What To Watch For Trading This Week
U.S. drugmaker Pfizer and German partner BioNTech said on Monday a large-scale clinical trial showed their vaccine was more than 90% effective in preventing COVID-19. the news of progress towards a COVID-19 vaccine boosted risk appetite in global markets.
However, the continuing rise of new Covid-19 cases throughout Europe and the U.S. is making traders nervous. The prospect of a vaccine is a source of relief but the eurozone will still suffer as a result of new lockdown measures, ECB policymakers also said.
Looking ahead, US Retail Sales figures will be closely watched on Tuesday. Economists predict that retail sales ease to 0.5% from 1.9% last month. On the other hand, Core retail sales, which exclude autos, are expected to have risen by 0.5%.
US Housing Starts will be announced Wednesday and it is a critical indicator of economic strength in the US. The market expects housing starts to rise to 1.460 mln from 1.415 mln.
US Building Permits is another key indicator of demand in the housing market measure the change in the number of new building permits issued by the government. It is expected to come out at 1.560 mln in October.
In addition to that, watch out for the Consumer Price Index in the Eurozone. On a year-on-year basis, the Eurozone CPI is expected to drop to -0.3%. A lower than expected reading will be negative for the single currency.
Keep your eye on the main level of 1.1819 in the EURUSD pair. If the price stays above 1.1819, on a daily basis, the upward movement may gain more power and we will see 1.2064 as a resistance level. On the downside, if the price drops below 1.1819, we will follow the next support level at 1.1744.
Support : 1.1819 - 1.1744 - 1.1658
Resistance : 1.2046 - 1.2214 - 1.2391
The GBPUSD pair showed an upward movement and moved up above the 1.3136 main support level. If the upward movement continues above 1.3136, the main resistance level will be at 1.3231 and 1.3313. In contrast, if the pair drops below 1.3136, the next daily support level can be found at 1.3046.
Support: 1.3136 - 1.3046 - 1.2947
Resistance: 1.3231 - 1.3313 - 1.3392
Focus on the 124.24 main resistance level in the EURJPY pair. If the currency stays below 124.24 on a four hourly basis, we will see the support level at 123.14. On the other hand, If the pair rises above 124.24, the next resistance level is holding at 125.07
Support: 123.14 - 122.37 - 121.59
Resistance: 124.24 - 125.07 - 125.85
The Gold Price closed last week above the 1873 main support level. If the price stays above 1873, on a four hourly basis, we will follow the resistance levels at 1904 and 1932. On the downside, if the price breaks down below 1873, the next support level will be at 1854.
Support: 1873 - 1854 - 1829
Resistance: 1904 - 1932 - 1964
15 Nov 20 (Sun)
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