Euro-zone inflation: Wednesday, 10:00. The final figures for January showed that headline inflation slipped to 1.3% y/y in January. Another drop is on the cards now, to 1.2%. Core inflation is projected to remain steady at 1% also here, in the first release for February. Any deviation from these numbers could shake the euro. The ECB’s single needle in the compass is inflation.
US GDP: Wednesday, 13:30. The first release of US GDP for Q4 2017 fell short of expectations, with 2.6%, coming after 3%+ annualized growth rates in Q2 and Q3. The second release is expected to show a downgrade to 2.5%.
EUR
Euro-zone inflation
USD
US GDP
- EURUSD
Update: Still traded above the level of 1.21 but today’s session can be bearish. As could be seen on the daily chart that the pair is traded above a strong support level that is 1.21. Therefore, we are bullish as long as the pair is traded above it that it may reach the level of 1.25 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2530 ▪ — ▪ — |
▪ 1.21 ▪ 1.1600 ▪ 1.1550 |
We are long as long as the pair is traded above the level of 1.21. |
- GBPUSD
Update: Still traded above the EMA (50/D). As could be seen on the daily chart that the pair is traded right above a strong support level that is the EMA of 50 (D). So, we are bullish as long as the pair is traded above it that it may reach the level of 1.41 followed by 1.42 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.4200 ▪ 1.4100 ▪ — |
▪ 1.3800 ▪ 1.3700 ▪ 1.3600 |
We are bullish as long as the pair is traded above the level EMA/50/D.. |
- GOLD
Update: The breakout of the level of 1320 is not confirmed yet so today’s trading session is very important to confirm it. As could be seen on the daily chart that the pair is traded above a strong support level that is 1320. So, we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1350 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ — ▪ — |
▪ 1310 ▪ 1300 ▪ 1290 |
We remain bullish as long as the pair is traded above the level of 1320. |
- AUDUSD
Update: the pair is continuing bearish as expected. As could be seen on the daily chart that the pair is traded below a strong resistance level that could be found at 0.79. So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7700 during the week. On the other hand, breaching the level of 0.79 can open the door for further upward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8000 ▪ 0.7900 ▪ — |
▪ 0.7700 ▪ 0.7600 ▪ 0.7500 |
We are bearish as long as the pair is traded below the level of 0.7900. |
- GBPJPY
Update: Today’s trading session will confirm the breakout of the downside of the pattern because the price is traded below it now but we need a daily close to confirm it. As could be seen on the char above that the pair is traded within an ascending channel. It is traded right above the downside of the channel so we can go long targeting the level of 152 during the week. On the other hand, breaching the downside of the ascending channel can open the door for further downward movement during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 156 ▪ 155 |
▪ 148 ▪ 147 |
We remain bullish as long as the pair is traded above the downside of the pattern28. |
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