US CB Consumer Confidence: US Consumers’ moral increased to 114.8 in February, reaching the highest reading since July 2001. Economists expected the Index to hit 111 in February. Current business conditions increased compared to January. Overall, consumers expect the economy to continue expanding in the coming months. Consumers also expect the labor market will continue its tightening. Consumer confidence is estimated to reach 113.9 this time.
Stephen Poloz speaks: Bank of Canada Governor Stephen Poloz will speak in Oshawa. Earlier this month Poloz warned about the “significant uncertainties” buffeting the Canadian economy in light of Trump’s new policies regarding protectionist and trade tax. Mr. Poloz suggested that a rate cut remains “on the table.” But many economists are convinced the bank’s next move will be a rate increase.
USD
CB Consumer Confidence
CAD
Polor Bank of Canada Governor Speaks
- EURUSD
Update: The pair started the day with a very bearish candle that can work in the USD favor. So, if the pair is going to continue going down then it must be traded below the level of 1.0800. As could be seen on the chart above that the pair reached the level of 1.0870 with the start of the week. The Euro is facing now a strong resistance level around 1.0870, will it remain solid? Monday’s trading session is very important that it can tell us what might happen during the rest of the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0870 ▪-1.0900 ▪ 1.0950 |
▪ 1.0650 ▪-1.0600 ▪ 1.0500 |
Will the level of 1.0870 remain solid? |
- GBPUSD
Last week we expected that the pair would continue rising to reach the level of 1.2600 that was conditioned by the continuation of trading above the level of 1.2400. Therefore, we remain the same that our first targeting is around 1.2600.
| 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
Update: We remain the same. As could be seen on the chart above that the Gold managed to break through the level of $1250 and it reached the level of 1260 which is a very strong resistance level. Having the pair traded below the level of 1260 does suggest more downward movement during the week that it may reach the level of 1250 (again) as a first targeting that could be followed by 1240.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1260 ▪ 1250 ▪ — |
▪ 1220 ▪ 1190 ▪ 1180 |
We remain bearish as long as the pair is traded below the level of 1260. |
- AUDUSD
Update: There is no clear sign that the pair has broken through the level of 0.7600. It is still traded above it and there is a room for the pair to rebound around .7600 targeting the level of 0.7700. Yesterday’s scenario is still active. The pair managed to reach the level of 0.7600 (as we expected last week) which is, by the way, a very strong support area. We also find a good catch around this level that we may go long targeting the level of 0.7700 during the week. Otherwise, if the level of 0.7600 is broken by a daily close (below it) we go short targeting the level of 0.7500.
| 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
Update: The pair has not managed to break through the level of 139 so we remain the same. We do not believe that there is a good entry on this pair so we will be waiting for the pair to break through the level of 139 then we may go long targeting the level of 140 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142 ▪ 142.70 ▪ — |
▪ 138.70 ▪ 138 ▪ 137 |
