Australian jobs report: Thursday, 00:30. In January, Australia reported a small rise in employment, 16K, within expectations but below the levels seen in previous months. The unemployment rate stood at 5.5%. While the job market looks good, policymakers are becoming worried about slow rises in wages and household debt. A tightening of the labor market will help relieve these worries and push the Aussie higher. A gain of 20.3K positions is on the cards and the unemployment rate carries expectations for 5.5%.
UK rate decision: Thursday, 12:00. The Bank of England made a hawkish shift in its “Super Thursday” in February by saying that rates will rise faster and earlier than expected. This sent the pound higher. No rate hike is expected in this March decision but markets will try to assess if the BOE is indeed keen on hiking in May, lifting the interest rates to the highest levels since the financial crisis. The voting pattern of the MPC will initially move the markets before the statement and the accompanying meeting minutes will be digested. It will be interesting to see if Governor Mark Carney and his colleagues will react to the latest figures.
AUD
Australian jobs report
GBP
UK rate decision
- EURUSD
As Could be seen on the daily chart that the pair formed a descending channel. The pair is traded below the upside of the channel so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.2150 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2530 ▪ — ▪ — |
▪ 1.22 ▪ 1.21 ▪ 1.1550 |
We are bearish as long as the pair is traded below the upside of the descending channel. |
- GBPUSD
As we mentioned last week that the pair broke through a descending channel. The expected target for this week is 1.4250 – 1.4300. Then we can go short if the pair shows some negative factors targeting the level of 1.4.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.4200 ▪ 1.4100 ▪ — |
▪ 1.3800 ▪ 1.3700 ▪ 1.3600 |
Waiting for the pair to reach the following levels: 1.2450 – 1.43. |
- GOLD
The pair is traded above strong support levels that could be found at 1310 to 1300. So, we are bullish as long as the pair is traded above it. Our first target is: 1350.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ — ▪ — |
▪ 1310 ▪ 1300 ▪ 1290 |
We are bullish as long as the pair is traded above the level of 1300. |
- AUDUSD
As could be seen on the daily chart that the pair is traded within a descending channel. Having the pair traded above the downside of the channel can open the door for further upward movements during the week that it can reach the level of 0.7850.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ 0.7900 ▪ — |
▪ 0.7700 ▪ 0.7600 ▪ 0.7500 |
We are bullish as long as the pair is traded above the downside of the channel. |
- GBPJPY
The pair managed to break the downside of the descending channel. The pair now is testing the broken level so we may go short if the pair shows some negative factors below the level, so we can target the level of 146 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 |
▪ 147 ▪ 146 |
We are bearish as long as the pair is traded below the |
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