Australian jobs report: Thursday, 1:30. April was an excellent month for the job market in Australia: 37.4K jobs were added. The forecast for May stands at a more modest 10.3K. The unemployment rate is predicted to remain at 5.7%.
Swiss rate decision: Thursday, 7:30. The Swiss National Bank makes its rate decision only once per quarter. Since removing the peg back in January 2015, aka “SNBomb”, the SNB maintains a negative deposit rate of -0.75% and they also intervene in currency markets to weaken the franc. No change is expected now, despite a weaker exchange rate.
UK rate decision: Thursday, 11:00. Will the Bank of England respond in any way to the election results? The team led by Mark Carney is projected to leave the interest rate unchanged at 0.25% and the total volume of its bond-buying program at 435 billion pounds. Alongside the decision, the Bank publishes the meeting minutes from the event. In the previous decisions, there was one member, Forbes, who voted for a rate hike given the rising inflation. She will probably dissent once again. A unanimous vote is expected around the bond-buying scheme.
AUD
Jobs Report
CHF
Swiss Rate Decision
GBP
UK rate decision
- EURUSD
Update: the pair may continue going down to reach the level of 1.1100. As could be seen on the chart above that the pair is traded below a strong resistance level around 1.1300. It also matches a Fibonacci level of 0.386 (From 14.10.2014 to 03.01.2017). So, we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.1200 followed by 1.1100 during the week. On the other hand, if the level of 1.1300 is broken (by at least a daily close) then the way would be open for the pair to reach 1.1400.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.1275 ▪-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 on its way to reach the level of 1.2650. The pair successfully managed to rebound around the level of 1.2775 so it may continue going down to reach the level of 1.2650 as long as it is traded below it. As could be seen on the chart above that the pair is traded below a strong resistance level around 1.2775 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 1.2650.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1.3000 ▪-1.3100 ▪ 1.2775 |
▪ 1.2650 ▪ 1.2600 ▪ — |
We remain bearish as long as the pair is traded below the level of 1.3000 |
- GOLD
Update: Yesterday’s target was hit. As For today, we remain bullish as long as it is traded above the level of 1250. Breaching the level of 1250 opens the door for further downward movement. The pair is traded above the level of 1250 which is a strong support level. So, we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1300 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 1350 ▪ 1300 ▪ 1290 |
▪ 1260 ▪ 1220 ▪ 1200 |
We remain bullish as long as the pair is traded above the level of 1250 |
- AUDUSD
Update: we remain the same as long as the pair is trade above the level of 0.7500. The pair is traded above a strong support level that could be found around 0.7500 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 0.7600 during the week.
| Resistance levels: | Support levels: | Recommended: |
| ▪ ▪ 0.7600 ▪-0.7700 |
▪ 0.7350 ▪ 0.7300 ▪ 0.7250 |
We remain bullish as long as the pair is traded above the level of 0.7500. |
- GBPJPY
Update: The pair has reached the level of 139 so we believe that it is on its way to reach the level of 138.70 as long as it is traded below the level of 141. The pair is on its way to reach a strong resistance level that could be found around 140.70. So, from there we can go short targeting the level of 139 followed by 138.70.
| Resistance levels: | Support levels: | Recommended: |
| ▪ 144 ▪ 145 ▪ 146 |
▪ 138.70 ▪ 139 ▪ |
We remain bearish as long as the pair is traded below the level of 141. |
