07 March 2017
powered by Land Prime
Australian rate decision: Tuesday, 3:30. The Reserve Bank kept the official cash rate unchanged at 1.5% at their February meeting. The reading was in line with market forecast. Some economists believe the RBA’s next move will be to raise rates while others say there is still room for more rate cuts due to relatively low inflation. The RBA monitors the recent increase in lending to property investors and further data about the economy’s performance to determine its next move.
AUDCash Rate
RBA Rate Statement
CADTrade Balance
NZDGDT Price Index
- GOLD
Yesterday's candle is very bearish, but we still have the pair traded above the level of 1220. So yesterday's scenario is still active. The pair is traded right above a strong support level around 1220 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1230 – 1240 – 1250 – 1260 during the week. On the other hand, breaching the level of 1220 opens the door for further downward movement during the week.
Resistance levels: |
Support levels: |
Recommended: |
▪ 1260 ▪ 1240 ▪ 1230 |
▪ 1220 ▪ 1210 ▪ 1200 |
We remain bullish as long as the pair is traded above the level of 1220. |
- GBPJPY
Yesterday's scenario is still active. The pair is traded below a strong resistance level around 140.50 (and the broken side of the symmetrical triangle shown on the chart) so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 139 followed by 138.60 during the week. On the other hand, breaching the level of 140.50 opens the door for the pair to reach the level of 142. Having the pair traded below the broken downside of the symmetrical triangle support our view.
Resistance levels: |
Support levels: |
Recommended: |
▪ 140.50 ▪ 141 ▪ -- |
▪ 139 ▪ 138.60 ▪ --
|
We remain bearish as long as the pair is traded below the level of 140.50 |