
▪ 1.3100
▪ 1.3010
▪ 1.2780
▪ 1.2700
▪ 1.2660
We are bearish as long as the pair is traded below the level of 1.3010.
  • GOLD

Update: We remain the same. The chart above shows that the pair is traded within a bearish channel. We also find that the pair is traded below a strong resistance level that is 1478. Therefore, our overview is bearish as long as the pair is traded below the level of 1478. Our first target is 1454. On the other hand, if the level of 1478 is broken, this opens the door for further upward movement that it might reach the level of 1490.

Resistance levels: Support levels: Recommended:
▪ 1490
▪ 1478
▪ 1454
▪ 1450
▪ 1430
We are bearish as long as the pair is traded below the level of 1478.
  • AUDUSD

Update: No changes. The pair is traded below a strong resistance level that is the downtrend line. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.6700.

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ 0.7000
▪ 0.6700
▪ 0.6600
▪ –
We are bearish as long as the pair is traded below the downtrend line
  • GBPJPY

Update: The pair is still traded below the resistance level. The chart above shows that the pair is traded below a strong resistance level which meets the (PRZ) of the Harmonic pattern shown on the chart above. Therefore, we are bearish as long as the pair is traded below the level of 141.50. Our first target is 138.95.

Resistance levels: Support levels: Recommended:
▪ 142.30
▪ 142
▪ 141.50
▪ 138.95
▪ 138
▪ 137
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