US Core PCE Price Index: Tuesday, 12:30. This is the Fed’s favorite measure of inflation. Back in March, the figure dropped from 1.8% to 1.6% y/y, showing a deceleration in inflation, causing some worries. Another sign of weakness may deter the Fed from raising rates in mid-June and an acceleration towards the elusive 2% target could provide a shot in the arm for the dollar. A monthly rise of 0.1% is expected. Note that other figures such as personal spending and personal income are also published at the same time.
CB Consumer Confidence: Tuesday, 14:00. According to the Conference Board, consumers were somewhat less confident in April, with the index sliding to 120.3. Nevertheless, this is still close to the pre-crisis highs. A small drop to 120.1 is on the cards.
USD
US Core PCE Price Index
USD
CB Consumer Confidence
- EURUSD
Update: the pair has started its bearish movement. The pair is still traded right below last weekly’s key level (resistance) which could help the USD the gain value against the EURO. Therefore, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1100 during the weekly followed by 1.1000.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1272 ▪-1.1300 ▪ 1.1350 |
▪ 1.1200 ▪-1.1150 ▪ 1.1100 |
We remain bearish as long as the pair is traded below the level of 1.1272. |
- GBPUSD
Update: the pair is still traded above 1.2750. We remain the same. As could be seen on the chart above that the pair is traded right above a strong support level around 1.2750 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.3000 during the day. In case that the level of 1.2750 is broken, then the way would be open for the pair to reach the level of 1.2700 followed by 1.2600.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3000 ▪-1.3100 ▪ — |
▪ 1.2750 ▪ 1.2700 ▪ — |
We remain bullish as long as the pair is traded above the level of 1.2750. |
- GOLD
Update: Today’s candle is a little bearish which can support our weekly scenario. The pair is on its way to reach a strong resistance level that is the downtrend shown on the chart in red. We believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1250 during the day. This is conditioned by the continuation of trading below the downtrend line.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1265 ▪ ▪ 1270 |
▪ 1250 ▪ 1220 ▪ 1200 |
We remain bearish as long as the pair is traded below the downtrend line |
- AUDUSD
Update: since is pair is traded above the level of 0.7400, we remain the same. The pair is about to form a head and shoulders pattern as could be seen on the chart above. The right shoulder of the pattern is being formed now so we believe that as long as the pair is traded above the level of 0.7400, it is highly recommended to go long targeting the level of 0.7500 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 0.7500 ▪ 0.7600 ▪-0.7700 |
▪ 0.7415 ▪ 0.7400 ▪ 0.7300 |
We remain bullish as long as the pair is traded above the level of 0.7400. |
- GBPJPY
Update: the level of 143.20 has been broken, the bearish scenario has been triggered. The pair is traded above a strong support level that can be found at 143.20. So, we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 144 followed by 145 during the day. On the other hand, if the level of 143 is breached, then the way would be open for the pair to reach the level of 142 followed by 141.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 144 ▪ 145 ▪ 146 |
▪ 142 ▪ 141 ▪ 140 |
We remain bullish as long as the pair is traded above the level of 143.20. |
