09 January 2019

Canadian rate decision: Wednesday, 15:00. The Bank of Canada raised interest rates back in October and made it a “hawkish hike”. However, the Ottawa-based institution seemed more reluctant in its December meeting, stating that the economy can continue growing without further creating a lot of inflation.

FOMC Meeting Minutes: Wednesday, 19:00. The Fed raised interest rates in its last decision of 2018 but downgraded its projections for 2019 from three to two hikes. Was it a dovish hike? Markets thought otherwise as expectations stood on a deeper cut in forecasts. Moreover, Fed Chair Jerome Powell said the Fed will continue shrinking its balance sheet. Quantitative Tightening remains on “auto-pilot.” The minutes from that meeting will shed some light on the thinking of the central bank ahead of its meeting later this month.

USD
FOMC Meeting Minutes

CAD
Canadian rate decision

EURUSD

The pair managed to break the downtrend line that is shown on the chart in blue. The pair is now facing a strong resistance level that is 0.236 Fibo. We will be waiting for the pair to break the Fibo level to confirm the breakout of the downtrend line.

Resistance levels:	Support levels:	Recommended:
▪ 1.21 ▪ 1.1850 ▪ 1.18	▪ – ▪ 1.1217 ▪ 1.10	Waiting for the pair to confirm the breakout of the downtrend line.

GBPUSD

As could be seen on the daily chart that the pair is traded above a strong support level that is 1.2550. Therefore, we are bullish as long as the pair is traded above it. Our first target is: 1.30.

Resistance levels:	Support levels:	Recommended:
▪ 1.36 ▪ 1.3350 ▪ 1.29	▪ 1.2550 ▪ 1.2370 ▪ 1.23	We are bullish as long as the pair is traded above the level of 1.2550.

GOLD

The daily timeframe shows that the pair is traded above a strong support level that is 1276 so we are bullish as long as the pair is traded above it, our first target is 1300. On the other hand, if the pair breaks the level of 1276, then we can go short targeting the level of 1265.

Resistance levels:	Support levels:	Recommended:
▪ 1330 ▪ 1280	▪ – ▪ 1180 ▪ 1170	We are bullish as long as the pair is traded above the level of 1276.

AUDUSD

The pair is traded above a strong support level that is 0.70 so we are bullish as long as the pair is traded above it. Our first target is: 0.73.

Resistance levels:	Support levels:	Recommended:
▪ 0.7550 ▪ 0.7600 ▪ 0.7260	▪ 0.7000 ▪ – ▪ –	Waiting for some bullish evidence to show up above the level of 0.70

GBPJPY

As could be seen on the daily chart that the pair is traded below a strong resistance level that is 140. So, we are bearish as long as the pair is traded below it. Our first target is: 136.

Resistance levels:	Support levels:	Recommended:
▪ 156 ▪ 155 ▪ 140	▪ 136 ▪ 135 ▪ 134	We are bearish as long as the pair is traded below the level of 140.

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