US GDP (second release): Wednesday, 13:30. The first release of Q3 GDP beat expectations with an annualized level of 3%, similar to the robust growth also seen in Q2: 3.1%. We are getting the second out of three publications. An upgrade to 3.3% is predicted given the upbeat updates for the third quarter.
Janet Yellen testifies, Wednesday, 14:00. The outgoing Fed Chair Janet Yellen will testify in Washington. Her recent worries that weak inflation is not transitory and the dovish meeting minutes set the ground for her testimony. Has she changed her mind on the December rate hike? Once again, the probability is low, but a softer stance in 2018 by her successor Powell is likely. The focus remains inflation.
USD
US GDP (second release)
Janet Yellen testifies
- EURUSD
The pair is traded above a strong support level (the uptrend line shown in red) so we would go long targeting the level of 1.1900 during the daily. This is conditioned by the continuation of trading above the uptrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.2000 ▪ 1.2100 ▪ 1.1850 |
▪ 1.1500 ▪ 1.1300 |
We remain bullish as long as the pair is traded above the uptrend line. |
- GBPUSD
Update: On its way to the level of 1.3450. As we can see on the daily chart that the pair is traded above an uptrend line shown on the chart in red. The price of the pair may continue going up to reach the level of 1.3122 followed by 1.3450 during the week. This is conditioned by the continuation of trading above the uptrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3700 ▪ 1.3650 |
▪ 1.2990 ▪ 1.2900 ▪ 1.2800 |
We remain bullish as long as the pair is traded above the uptrend line. |
- GOLD
Update: The pair may rebound around the level of 1300 so we may go short targeting the level of 1270. As could be seen on the chart above that the pair is traded above an uptrend line shown on the chart in red along with a strong support level that could be found at 1260 so we remain bullish as long as the pair is traded above those levels. Our targets: 1290 – 1300.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1305 ▪ 1300 |
▪ 1267 ▪ 1260 |
We remain bullish as long as the pair is traded above the level of 1260. |
- AUDUSD
Update: we remain bearish. The pair managed to form a head and shoulders patter shown on the chart above and it also managed to break through the nick line of the pattern so this has opened the door for the pair for further downward movement that it may reach the level of 0.7500 followed by 0.7400.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.8100 ▪ 0.8060 ▪ 0.7940 |
▪ 0.7400 ▪ 0.7500 |
We remain bearish as long as the pair is traded below the nick line of the pattern. |
- GBPJPY
The pair rebounded successfully around the support level of 148 so it may contuine going up to reach the down trend line shown in red on the chart.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 152 ▪ 151 ▪ 155 |
▪ 148 ▪ 147 |
Waiting for the pair to reach the uptrend line. |
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