US GDP: Friday, 12:30. The first release of GDP growth for Q2 2017 is expected to show a pickup. The US economy grew by 1.6% in 2016 and 1.4% annualized in Q1 2017. This is below the “new normal” which is a mediocre 2-2.5%. The first estimate tends to have the biggest impact on markets. A bounce to a growth rate of 2.5% is on the cards.
Canadian GDP: Friday, 12:30. Canada releases its GDP figures once per month, allowing a closer look at the economy. The strong growth recently seen prompted a rate hike and upgraded forecasts. On a monthly basis, the economy grew by 0.2% in April. Also for the month of May, 0.2% is expected.
US consumer confidence (revised): Friday, 14:00. The last word of the week belongs to the revised measure of consumer confidence as measured by the University of Michigan. The preliminary report showed a disappointing slide to 93.1 points. It is expected to be confirmed, but revisions are common.
USD
US GDP
CAD
Canadian GDP
- EURUSD
Update: We remain the same>> The pair is about to hit its first target around 1.1800. As could be seen on the chart above that the pair is traded right above a strong support level that could be found around the level of 1.1540 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.1800 followed by 1.1900. On the other hand, breaching the level of 1.1540 would open the door for further downward movements during the week that the pair may reach the level of 1.1450.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1900 ▪ 1.1800 ▪ |
▪ 1.1540 ▪-1.1250 ▪ 1.1200 |
We remain bullish as long as the pair is traded above the level of 1.1540. |
- GBPUSD
Update: Yesterday’s close was right below the level of 1.3125 so this supports our bearish scenario so we remain bearish. As could be seen on the chart above that the pair is traded right below a strong resistance level that could be found around 1.3125 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.3000 followed by 1.2900 during the week. On the other hand, breaching the level of 1.3125 will open the door for further upward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3125 ▪ 1.3200 ▪ 1.3300 |
▪ 1.2900 ▪ 1.2800 ▪ — |
We remain bearish as long as the pair is traded below the level of 1.3125 |
- GOLD
Update: the level of 1265 is a very strong resistance level, once it is broken the pair will continue going up. Last week, the pair managed to break through a strong resistance level that could be found around 1240 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1265 followed by 1280.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1270 ▪ 1265 |
▪ 1220 ▪ 1210 ▪ 1200 |
We remain bullish as long as the pair is traded above the level of 1240 |
- AUDUSD
Update: Yesterday’s close was right below the level of 0.8000 and the level of 0.8000 was hit. We remain bearish as long as the pair is traded below the level of 0.8000. At the same time, we recommend no trading for today. As could be seen on the chart above that the pair is about to reach a strong resistance level that could be found around 0.8000. So, we will be waiting for the pair to reach that level then we will have to watch how the pair will react to the resistance level of 0.8000.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ |
▪ 0.7700 ▪ 0.7600 ▪ 0.7500 |
Waiting for the pair to reach the level of 0.8000 |
- GBPJPY
Update: We remain the same. As could be seen on the chart above that the pair is about to reach a strong support level which is the up trendline shown in red on the chart. So, we will be waiting for the pair to reach the up trendline then a pullback is expected if the pair shows some positive factors.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 148 ▪ 147.95 ▪ |
▪ 143 ▪ 142 ▪ 140 |
Waiting for the pair to reach the up trendline. |
