Weekly Technical Analysis For November, 18th to 22nd, 2019

Coming Up: FOMC And ECB Meeting Minutes!

EUR/USD:

In last week's congressional testimony, Federal Reserve Chair Powell made clear that there would be no further cuts to U.S. interest rates barring a major deterioration in the economy. Powell said that while the economy is on track right now, there are risks to the current economic expansion.

The market also got fresh US-China trade hope despite no new details on talks being released. White House economic adviser Larry Kudlow said that Washington and Beijing were getting close to a deal, and the ‘mood music is pretty good’.

In addition to that; the US Consumer Price Index ticked up to 1.8% on a yearly basis to come in higher than the market expectation of 1.7%. The core CPI, which excludes volatile food and energy prices, edged lower to 2.3% in the same period and missed experts' forecast of 2.4%.

Looking ahead, the economic calendar will bring an update on the health of the U.S. economy, with reports on Building Permits, Housing Starts, Manufacturing and Services PMI, as well as Existing Home Sales.

Besides the US data, we will focus on the release of the minutes from the Federal Reserve's last meeting on Wednesday for further insight into the outlook for monetary policy in the months ahead.

In the Eurozone, the minutes of the European Central Bank meeting due Thursday is expected to provide investors with an insight into the European central bank’s thinking on monetary policy.

The European Central Bank left monetary policy unchanged in the last meeting. The meeting was the final monetary policy meeting for Draghi. 

The EURUSD pair showed an upward movement and hit the major resistance level of 1.1052. In order for the rise to gain more momentum, it needs to go beyond and stay above 1.1052 on a daily basis. Should this occur, we will follow 1.1114 as the next resistance level. Otherwise, the rise may be limited and we will follow support levels at 1.1007 and 1.0965. 
 
Support:  1.1007 - 1.0965 - 1.0930

Resistance: 1.1052 - 1.1114 - 1.1165

GBP/USD:

The GBPUSD pair showed an upward movement above the main support level of 1.2838. In the event that the rise continues, we will follow the resistance level at 1.2947 and 1.3046. In contrast, if the pair falls below 1.2838, we will watch the next support level at 1.2768.

Support : 1.2838 - 1.2768 - 1.2671

Resistance: 1.2947 - 1.3046 - 1.3136

USD/JPY:

Watch out for the 108.79 main level in the USDJPY pair. If the price trades above 108.79, on a four hourly basis, we will face 109.09 as the resistance level. On the other hand, If the pair drops below 108.79, we will see the next support level at 108.52.

Support : 108.52 - 108.14 - 107.82

Resistance: 108.79 - 109.09 - 109.39

GOLD:

Keep your eye on the 1466 main support level on the GOLD price. As long as the yellow metal stays above 1466 on a daily basis, the rise may continue and the key resistance level can be seen at 1478. On the downside, If the price drops below 1466, the next support level will be at 1453.

Support:  1466 - 1453 - 1440

Resistance: 1478 - 1509 - 1524

17 Nov 19 (Sun)

07:55 pm


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