26 December 2018
powered by Land-FX
The yen surged last week, as turmoil in the equity markets was good news for the safe-haven Japanese currency. Investors were disappointed with the Federal Reserve rate statement, which was less dovish than expected. The Fed raised rates for a fourth time at the meeting and indicated that the policy of gradual rate increases would continue in 2019.
The global trade war continues, with the U.S. and China still deadlocked over trade issues. President Trump has declared he will impose further tariffs on China on March 1 unless the parties reach a deal. A breakthrough seems a long shot, so the yen should remain attractive as we move into January.
- EURUSD
The daily chart shows that the pair has reached the downtrend line shown on the chart in blue. The pair also has showed up some bearish evidence, so we can go short targeting the level of 1.13 followed by 1.1220 during the week. This will be conditioned by the continuation of trading below the downtrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.21 ▪ 1.1850 ▪ 1.18 |
▪ – ▪ 1.1217 ▪ 1.10 |
We are bearish as long as the pair is traded below the downtrend line.. |
- GBPUSD
As could be seen on the daily chart that the pair is traded below a strong resistance level that is 1.28 so we are bearish as long as the pair is traded below this level. First target is: 1.2550.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.36 ▪ 1.3350 ▪ 1.29 |
▪ 1.2550 ▪ 1.2370 ▪ 1.23 |
We are bearish as long as the pair is traded below the level of 1.28. |
- GOLD
The pair is traded in an uptrend as could be seen on the four-hour-chart. The pair also has reached a strong resistance level that could be found at 1280. So, if the pair shows up some bearish evidence below this level, we can go short targeting the level of 1250 during the week. This is conditioned by the continuation of trading below the resistance level of 1280.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1330 ▪ 1280 |
▪ – ▪ 1180 ▪ 1170 |
We are bearish as long as the pair is traded below the level of 1280. |
- AUDUSD
The pair has reached a strong support level that could be found at 0.7030 so we will be waiting for some bullish evidence to show up so we can go long targeting the level of 0.73. This is conditioned by the continuation of trading above the level of 0.7030.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7550 ▪ 0.7600 ▪ 0.7260 |
▪ 0.7000 ▪ – ▪ – |
We are bullish as long as the pair is traded above the level of 0.7030. |
- GBPJPY
The pair has reached a strong support level that is 140 so we will be waiting for the pair to confirm if it will break through this level or not. So, let’s wait to see what will happen…
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 ▪ 149 |
▪ 140.50 ▪ 140 ▪ 139 |
Waiting for the pair to confirm what is going to happen… |
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