News & Research

UK inflation: Wednesday, 8:30. Britain publishes key data day after day. Inflation slowed down to an annual pace of 2.7% in February, off the edge of the 1-3% range that is mandated by the Bank of England. The same level is expected for March. The stronger pound has pushed prices of imported goods lower. Another slowdown could be seen in the data for March. Core CPI was at 2.4% (2.5% projected now) while the PPI Input fell by 1.1% m/m back then (+0.4% expected now).

Canadian rate decision: Wednesday, 14:00. Bank of Canada Stephen Poloz said that the country may see higher growth without triggering inflation. However, inflation did surprise to the upside. The BOC is expected to leave rates unchanged at 1.25% in this April meeting, putting the focus on the new forecasts and the press conference. With contradicting forces moving the economy and the currency, the level of uncertainty is high.

CAD
Canadian rate decision

GBP
UK inflation

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• GOLD

 

For the 6th time, the pair is traded below strong resistance levels that could be found at 1365 to 1350. So, we are bearish as long as the pair is traded below them. Our first target is: 1330 followed by 1320.

 

Resistance levels:	Support levels:	Recommended:
▪ 1350 ▪ 1365 ▪ --	▪ 1310 ▪ 1300 ▪ 1290	We are bearish as long as the pair is traded below the level of 1365.

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• AUDUSD

 

As could be seen on the daily chart that the pair is traded within a descending channel. Having the pair traded below the upside of the channel can open the door for further downward movements during the week that it can reach the level of 0.7671.

 

 

Resistance levels:	Support levels:	Recommended:
▪ 0.8000 ▪ 0.7900 ▪ --	▪ 0.7700 ▪ 0.7600 ▪ 0.7500	We are bearish as long as the pair is traded below the upside of the channel.

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• GBPJPY

 

The pair successfully formed a head and shoulders pattern as could be seen on the daily chart. The neck-line of the pattern is broken (150.30) so we are bullish as long as the pair is traded above it. Our first target is 153 followed by 154. In case the pair reaches the neckline again, we can go long targeting the level of 153 during the week.

 

Resistance levels:	Support levels:	Recommended:
▪ 156 ▪ 155	▪ 147 ▪ 146	We are bullish as long as the pair is traded above the level of 150.30.

 

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