Weekly Technical Analysis For December 16th to 20th, 2019
EUR/USD: Looking ahead, the Eurozone Consumer Price Index will be closely watched next week. On the year-on-year basis, the Eurozone CPI is expected to be 1.0%. The core figure, without volatile energy and food prices, is expected to stay at 1.3%. A lower than expected reading will be negative for the single currency.
Keep your eye on US GDP Growth on Friday. The US third-quarter gross domestic product is expected to see a growth of 2.1%, rising from the previous estimate of 2.0%.
The EUR/USD pair closed last week above the support level of 1.1114. If the price stays above 1.1114, on a four hourly basis, the downward movement may pause and we will watch 1.1165 as resistance level again. On the downside, if the price drops below 1.1114, we will follow the next support level at 1.1052.
Support : 1.1114 - 1.1052 - 1.0979
Resistance : 1.1165 - 1.1237 - 1.1307
USD/JPY: We will closely watch the 109.39 main resistance level in the USD/JPY pair. In order for the rise to continue, it needs to stay above 109.39 on a four hourly basis. At this point, we will face 109.72 as the next daily resistance level. Otherwise, we will follow the support level at 109.09 again.
Support : 108.52 -108.14 - 107.82
Resistance : 108.79 - 109.09 - 109.39
Gold: The Gold price closed last week below the main resistance level of 1478. In order for the rise to gain more momentum, it needs to break out and stay above 1478 on a four hourly basis. Should this occur, the next resistance level can be seen at 1492. Otherwise, the support level can be found at 1466 again.
Support: 1466 - 1453 - 1440
Resistance: 1478 - 1492 - 1509
USD/CAD: The USD/CAD pair showed a downward movement below the daily resistance level of 1.3181. If the pair stays below 1.3181 on a daily basis, the fall may gain more power and we will see 1.3123 as key support level. In contrast, if the pair rises above 1.3181, the next resistance level will be at 1.3233.
Support: 1.3123 - 1.3071 - 1.3009
Resistance: 1.3181 - 1.3233 - 1.3287
GBP/USD: Looking ahead, the Bank of England’s monetary policy committee will announce the results of its latest meeting on Thursday. The BoE is expected to leave interest rates unchanged again. There are expectations for clearer guidance towards lowering them in view of the global economic slowdown and the sustained deterioration in domestic conditions due to the endless uncertainty over Brexit.
Moreover, the UK Office for National Statistics will release data on consumer price inflation for November on Wednesday. Analysts expect annual CPI to come out at 1.4%, while core inflation is forecast to be 1.6%.
In order for the GBP/USD upward movement to continue, it needs to break out and stay above 1.3392 on a four hourly basis. Should this occur, the next resistance level will be at 1.3517. Otherwise, we will see the support levels at 1.3313.
Support: 1.3313 - 1.3231 - 1.3136
Resistance : 1.3392 - 1.3517 - 1.3599
GBP/JPY: The GBP/JPY pair moved up above the 146.33 major support level. If the upward movement continues above 146.33, we will watch the key resistance level at 147.60. In contrast. If the price falls below 146.33, the next support level will be placed at 145.24.
Support: 146.33 - 145.24 - 143.69
Resistance: 147.60 - 148.95 - 150.86
EUR/TRY: The EUR/TRY pair showed an upward movement and it is now trading above the 6.4978 main level. If the pair stays above 6.4978 on a daily basis, the rise may gain more power and we will follow 6.5756 and 6.6481 as resistance levels. On the other hand, if the price drops below 6.4978, the next support level can be seen at 6.4088
Support: 6.4978 - 6.4088 - 6.3290
Resistance: 6.5756 - 6.6481 - 6.7197
Brent Oil Futures: The Brent Oil Price showed an upward movement above the 64.73 major support level. If the upward movement continues, we will follow the daily resistance level at 65.95. On the downside, If the price drops below 64.73 the next support level can be seen at 63.13
Support: 64.73 - 63.13 - 61.69
Resistance: 65.95 - 67.29 - 68.90