16 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

Update: Still traded above the broken downtrend line. The daily timeframe shows that the pair is retesting the broken downtrend line. So, we will be waiting for some bullish evidence to show up above that level so we can go long targeting the level of 1.1550 during the week. This is conditioned by the continuation of trading above the broken uptrend line.

Resistance levels:	Support levels:	Recommended:
▪ 1.21 ▪ 1.1850 ▪ 1.18	▪ – ▪ 1.1217 ▪ 1.10	Waiting for the pair to show up some bullish evidence above the broken downtrend line.

GBPUSD

Update: We remain the same. As we mentioned last week that the pair is traded above a strong support level that is 1.2550 so we are bullish as long as the pair is traded above the level of 1.2550. 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

Update: We remain the same. As could be seen on the 4 hours chart that the pair is traded above a strong support level 1276. We will be waiting for the pair to reach the level of 1276 so we can go long targeting the level of 1293 during the week.

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

Update: We remain the same. As we mentioned last week that the pair is still traded above a strong support level 0.7030 so we are bullish as long as the pair is traded above the level of 0.7030 targeting the level of 0.7450.

Resistance levels:	Support levels:	Recommended:
▪ 0.7550 ▪ 0.7600 ▪ 0.7260	▪ 0.7000 ▪ – ▪ –	We are bullish as long as the pair is traded above the level of 0.7030

GBPJPY

Update: We remain the same. As could be seen on the daily chart that the pair is traded below a strong resistance level that is 140.30 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 ▪ 140.30	▪ 136 ▪ 135 ▪ 134	We are bearish as long as the pair is traded below the level of 140.

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