US Crude Oil Inventories: Wednesday, 14:30. Crude stocks declined modestly last week after nine weeks of increases, showing a draw of 237,000 barrels. Oil prices were little changed as the weaker dollar was offset by a high level of U.S. inventories. Although market focus remains fixed on U.S. production growth and elevated domestic inventory levels, it does not apply to other parts of the world. For example, Asia remains in a deficit, while regions like the Atlantic Basin and the U.S. remain in surplus.
New Zealand rate decision: Wednesday, 20:00. The Reserve Bank of New Zealand maintained its Official Cash Rate unchanged at 1.75% in February. Despite a continued improvement in commodity prices as well as business activity and a brighter global outlook, major challenges such an on-going surplus capacity in the global economy and rising geo-political uncertainty, continue to trouble policymakers.
USD
Crude Oil Inventories
NZD
Rate Decision
- EURUSD
Update: Yesterday’s trading session was very bullish and today’s candle has started with a very little body. The range from 1.0800 to 1.0825 is very important for it could be our resistance area for today.The pair is on its way to reach the level of 1.0800 during the week. It is our strong resistance level for the week so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.0650 during the week. On the other hand, breaching the level of 1.0825 opens the door for further upward movement that the pair may reach the level of 1.0850.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.0770 ▪-1.0825 ▪ 1.0850 |
▪ 1.0650 ▪-1.0600 ▪ 1.0500 |
We remain bearish as long as the pair is traded below the level of 1.0825 |
- GBPUSD
Update: The continuation of trading above the level of 1.2400 supports the GBP against the USD that it may reach the level of 1.2600 followed by 1.2700 during the week. A strong resistance level has been broken (1.2400). It turned into a support key level. So we believe that this breakout can open the door for the pair for further upward movements during the week that it can reach the level of 1.2500 followed by 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: The weekly target was hit. Congratulations on this. For today, the pair is facing a very strong resistance level around $1250 so if the pair shows some negative factors below it, we may go short targeting the level of 1240 followed by 1230 during the week. On the other hand, breaching the level of 1250 opens the door for further upward movements.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1260 ▪ 1250 ▪ — |
▪ 1220 ▪ 1190 ▪ 1180 |
We remain bearish as long as the pair is traded below the level of 1250 |
- AUDUSD
Update: The pair is still traded below the level of 0.7830. Will the level of 0.7830 remain solid? This is our key resistance level for the week. The pair may rise during the week to reach our key level, then a pullback is expected if the pair shows some negative factors that it may reach the level of 0.7700 during the day.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7720 ▪0.7800 ▪– |
▪ 0.7410 ▪ 0.7400 ▪ 0.7600 |
We remain bearish as long as the pair is traded below the level of 0.7830 |
- GBPJPY
Update: The pair now is traded around 139 so this is a strong support level as we mentioned earlier. The pair may continue going down to reach the level of 138.60 (this is a bullish zone) then a pullback is expected that the pair may raise to reach the level of 140 followed by 142 during the day. The pair is traded in a very narrow range between 142.50 (the high) to 139 (the low). No trading for now till the pair reaches one of those levels (that is where we can enter the market) Otherwise, no trading is allowed on daily biases.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 142 ▪ 142.70 ▪ — |
▪ 138.70 ▪ 138 ▪ 137 |
We remain bullish as long as the pair is traded below the level of 138.60 |
