US ISM Manufacturing PMI: Wednesday, 15:00. This forward-looking survey of the manufacturing sector also serves as the first hint for the Non-Farm Payrolls on Friday. In November, the purchasing managers’ indicator stood at 58.2 points, well above the 50-point threshold that separates contraction from expansion. A similar score of 58.3 is forecast now.
US FOMC Meeting Minutes: Wednesday, 19:00. These are the minutes from the December decision in which the Fed raised rates as expected and also left the projection for 3 hikes in 2018 unchanged. The dovish surprise in that decision was the dissent of Charles Evans, joining Neel Kashkari in opposing a hike. As both members will not be voters in 2018, the meeting minutes may reveal how much the FOMC is worried about low inflation. Trump may nominate hawkish governors as permanent voters, but the stance of the current members certainly matters. A significant degree of concern about the absence of inflation could weigh on the dollar while sticking to the “transitory” story could keep it bid.
USD
US ISM Manufacturing PMI
US FOMC Meeting Minutes
- EURUSD
The pair is traded below a strong resistance level that is 1.2100 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.2000 during the week. This is conditioned by the continuation of trading below the level of 1.2100.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2300 ▪ 1.2200 ▪ 1.2100 |
▪ 1.1670 ▪ 1.1600 ▪ 1.1550 |
We remain bearish as long as the pair is traded below the level of 1.2100. |
- GBPUSD
As could on the daily chart that the pair is traded below a strong resistance level that is 1.3650 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.3400 during the week. This is conditioned by the continuation of trading below the level of 1.3650.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3650 | ▪ 1.3320 ▪ 1.3250 ▪ 1.3200 |
We remain bearish as long as the pair is traded below the level of 1.3650. |
- GOLD
As could be seen on the daily chart that the pair is traded below a strong resistance level that is 1320 so we believe that in case this level is broken, we can go long targeting the level of 1330 during the week
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1340 ▪ 1330 ▪ 1320 |
▪ 1250 ▪ 1240 ▪ 1210 |
We are bullish in case the level of 1320 is broken. |
- AUDUSD
The pair may continue going up to reach the level of 0.7890. In case the pair shows negative factors, we can go short targeting the level of 0.7740. If the pair managed to break through the level of 0.7890 we can go long targeting the level of 0.7900.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8100 ▪ 0.8060 ▪ 0.7810 |
▪ 0.7740 ▪ 0.7500 |
We remain bearish as long as the pair is traded below the level of 0.7890. |
- GBPJPY
As could be seen on the chart above that the pair is traded within an ascending channel but there is nowhere to enter the market now. So, we will be waiting for the pair to reach either the upside that is where we can go short or the down side where we can go long. Generally speaking, having the pair traded above the 50 EMA opens the door for further upward movement that the pair can reach the level of 153 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 152.90 ▪ 152 |
▪ 148 ▪ 147 |
We remain bullish as long as the pair is traded above the 50 ema. |
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