Euro-zone inflation figures: Wednesday, 9:00. Core inflation jumped to 1.2% y/y in April, the highest since 2013. The rise in prices which are not oil is part of the drivers of the euro to higher ground. Was this just an Easter effect? This time, core inflation is predicted to drop to 1%. Headline CPI stood at 1.9% back in April and a slowdown to 1.5% is projected for May.
Canadian GDP: Wednesday, 12:30. The Canadian economy remained flat in February, but all in all, growth has picked up in Q1 2017. This was duly noted by the BOC. We now get the monthly figure for March which carries expectations for 0.3%.
EUR
Euro-zone inflation figures
CAD
Canadian GD
- EURUSD
Update: the pair has started its bearish movement, nothing new. 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 ▪-13100 ▪ — |
▪ 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: Yesterday’s candle was bearish and since the 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 pair is on its way to the uptrend line. 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. |
