25 June 2020

US GDP: Thursday, 12:30. Analysts are braced for a sharp drop in Q1 GDP, with an estimate of -5.0%. This is reflective of the damage to the economy due to Covid-19. If the actual read beats the forecast, the dollar could escape without significant losses.

US Unemployment Claims: Thursday, 12:30. Jobless claims are expected to continue falling, with an estimate of 1.3 million. The numbers have been extremely high, but are a far cry from April, when two weekly releases were above the 6-million mark.

USD
US GDP

US Unemployment Claims

  • EURUSD

Update: First target has been hit. On its way to its 2nd target. The chart above shows that the pair is trading below a strong resistance level that is 1.1350. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.1250 followed by 1.1200.

Resistance levels: Support levels: Recommended:
▪ 1.1350
▪ 1.1325
▪ 1.1300
▪ 1.1250
▪ 1.1200
▪ 1.1150
We are bearish as long as the pair is trading below 1.1350
  • GBPUSD

Update: On its way to reach its targets. As could be seen on the chart above that the pair is trading below a strong resistance level that is 1.2550. Therefore, we are bearish as long as the pair is trading below it. Our first target is 1.2400 followed by 1.2350.

Resistance levels: Support levels: Recommended:
▪ 1.2650
▪ 1.2615
▪ 1.2550
▪ 1.2400
▪ 1.2350
▪ 1.2300
We are bearish as long as the pair is trading below the level of 1.2550.
  • GOLD

Update: The targets of the upside were hit and the support level was broken so our first target is 1750. As could be seen on the chart above that the pair is trading above a strong support level that is 1765. Therefore, we are bullish as long as the pair is trading above it. Our first target is 1770 followed by 1780. On the other hand, if the level of 1765 is breached, in that case, our target would be 1750.

Resistance levels: Support levels: Recommended:
▪ 1780
▪ 1775
▪ 1770
▪ 1765
▪ 1760
▪ 1750
We are bullish as long as the pair is trading above the level of 1765.
  • AUDUSD

Update: Our targets were hit. The chart above shows that the pair is trading below a strong resistance level that is 0.6980. Therefore, we are bearish as long as the pair is trading below it. Our first target is 0.6900 followed by 0.6870

Resistance levels: Support levels: Recommended:
▪ 0.7000
▪ 0.6980
▪ 0.6950
▪ 0.6900
▪ 0.6870
▪ 0.6834
We are bearish as long as the pair is trading below the level of 0.6980
  • GBPJPY

Update: No changes, we remain the same. The chart above shows that the pair is trading below a strong resistance level that is 134. Therefore, we are bearish as long as the pair is trading below it. Our first target is 133 followed by 132.50

Resistance levels: Support levels: Recommended:
▪ 135.20
▪ 134.50
▪ 134.00
▪ 133.00
▪ 132.50
▪ 132.00
We are bearish as long as the pair is trading below the level of 134.00

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