22 April 2020

UK Inflation: Wednesday, 6:00. With economic activity sharply lower, inflation levels are expected to fall. CPI edged lower to 1.7% in February, down from 1.8%. The estimate for March stands at 1.5%. Core CPI rose to 1.7%, up from 1.6%, The March forecast is 1.6%.

Canadian Inflation: Wednesday, 12:30. Consumer inflation rose 0.4% in February, up from 0.3%, This marked its highest level since July. The core figure improved to 0.7%, up from 0.4% a month earlier. Will the upswing continue in the upcoming release?

U.S. Unemployment Claims: Wednesday, 12:30. Jobless claims was above 5-million last week, and analysts are bracing for another huge number, as the Covid-19 outbreak has locked down millions of employees.

U.S. Manufacturing PMI: Wednesday, 12:30. Manufacturing PMI in March slowed to 49.1, falling below the 50-level which separates contraction from expansion. We now await the initial reading for April.

CAD
Canadian Inflation

GBP
UK Inflation

USD
U.S. Unemployment Claims
U.S. Manufacturing PMI

  • EURUSD

Update: We remain the same. As could be seen on the chart above that the pair is traded below a strong resistance level that is the downtrend line. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.0740. On the other hand, if the pair breached the uptrend line. We can go long targeting the level of 1.0940.

Resistance levels: Support levels: Recommended:
▪ 1.1050
▪ 1.1000
▪ 1.0940
▪ 1.0740
▪ 1.0700
▪ 1.0680
We are bearish as long as the pair is trading below the downtrend line.
  • GBPUSD

Update: We remain the same. As could be seen on the chart above that the pair is trading below a strong resistance level that is 1.24. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.2150

Resistance levels: Support levels: Recommended:
▪ 1.2450
▪ 1.2430
▪ 1.2400
▪ 1.2200
▪ 1.2150
▪ 1.2100
We are bearish as long as the pair is trading below 1.2400.
  • GOLD

Update: On its way to its first target. The chart above shows that the pair is trading above a strong support level that is the downside of the bearish channel shown on the chart in blue. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1700 followed by 1720.

Resistance levels: Support levels: Recommended:
▪ 1720
▪ 1710
▪ 1700
▪ 1655
▪ 1650
▪ 1640
We are bullish as long as the pair is trading above the downside of the pattern.
  • AUDUSD

Update: We remain the same. The chart above shows that the pair is trading above a strong support level that is 0.6258. Therefore, we are bullish as long as the pair is trading above it. Our first target is 0.63. On the other hand, if the level of 0.6258 is broken, we can go short targeting the level of 0.6200

Resistance levels: Support levels: Recommended:
▪ 0.6350
▪ 0.6300
▪ 0.6290
▪ 0.6258
▪ 0.6230
▪ 0.6200
We are bullish as long as the pair is trading above the level of 0.6258.
  • GBPJPY

Update: No changes. As could be seen on the chart above that the pair is trading below a strong resistance level that is the downtrend line. Therefore, we are bearish as long as the pair is trading below it. Our first target is 131

Resistance levels: Support levels: Recommended:
▪ 135.00
▪ 134.50
▪ 134.00
▪ 131.00
▪ 130.50
▪ 130.00
We are bearish as long as the pair is traded below the downtrend line.

Disclaimer: The information contained in this publication is produced by Land-FX and not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Land-FX current judgment and may change without notice. This message is for information purposes only and is not intended as an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. No representation or warranty is made that this information is complete or accurate. Any views or opinions expressed do not necessarily represent that Land-FX. This email and the information it contains may be confidential, proprietary or legally privileged. You must not, directly or indirectly, use, disclose, distribute, copy or store this message or any part of it if you are not the intended recipient. Unless otherwise stated, any pricing information given in this email is indicative only, is subject to changes and does not constitute an offer to deal at any price quoted.