Market Forecast Ahead of U.S CB Consumer Confidence !

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Conference Board (CB) Consumer Confidence measures the level of consumer confidence in economic activity. It is a leading indicator as it can predict consumer spending, which plays a major role in overall economic activity. Higher readings point to higher consumer optimism.

Frequency: Released monthly, on the last Tuesday of the current month.

Usual Effect: A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.

Last Read: 101.5

Forecast: 96.1

Published time: Today at 14:00 GMT

Market Impact:

1- EURUSD: 

Trend Direction: Downward (recovery mode).

Support and resistance: 1.1117, 1.1185, 1.1290, 1.1330, 1.1460, 1.1514

We have 4 scenarios :

a- A reading around 96.1 : will keep the pair in the current range, 1.1200/1.1330.

b- A reading between 96.1: 101.5 , will bring a pullback towards the key support 1.1185, buying on dips still recommended.

c- A reading above 101.5 , may expose 1.1185 and open the 1.1117 levels.

d- A reading below 96.1, will build strong pressure on the 1.1330 levels.

 2- GBPUSD:

Trend direction : Downward.

Support and resistance : 1.4780, 1.4950, 1.5100, 1.5240, 1.5365, 1.5522

a- A reading around 96.1 : will keep the pair in the current range, 1.5100/1.5240.

b- A reading between 96.1: 101.5 , will bring a bearish move towards the key support  1.5100.

c- A reading above 101.5 , may expose 1.5100 and open the 1.4950 levels.

d- A reading below 96.1, will bring recovery towards the 1.5240/1.5365 levels.

3-USDJPY:

Trend Direction: Downward (recovery mode).

Support and resistance: 116.12, 118.80, 121.00, 122.00, 123.78

a- A reading around 96.1 : will keep the pair in the current range, 118.80/121.00.

b- A reading between 96.1: 101.5 , will open 121.00 levels .

c- A reading above 101.5 , may take out 121.00 and open 122.00.

d- A reading below 96.1, will build strong pressure on the 118.80 levels.

Stay tuned for updated….

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