US ISM Manufacturing PMI: ISM manufacturing PMI exceeded expectations in February hitting 57.7. This was the highest reading since December 2014, indicating solid growth in the manufacturing sector. Analysts expected a climb to 56.2. Despite the fact that the ISM and the manufacturing PMI figures did not coincide, the general trend shows the manufacturing sector is robust. Manufacturing PMI is expected to decline to 57.2 in March.
USD
US ISM Manufacturing PMI
- EURUSD
As could be seen on the chart that the pair may continue going down to reach the downward side of the ascending channel seen on the chart above then a pullback is expected that it may reach again the level of 1.0800 during the week. On the other hand, breaching the downside of the channel can open the door for further downward movement during the week that it may reach the level of 1.0500.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0800 ▪-1.0900 ▪ 1.0950 |
▪ 1.0500 ▪-1.0600 ▪ 1.0500 |
We remain bullish as long as the pair is traded below the ascending channel! |
- GBPUSD
The pair managed to form a head and shoulders pattern as could be seen on the chart above. It is traded now right below the neck line of the pattern so it may rebound around this level then it may reach the level of 1.2380 during the week. On the other hand, if the level of 1.2380 is broken then the level of 1.2670 might be seen during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2500 ▪-1.2600 ▪ — |
▪ 1.2400 ▪ 1.2040 ▪ 1.2000 |
We remain bullish as long as the pair is traded above the level of 1.2400 |
- GOLD
The Gold has successfully managed to form a head and shoulders pattern as could be seen on the chart above. It may continue going down to reach the level of 1240 to form the second shoulder of the pattern, the we will see either it will break through the 1240 or not as it acts as its neckline.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1260 ▪ 1250 ▪ — |
▪ 1220 ▪ 1190 ▪ 1180 |
We remain bullish as long as the pair is traded above the level of 1240. |
- AUDUSD
A harmonic pattern could be seen on the chart above and the pair is facing a strong support level around 0.7600. In case the level of 0.7600 is broken, then the pair may continue going down to reach the level of 0.7500 during the week. Otherwise, we are bullish.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7720 ▪ 0.7800 ▪– |
▪ 0.7410 ▪ 0.7400 ▪ 0.7600 |
We remain bullish as long as the pair is traded below the level of 0.7600 |
- GBPJPY
The pair is traded below a strong resistance level around 140.50 so the pair may continue going down to reach the level of 138 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142 ▪ 142.70 ▪ — |
▪ 138.70 ▪ 138 ▪ 137 |
We remain bearish as long as the pair is traded below the level of 140.50 |
