Australian rate decision: Tuesday, 3:30. The Reserve Bank of Australia has not changed its interest rate since last cutting it to 1.50% in August 2016. This is the last decision of the year and the RBA does not meet in January. They are not expected to make any change now. However, lower inflation and the recent stabilization of the A$ could trigger some kind of a dovish hint from the team led by Phillip Lowe and his colleagues.
ISM Non-Manufacturing PMI: Tuesday, 15:00. The services sector report is part of the buildup towards the Non-Farm Payrolls on Friday. In October, the score hit 60.1, a very high level which reflects robust growth. The figure for November is projected to be slightly lower: 59.2 points.
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ISM Non-Manufacturing PMI
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Australian rate decision
- EURUSD
The pair is traded below a strong resistance level that could be found at 1.1960. Therefore, we remain bearish as long as the pair is traded below the level of 1.1960. This does not mean that we can go short but we will be waiting for the pair to reach the uptrend line shown on the chart in blue. This is where we expect that the pair may build a bullish base where we can go long.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2000 ▪ 1.2100 ▪ 1.1960 |
▪ 1.1500 ▪ 1.1300 |
We remain bearish as long as the pair is traded below the level of 1.1960. |
- GBPUSD
As could be seen on the chart above that the pair is traded in a very neutral area where we cannot determine where it is heading to. So, we want to wait for it to either break the resistance level of 1.3540 or to continue going down to reach the uptrend line. Either way, we just want to follow the uptrend. So, waiting for the pair to reach one of the two levels mentioned above is the best decision for now.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3700 ▪ 1.3650 ▪ 1.3540 |
▪ 1.2990 ▪ 1.2900 ▪ 1.2800 |
Waiting for the pair to either reach the uptrend line or break through the resistance level of 1.3540. |
- GOLD
The pair is traded above two strong support levels that are the uptrend line and the support level of 1260. So, we have to scenarios: The pair breaches the uptrend line along with the support level of 1260. In case they are broken, we can go short targeting the level of 1240. Keep in mind that both levels must be breached so we can go short. On the other hand, having the pair traded above the two support levels mentioned above, would open the door for further upward movement during the week that it can reach the level of 1290 followed by 1300.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1305 ▪ 1300 |
▪ 1260 ▪ 1240 |
Breaching the uptrend line along with the support level of 1260 would open the door for further downward movement during the week. |
- AUDUSD
The pair is still traded below the broken neck-line of the head and shoulders pattern detected a few weeks ago. Therefore, we will remain bearish. Our target for this week is 0.7400.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8100 ▪ 0.8060 ▪ 0.7940 |
▪ 0.7400 ▪ 0.7500 |
We remain bearish as long as the pair is traded below the nick line of the pattern. |
- GBPJPY
The pair managed to reach the resistance level of 152.80. Therefore, we are bearish for this week as long as the pair is traded below the level of 152.80. Our expected target for the week is 150.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 152 ▪ 151 ▪ 155 |
▪ 148 ▪ 147 |
Waiting for the pair to reach the uptrend line. |
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