13 September 2017

US PPI: Wednesday, 12:30. Producer prices provide an insight on future consumer prices and also serve as a warm-up to the CPI report. After both headline PPI and core PPI dropped by 0.1% in July, rises are now on the cards. PPI is projected to rise by 0.3% and core PPI by 0.2%.

USD
US PPI

  • EURUSD

Update: We remain the same. As could be seen on the chart above that the pair is traded within an ascending channel. The pair is traded right now above the downside of the pattern.  Also, the pair is traded above a strong support level that could be found at 1.1900. We believe that as long as the pair is traded above these levels, it is highly recommended to go long targeting the level of 1.2000 followed by 1.2100. On the other hand, breaching the level of 1.1850 can open the door for further downward movement during the week.

 

Resistance levels: Support levels: Recommended:
▪ 1.2000
▪ 1.2100
▪ 1.1900
▪-1.1850
▪ 1.1800
We remain bullish as long as the pair is traded above the level of 1.1850.
  • GBPUSD

Update: the level of 1.3250 has been broken so this may help the GBP to gain value against the USD that it may reach the level of 1.3400. As could be seen on the chant above that the pair is traded below a strong resistance level that can be found at 1.3242 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.3100 followed by 1.3000 during the week. On the other hand, if the level of 1.3250 is broken, then the way would be open for the pair for further upward movement during the week.

Resistance levels: Support levels: Recommended:
▪ 1.3300
▪ 1.3400
▪ 1.3000
▪ 1.2800
▪ 1.2700
We remain bearish as long as the pair is traded below the level of 1.3250.
  • GOLD

 

Update: we remain the same. Bearish pressures are expected as long as the pair is traded below the level of 1375. The pair may continue going down to reach the level of 1320 followed by 1300 during the week. This is conditioned by the continuation of trading below the level of 1375.

 

Resistance levels: Support levels: Recommended:
▪ 1350
▪ 1340
▪ 1375
▪ 1300
▪ 1210
▪ 1200
We remain bearish as long as the pair is traded below the level of 1375.
  • AUDUSD

Update: we remain the same. The pair showed a bearish candle (shooting star) below the level of 0.8060. This could cause further downward movement during the week as long as the pair is traded below 0.8060. Our targets: 0.8000 followed by 0.7950.

Resistance levels: Support levels: Recommended:
▪ 0.8100
▪ 0.8060
▪ 0.8000
▪ 0.7600
▪ 0.7500
Expected to show bullish pressures
  • GBPJPY

Update: the pair is traded now above the broken uptrend line so this may lead the pair to reach the level of 147.90. The pair is traded below a strong resistance level that is the broken uptrend line. We believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 140 followed by 139 during the week.

Resistance levels: Support levels: Recommended:
▪ 148
▪ 147.95
▪ 139
▪ 138
Expected to show more bearish pressures.