Australian rate decision: The Reserve Bank of Australia kept rates on hold once again despite rising house prices. Rates remained at 1.50% in line with market forecast. Annual house prices soared in March to their highest level since May 2010 but according to the RBA, this alone does not justify a rate hike. Policymakers believe the cash rate will remained unchanged for the rest of this year.
New Zealand employment data: New Zealand’s unemployment rate increased more than expected in the fourth quarter of 2016 rising 0.3% to 5.2%. The higher unemployment was mainly due to an increase in the labor force participation rate, reaching 70.5% from the 70.2% forecasted. New Zealand added 19,000 jobs in the fourth quarter rising 0.8% from the previous quarter. Private-sector wages gained 0.4% on quarter, up 1.6% from the previous year. New Zealand’s agriculture-rich economy is gathering momentum with strong migration flows, solid commodity prices and record low interest rates. NZ job growth is expected to reach 0.8% and the unemployment rate is expected to decline to 5.1%.
AUD
Australian rate decision
NZD
New Zealand employment data
- EURUSD
Above the current price of the pair we can find two strong resistance levels which are: The upside of the ascending channel and the downtrend line (that acts as a resistance level in our case). It is a good catch if the pair manages to go up again to reach those two levels then if it shows some negative factors, we may go short targeting the level of 1.0800. There are no exact prices to enter the market in this scenario. But rather we have areas that are very bearish (two levels mentioned above). We believe that these levels can take traders’ attention so let’s keep an eye on them and see what will happen?
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0900 ▪-1.0950 ▪ — |
▪ 1.0800 ▪-1.0700 ▪ 1.0680 |
We remain bearish as long as the pair is traded below the upside of the ascending channel. |
- GBPUSD
Again, with the inverted head and shoulders pattern, the pair is still traded above the broken neck line shown on the chart. Also, it is traded right below the upside of the ascending channel shown on the chart. We might need to wait for the pair to reach the neck line again then we can go long targeting the upside of the channel.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2800 ▪-1.300 ▪ — |
▪ 1.2700 ▪ 1.2300 ▪ — |
We remain bullish as long as the pair is traded above the level of 1.2600 |
- GOLD
The pair is traded within an ascending channel as could be seen on the chart. It is also on its way to reach the downside of the ascending channel. So, we believe that as long as the pair is traded above the downside of the channel, it is highly recommended to go long, but we will need to find some positive factors to appear above the downside of the channel then we can go long targeting the level of 1280.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1280 ▪ 1300 ▪ 1315 |
▪ 1250 ▪ 1245 ▪ 1240 |
Waiting for the pair to reach the downside of the ascending channel shown on the chart |
- AUDUSD
As could be seen on the chart that the pair is traded above a strong support level around 0.7440 and it is on its way to the level of 0.7600. This is conditioned by the continuation of trading above the level of 0.7440.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7600 ▪ 0.7550 ▪– |
▪ 0.7440 ▪ 0.7400 ▪ — |
We remain bullish as long as the pair is traded above the level of 0.7440 |
- USDCAD
The pair managed to break through a strong resistance level around 1.3600 (now it is a support level). So, having the pair traded above the level of 1.3600 would suggest more upward movement during the day that the pair may reach the level of 1.3800. This scenario is conditioned by the continuation of trading above the level of 1.3600.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3800 ▪ 1.3840 ▪ 1.3700 |
▪ 1.3600 ▪ 1.3530 ▪ 1.3455 |
We remain bullish as long as the pair is traded above the level of 1.3600 |
