Australian rate decision: Tuesday, 4:30. The Reserve Bank of Australian lowered its interest rate to 1.50% in August 2016 and hasn’t changed it since then. This time will not be different. In the past few months, the RBA sent mixed messages regarding their next moves, but one thing is clear: they are not pleased by the strength of the A$. Will they try to talk down the currency now?
UK Services PMI: Tuesday, 8:30. The third in the series of purchasing managers’ indices, is the most important one, for the largest sector. Back in July, the figure stood at 53.8 points, into growth territory, but below levels seen early in the year. The publication has a significant impact on the pound. A score of 53.6 is on the cards.
AUD
Australian rate decision
GBP
UK Services PMI
- EURUSD
The pair is still consolidating after a strong bullish rally. It is also traded within an ascending channel. It is expected to show bullish pressures as long as the pair is traded above the downside of the ascending channel.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2000 ▪ 1.2100 |
▪ 1.1900 ▪-1.1850 ▪ 1.1800 |
We remain bullish as long as the pair is traded above the level of 1.1900. |
- GBPUSD
The pair is traded below a strong resistance level that could be found at 1.3000. This actually adds more negative pressures that the pair may continue going down to reach the level of 1.2600 followed by 1.2500. This is conditioned by the continuation of trading below the level of 1.3000.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3200 ▪ 1.3300 ▪ 1.3000 |
▪ 1.2800 ▪ 1.2700 |
We remain bearish as long as the pair is traded below the level of 1.3000. |
- GOLD
Bullish pressures are expected as long as the pair is traded above the level of 1300. The pair managed to break through a strong resistance level (1300). This is a bullish sign that the pair may continue going up to reach the level of 1330 followed by 1350. This is conditioned by the continuation of trading above the level of 1300.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1340 |
▪ 1300 ▪ 1210 ▪ 1200 |
We remain bullish as long as the pair is traded above the level of 1300 |
- AUDUSD
The pair may continue going up to reach the level of 0.8000 then a pullback is expected. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7800 followed by 0.7700. This is conditioned by the continuation of trading below the level of 0.8000.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ |
▪ 0.7700 ▪ 0.7600 ▪ 0.7500 |
We remain short as long as the pair is traded below the level of 0.8000. |
- GBPJPY
The pair is traded right below a strong resistance level that can be found at 143.42. So, this is considered to be bearish for the pair that it may continue going down to reach the level of 141 followed by 140 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 148 ▪ 147.95 ▪ |
▪ 139 ▪ 138 |
Expected to show more bearish pressures. |
