UK Services PMI: Thursday, 9:30. Services is by far the largest sector of the British economy and the PMI usually triggers quite a bit of volatility. In November, Markit’s measure disappointed by returning back down to 53.8 points, reflecting moderate growth and showing that October’s rise was a one-off. Expectations of managers about Brexit will undoubtedly shape the result and the prospects going forward. A minor increase to 54.1 is projected now.
US ADP Non-Farm Payrolls: Thursday, 13:15. ADP’s report for private sector jobs usually comes out on Wednesday, but this time is different, due to the New Years’ holiday. The report for November met expectations with 190K jobs gained and was well correlated with the private sector job growth in the official BLS report. This isn’t always the case. A gain of 192K jobs is expected now.
USD
US ADP Non-Farm Payrolls
GBP
UK Services PMI
- EURUSD
Update: We remain the same. 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
Update: Still traded below the level of 1.3650. 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 | ▪ 1.3400 ▪ 1.3250 ▪ 1.3200 |
We remain bearish as long as the pair is traded below the level of 1.3650. |
- GOLD
Update: On its way to its 2nd target 1330. 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
Update: We remain the same. 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
Update: We remain the same. 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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