US Unemployment Claims: Thursday, 13:30. The number of Americans filing new claims for unemployment aid increased more than expected in the week to April 22, reaching 257,000, following a reading of 243,000 in the previous week. Meanwhile, the four-week average of claims fell 500 to a two-month low of 242,250 indicating that labor market conditions continue to tighten. Furthermore, claims have now been below 300,000 for 112 straight weeks. The number of new jobless claims is expected to register 246,000 this week.
Mario Draghi speaks: Thursday, 17:30. ECB President Mario Draghi will speak in Switzerland. Market volatility is expected.
USD
US Unemployment Claims
EUR
Mario Draghi speaks
- EURUSD
Update: the pair has not moved too much. So, we remain bearish. 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
Update: The pair managed to form a bearish candle (bearish engulfing) so this may cause the pair to fail to the level of 1.2700 where we can go long. 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 ▪-1.3000 ▪ — |
▪ 1.2700 ▪ 1.2600 ▪ — |
We remain bullish as long as the pair is traded above the level of 1.2600 |
- GOLD
The pair managed to break through the downside of the ascending channel shown on the chart. This may cause the Gold to fail to the level of 1200 but we need a confirmation. The best thing is to wait for today’s close that if the pair managed to close below the downside of the channel again, then it is highly recommended to go short targeting the level of 1230 followed by the level of 1200.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1280 ▪ 1300 ▪ 1315 |
▪ 1230 ▪ 1220 ▪ 1200 |
Waiting for a confirmation |
- AUDUSD
The pair managed to break through the level of 0.7440 so it may continue going down to reach the level of 0.7400. We will be waiting for it to reach this level, then a pullback is expected if it shows some positive factors right above that level that it may reach the level of 0.7500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7600 ▪ 0.7550 ▪-0.7500 |
▪ 0.7400 ▪ 0.7300 ▪ — |
We remain bullish as long as the pair is traded above the level of 0.7400 |
- USDCAD
Update: the pair is on its way to reach the level of 1.3800. 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 |
