2017-12-05
GBP/USD has been impulsively bullish, moving towards 1.3650 resistance area after breaking and retesting the 1.3300 support area recently. After an impulsive bullish price action, the pair is currently struggling to sustain the growth as the main reason for this pause is the rumor about obstacels to the Brexit process that puts pressure on the overall economy.
Today, UK Services PMI report is going to be published which is expected to have a slight decrease to 55.2 from the previous figure of 55.6 and FPC Meeting is going to be held as well where in-depth financial condition analysis and further decision towards financial stability will be discussed where the rhetoric is expected to be quite neutral.
On the USD side, ahead of NFP this week and Rate hike this month, USD has been struggling as well which has led to weakness against GBP. However, as there are certain high impact news later in the global trading day, the pair is expected to be quite volatile that may result in gains on the USD side in the future.
Today, US Trade Balance report is going to be published which is expected to show an increase in deficit at -46.2B from the previous deficit figure of -43.5B, ISM Non-Manufacturing PMI is expected to decrease to 59.2 from the previous figure of 60.1, Final Services PMI is expected to increase to 55.4 from the previous figure of 54.7, and IBD/TIPP Economic Optimism is expected to increase to 54.6 from the previous figure of 53.6.
The outlook for the US economic reports is quite mixed in nature currently and any positive readings will provide a boost so that USD could gain momentum against GBP. Meanwhile, GBP is currently under pressure from the political and Brexit issues.
Now let us look at the technical chart. The price has filled the gap successfully which was created at the weekend. This indicates that bulls are still setting the tone. The dynamic level is following the price very well above the support area of 1.3300.
Now let us look at the technical chart. The price has filled the gap successfully which was created at the weekend. This indicates that bulls are still setting the tone. The dynamic level is following the price very well above the support area of 1.3300.
As the price remains above 1.3300 support area with a daily close, the bullish bias is expected to continue further with a target towards 1.3650 resistance level in the coming days.
USD/CAD right on support, time to buy
2017-12-05
Price is now testing our buying level and major support at 1.2664 (Fibonacci extension, Fibonacci retracement, horizontal swing low support) and we expect a bounce from this level up to at least 1.2844 resistance (Fibonacci retracement, horizontal overlap resistance, breakout resistance).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a corresponding bounce from.
Buy above 1.2664. Stop loss at 1.2576. Take profit at 1.2844.
AUD/USD below resistance, remain bearish
2017-12-05
Price continues to hover below our resistance. We look to sell on strength below major resistance at 0.7629 (Fibonacci
retracement, horizontal overlap resistance, descending resistance, price gap) for a further push down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 94% where we expect a corresponding drop from.
Sell below 0.7629. Stop loss at 0.7660. Take profit at 0.7537.
USD/CAD right on support, time to buy
2017-12-05
Price is now testing our buying level and major support at 1.2664 (Fibonacci extension, Fibonacci retracement, horizontal swing low support) and we expect a bounce from this level up to at least 1.2844 resistance (Fibonacci retracement, horizontal overlap resistance, breakout resistance).
Stochastic (34,5,3) is seeing strong support above 3.9% where we expect a corresponding bounce from.
Buy above 1.2664. Stop loss at 1.2576. Take profit at 1.2844.
AUD/USD below resistance, remain bearish
2017-12-05
Price continues to hover below our resistance. We look to sell on strength below major resistance at 0.7629 (Fibonacci
retracement, horizontal overlap resistance, descending resistance, price gap) for a further push down to at least 0.7537 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 94% where we expect a corresponding drop from.
Sell below 0.7629. Stop loss at 0.7660. Take profit at 0.7537.
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