US housing data: Friday, 13:30. Building permits and housing starts have a significant impact when they move in tandem but they can also offset each other. In December, building permits stood at a high annualized level of 1.30 million and are expected to tick up to 1.31 million. Housing starts lagged behind with 1.19 million and 1.23 million is projected now. Note that the US releases import prices at the same time.
US consumer sentiment: Friday, 15:00. The University of Michigan’s consumer confidence measure was at 95.7 points in the final read for January. It will be interesting to see if the stock market downturn will have had an impact on sentiment in the preliminary read for January. Only a minor slide to 95.6 is forecast.
USD
US housing data
US consumer sentiment
- EURUSD
Update: The weekly target has been hit. Congratulations on this. As could be seen on the daily chart that the pair is traded above a strong support level that is the 50 MA (shown on chart in red). Therefore, we are bullish as long as the pair is traded above it that it may reach the level of 1.2500 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2525 ▪ — ▪ — |
▪ 1.21 ▪ 1.1600 ▪ 1.1550 |
We are bullish as long as the pair is traded above the 50 MA. |
- GBPUSD
Update: The weekly target has been hit. Congratulations on this. The pair is traded above a strong support level that could be found at 50 MA. Therefore, we are bullish as long as the pair is traded above it. Our target for the week is 1.40.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.4100 ▪ 1.3970 ▪ — |
▪ 1.3800 ▪ 1.3700 ▪ 1.3600 |
We remain bullish as long as the pair is traded above the 50 MA. |
- GOLD
Update: The first and 2nd weekly targets were hit. Congratulations on this. As could be seen on the daily chart that the pair is traded above a strong support level that is 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 1350 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ — ▪ — |
▪ 1310 ▪ 1300 ▪ 1290 |
We remain bullish as long as the pair is traded above the level of 1300. |
- AUDUSD
Update: The level o 0.7900 was breached and it was all bullish this week as expected. As could be seen on the daily chart that the pair is testing the 50 MA (shown on chart in red) so in case it managed to retest it and hold below it then the way would be open for the pair to reach the level of 0.7760 during the week. On the other hand, breaching the level of 0.7900 can open the door for further upward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ 0.7900 ▪ — |
▪ 0.7737 ▪ 0.7600 ▪ 0.7500 |
We are bearish as long as the pair is traded below the level of 0.7900. |
- GBPJPY
Update: Still traded above the downside of the ascending channel. As we mentioned last week that the pair would reach the downside of the ascending channel and it successfully reached it. So, it acts as a strong support level for now that can help the GBP to gain value against the JPY during the week. On the other hand, breaching the downside of the ascending channel, can open the door for further downward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 |
▪ 148 ▪ 147 |
We remain bullish as long as the pair is traded above the downside of the pattern. |
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