US CB Consumer Confidence: Tuesday, 14:00. The Conference Board’s consumer confidence measure stood at 122.9 points in August. While the peak was a bit higher, this is still high ground. Consumer confidence measures do not always reflect actual retail sales, but still, move markets. A score of 119.6 is projected.
US New Home Sales: Tuesday, 14:00. Sales of new homes trigger wider economic activity such infrastructure development. In August, sales dropped to 571K from 600K+ levels. An increase to 591K is on the cards.
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US CB Consumer Confidence
US New Home Sales
- EURUSD
The pair managed to breakthrough a strong support level that could be found at 1.1840 so this may open the door for the pair for further downward movement during the week that it may reach the level of 1.1650. Also, we will be waiting for the pair to confirm the breakout of the level of 1.1840 by a daily close.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2000 ▪ 1.2100 |
▪ 1.1900 ▪-1.1850 ▪ 1.1800 |
Waiting for the pair to confirm the breakout of the level of 1.1840 by a daily close. |
- GBPUSD
The pair was traded in a very narrow range between the support level of 1.3450 and the resistance level of 1.3600. Today, the pair managed to breach the support level of 1.3450 but it is not confirmed yet. We will need a confirmation of the breakout that is a daily close below the level of 1.3450.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3700 ▪ 1.3650 |
▪ 1.3450 ▪ 1.2800 ▪ 1.2700 |
We remain bullish as long as the pair is traded above the level of 1.3450. |
- GOLD
The pair managed successfully to rebound around the level of 1290 (a strong support level) this means that the pair may continue going up to reach at least the level of 1320 followed by 1350 during the week. This conditioned by the continuation of trading above the level of 1290.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1340 ▪ 1375 |
▪ 1300 ▪ 1295 ▪ 1200 |
We remain bullish as long as the pair is traded above the level of 1290. |
- AUDUSD
As we mentioned last week that the pair is traded below a strong resistance level at 0.8100 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7650 during the week. This is conditioned by the continuation of trading below the level of 0.8100
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8100 ▪ 0.8060 |
▪ 0.7600 ▪ 0.7500 |
Expected to show bullish pressures |
- GBPJPY
As could be seen on the weekly chart that the pair is traded above a strong support level that could be found at 150 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 154 followed by 155 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 152 ▪ 151 ▪ 155 |
▪ 148 ▪ 147 |
Expected to show more bearish pressures. |
