24 January 2020

24 January 2020

powered by Land-FX

Eurozone flash PMIs: Friday, 8:15 in France, 8:30 in Germany, and 9:00 for the whole eurozone. Markit’s forward-looking guidance figures for December mostly showed growth – apart from in German manufacturing, the most important sector. That Purchasing Managers’ Index dropped to 43.7 points, well below the 50-point threshold separating expansion from contraction. Investors will want to see if manufacturing is dragging the economies down or if consumers can continue driving it forward. Apart from the German Manufacturing PMI, the composite figure for the whole eurozone is of interest.

UK flash PMIs: Friday, 9:30. Similar to the continent, Britain’s manufacturing is suffering from a slump. However, the revised services sector figure for December hit 50 points, a perfect balance between expansion and contraction. Is the UK’s largest sector recovering? Or will it slip back down? Given the recent negative GDP read, a disappointment cannot be ruled out.

GBP
Canada rate decision

EUR
Canada rate decision

  • EURUSD

Update: Still traded above the support level 1.1040. The chart above shows that the pair is about reaching a strong support level that is the uptrend line shown on the chart in green. Therefore, we will be waiting for some bullish evidence to show up above it then we can go long targeting the level of 1.1160. On the other hand, breaching the level of 1.1040 can open the door for further downward movement during the week that it might reach 1.0980.

Resistance levels: Support levels: Recommended:
▪ 1.1350
▪ 1.1300
▪ 1.1250
▪ 1.1040
▪ 1.1000
▪ 1.0980
We are bullish as long as the pair is traded above the uptrend line.
  • GBPUSD

Update: We remain the same. As could be seen on the daily chart that the pair is traded above a strong support level that is 1.2900. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1.3250.

Resistance levels: Support levels: Recommended:
▪ 1.3400
▪ 1.3350
▪ 1.3300
▪ 1.2900
▪ 1.3000
▪ 1.2850
We are bullish as long as the pair is traded above the level of 1.2900.
  • GOLD

Update: No core changes to be mentioned. As could be seen on the chart above that the pair is traded above a strong support level that is 1540. Therefore, we are bullish as long as the pair is traded above it. Our first target is 1590. On the other hand, breaching the level of 1540, opens the door for further downward movement during the week that it might reach the level of 1526.

Resistance levels: Support levels: Recommended:
▪ 1579
▪ 1575
▪ 1540
▪ 1526
▪ 1515
We are bullish as long as the pair is traded above the level of 1540.
  • AUDUSD

Update: We remain the same. The chart above shows that the pair is traded below a strong resistance level that is 0.6930. Therefore, we are bearish as long as the pair is traded below it. Our first target is 0.6755.

Resistance levels: Support levels: Recommended:
▪ 0.7123
▪ 0.6988
▪ 0.6930
▪ 0.6755
▪ 0.6685
▪ 0.6650
We are bearish as long as the pair is traded below the level of 0.6930.
  • GBPJPY

Update: Still traded below the support level. As could be seen on the chart above that the pair is traded below a strong resistance level that is 144.20. Therefore, we are bearish as long as the pair is traded below it. Our first target in this case is 142.00.

Resistance levels: Support levels: Recommended:
▪ 146.50
▪ 146.00
▪ 144.20
▪ 142.00
▪ 140.50
▪ 140.00
We are bearish as long as the pair is traded below the level of 144.20

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