09 May 2018

US PPI: Wednesday, 12:30. The Producer Price Index provides insights about consumer inflation in the pipeline. Back in March, both headline PPI and Core PPI rose at a solid rate of 0.3%. The report for April is projected to show a slower pace of price rises: 0.2% in both measures.

New Zealand rate decision: Wednesday, 21:00. The Reserve Bank of New Zealand is expected to leave the interest rate unchanged at 1.75% once again. However, the relatively new RBNZ Governor Adrian Orr will have the opportunity to shape expectations in the accompanying statement, the press conference at 22:00 and the following testimony at 1:10. The recent jobs report provides the central bank with reasons to be cheerful as the unemployment rate remains low. The recent fall of the New Zealand Dollar may also prove a boon for the economy. Will we hear an optimistic message? There still is a lot of uncertainty about the direction of the central bank and NZD/USD could go both ways.

USD
US PPI

NZD
New Zealand rate decision

  • EURUSD

Update: We remain the same. As could be seen on the daily chart that the pair managed to break through a strong support level (the uptrend line which is a resistance level now) so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1700 during the week. This is conditioned by the continuation of trading below the broken uptrend line.

Resistance levels: Support levels: Recommended:
▪ 1.21
▪ 1.20
▪ —
▪ 1.17
▪ 1.1650
▪ 1.1600
We are bearish as long as the pair is traded below the broken uptrend line.
  • GBPUSD

Update: We remain the same. As could be seen on the daily chart that the pair managed to break through a strong support level (the uptrend line which is a resistance level now) so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.33 during the week. This is conditioned by the continuation of trading below the broken uptrend line.

Resistance levels: Support levels: Recommended:
▪ 1.3700
▪ 1.3800
▪ —
▪ 1.3300
▪ 1.3250
▪ 1.3200
We are bearish as long as the pair is traded below the broken uptrend line.
  • GOLD

Update: We remain the same. As could be seen on the chart above that the pair is traded above a strong support level (1300) so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1320 followed by 1330 during the week.

Resistance levels: Support levels: Recommended:
▪ 1330
▪ 1320
▪ —
▪ 1300
▪ 1290
▪ 1285
We are bullish as long as the pair is traded above the level of 1300.
  • AUDUSD

Update: We remain the same. Will the pair continue going down to reach the uptrend line? In case the pair continues going down to reach the uptrend line, we will wait for it to reach it and then we can go long in case it shows up some bullish evidence.

Resistance levels: Support levels: Recommended:
▪ 0.7550
▪ 0.7600
▪ —
▪ 0.7370
▪ 0.7300
▪ —
Waiting for the pair to reach the up trendline.
  • GBPJPY

Update: The pair started moving upwards. As could be seen on the daily chart that the pair is traded above a strong support level that is the uptrend line. In case is shows up some bullish evidence above it, we can go long targeting the level of 150.50 during the week.

Resistance levels: Support levels: Recommended:
▪ 156
▪ 155
▪ 150.50
▪ 147
▪ 146
We are bullish as long as the pair is traded above uptrend line.

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