24 October 2018

Canadian rate decision: Wednesday 14:00, press conference at 15:15. The Bank of Canada is set to raise interest rates from 1.50% to 1.75%. The Ottawa-based institution provided thick hints about the move in recent public appearances by officials and the recent BOC Business Outlook Survey was upbeat. Moreover, the positive conclusion of the new trade deal lifts a significant cloud of uncertainty from the Canadian economy. This October rate decision also consists of new forecasts and a press conference by BOC Governor Stephen Poloz and Deputy Carolyn Wilkins. Markets will pay close attention to their words as well. The BOC has been relatively upbeat in previous decisions.

CAD
Canadian rate decision

  • EURUSD

As could be on the daily chart that the pair managed to breach a strong support level that could be found at 1.1440. A daily close below this level would confirm the breakout. In case this happens, the open would be open for the pair to reach the level of 1.1315 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.1850
▪ 1.18
▪ –
▪ 1.13
▪ 1.1250
We are bearish as long as the pair is traded below the level of 1.1440
  • GBPUSD

The daily timeframe shows that the pair managed to break a short-term uptrend line that we can see in blue. We also have a strong support level 1.29. If that level is broken, the way would be open for the pair to reach the level of 1.2780 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.36
▪ 1.3350
▪ 1.29
▪ 1.2780
▪ 1.2650
▪ 1.2550
We are bearish as long as the pair is traded below the level of 1.29
  • GOLD

As could be seen on the 4-hour timeframe that the pair has reach a strong resistance level that is 1235. We have two scenarios for the upcoming movement. If the pair continues to be traded below the resistance level of 1235, this means that the pair might continue going down to reach the level of 1218 during the week. On the other hand, if the level of 1235 is broken, then the way if open for the pair to reach the level of 1245 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1235
▪ –

▪ 1180
▪ 1170
Following the two scenarios in the report.
  • AUDUSD

The daily chart shows that the pair is traded below a strong resistance level that is the down trend line shown on the chart in blue. We will be waiting for the pair to reach the down trendline and in case it shows up some bearish evidence, we can go short targeting the level of 0.70 during the week.

 

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ 0.7260
▪ 0.7000
▪ –
▪ –
Waiting for the pair to reach the downtrend line.
  • GBPJPY

The daily timeframe shows that the pair is on its way to reach 143.73. We will be waiting for the pair to reach the support level of 143.73. This is where we can go long in case the pair reaches this level and shows up some bullish evidence above it.

 

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 149
▪ —
▪ 143.73
▪ 140
Waiting for the pair to reach the level of 143.73

 

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