News & Research

UK GDP data: Wednesday, 9:30. The second GDP evaluation for the third quarter of 2016 confirmed earlier estimates of a 0.5% expansion rate. Consumer spending continued to be the main force behind UK’s growth. In addition, exports outweighed imports probably due to the weak pound. But the construction sector remained weak, contracting for two straight quarters. Economists predict growth will slow to 1.4% in 2017 from 2.1% in 2016 as business investment declines and as incomes are contracted by higher living costs. Economists forecast a 0.6% growth rate for the fourth quarter of 2016.
US Crude Oil Inventories: Wednesday, 15:30. U.S. crude oil stocks surged to 9.5 million barrels in the week ended Feb. 10. The reading missed predictions for a 3.7 million barrels rise. The rise was due to a cutback in refineries output and weaker gasoline demand. However, economists believe demand will strengthen in the coming weeks. Overall demand for gasoline in the last four weeks declined 5.3% year-on-year at 8.43 million barrels per day.
US FOMC Meeting Minutes: Wednesday, 19:00. The minutes from the Federal Reserve rate meeting on December revealed the Fed approved their first 2016 rate hike 2016 following the positive market reactions to Donald Trump’s victory earlier in November. Following the elections, policymakers anticipated a more aggressive growth as Trump plans to spend as much as $1 trillion on infrastructure while cutting taxes and reducing regulations. However, the economic projections remained nearly unchanged rising slightly higher, as the committee indicated that GDP growth would hit 2.1% in 2017 as opposed to the 2% estimate in September.

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• EURUSD

The pair is about to break through the level of 1.0522 so if this happens then we may go short targeting the level of 1.0460 during the day.

Resistance levels:	Support levels:	Recommended:
▪ 1.0674 ▪ 1.0522 ▪ --	▪ 1.0460 ▪ 1.0400 ▪ --	We remian bearish as long as the pair is traded below the level of 1.0522

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• GBPUSD

The pair is traded above a strong support level around 1.2470 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.2650 during the day. If the pair breaks through the level of 1.2470 then the way would be open for the pair to reach the level of 1.2400

Resistance levels:	Support levels:	Recommended:
▪ 1.2670 ▪-1.2700 ▪ --	▪ 1.2400 ▪1.2400 ▪ --	We remain bullish as long as the pair is traded above the level of 1.2470

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• GOLD

As could be seen on the chart that the pair is traded above a strong support level around 1232 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1238 during the day. On the other hand, breaching the level of 1232 opens the door for the pair to reach the level of 1226 during the day.

Resistance levels:	Support levels:	Recommended:
▪ 1242 ▪ 1240 ▪ 1238	▪ 1232 ▪ 1210 ▪ --	We remain bearish as long as the pair is traded above the level of 1232

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• AUDUSD

The pair is going to be traded near to very strong resistance levels around 0.7700 - 0.7730 so if the pair shows some negative factors below them, we may go short targeting the level of 0.7600 during the day.

Resistance levels:	Support levels:	Recommended:
▪ 0.7700 ▪0.7730 ▪--	▪ 0.7600 ▪0.7530 ▪ --	We remain bullish as long as the pair is traded below the level of 0.7730

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• GBPJPY

We believe that the pair is on its way to reach the level of 142.30 during the day and it also may continue going up to reach the level of 142.70. So if this happens, then we will be waiting for the pair to show some negative factors then we may go short targeting the level of 141 during the day.

Resistance levels:	Support levels:	Recommended:
▪ 144 ▪ 143 ▪ --	▪ 141 ▪ 140.75 ▪ --	Waiting for the pair to reach the level of 142.0