- In today’s Economic Calendar we can expect some volatility in the EUR, CAD, USD and AUD
- At 10:00 (GMT), the Statistics Office of Europe will announce the Consumer Price Index of the Euro Zone.
- That number measures the changes in the prices of goods and services
- The result is forecasted to increase to 0.2% considering that the last month was -1%
- At 12:30 (GMT), the Bank of Canada will announce their Consumer Price Index of the country
- The result is forecasted to decrease to 1.7% considering that the last month was 1.8%
- At 12:30 (GMT), the Census Bureau of the USA will release their Building Permits Change
- That number shows the number of permits for new construction projects
- The result is forecasted to decrease to -0.8% considering that the last month was 9.2%
- At 14:30 (GMT), the Energy Information Administration of the USA will announce the Crude Oil Stocks Change
- That number is a measure of the modification in the total of barrels in stock for Crude Oil
- The outcome is expected with a decrease to 2.933 million, whereas from last week’s which was at 7.664 million
On the Charts
- Price now of the GBP/AUD is at 2.014
- The pair is being traded in an upward trading channel since the first days of August 2019
- The price is above the 50 days Moving Average
- Momentum Indicators, Rate of Change (9 periods) and MACD, are both above zero
- Even though the price bounced up to 2.0767, on Monday 09/03/2020 it returned immediately inside the channel
- Now it is testing the return line of the channel
- If we observe a breakout and a closure of the price above the return line, then it is possible to see the price moving higher to Monday’s top at 2.076, or even higher to 2.115, a previous resistance level
- Otherwise, if we see the price reacting on the return line and moving lower, we may see it finding support at 1.964
Source : FXGM Investment Research Department / Bloomberg