Weekly Technical Analysis For November 18-22
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.
Technical Analysis:
EUR/USD: The EUR/USD pair showed an upward movement and moved above the major level of 1.1052. If the price stays above 1.1052 on a daily basis, the rise may continue and we will follow 1.1114 as the next resistance level. Otherwise, If the price drops below 1.1052, we will follow support levels at 1.1007 and 1.0965.
Support: 1.1052 - 1.1007 - 1.0965
Resistance: 1.1114 - 1.1165 - 1.1237
GBP/USD: The GBP/USD pair showed an upward movement above the main support level of 1.2838. If 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 see the next support level at 1.2768.
Support : 1.2838 - 1.2768 - 1.2671
Resistance: 1.2947 - 1.3046 - 1.3136
USD/JPY: Keep your eye on the 108.79 key support level in the USD/JPY pair. If the price trades above 108.79, on a four hourly basis, we will face 109.09 as the daily 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
Brent Oil: The Brent Oil Price is now trading above the key support level of 63.13. As long as the price stays above 63.13 on a four hourly basis, the upward movement may gain more momentum and we will see 64.73 as a resistance level. On the other hand, if the price falls below 63.13, the next support level can be found in 61.69.
Support: 63.13 - 61.69 - 60.54
Resistance: 64.73 - 65.95 - 67.29
AUD/USD: The AUD/USD pair moved up above the 0.6798 key support level. If the price stays above 0.6798, on a four hourly basis, the rise may continue and the daily resistance level can be found at 0.6848. On the other hand, if the price drops below 0.6798, the next daily support level is holding at 0.6729.
Support: 0.6798 - 0.6729 - 0.6683
Resistance: 0.6848 - 0.6909 - 0.6965
NZD/USD: Focus on the main support level of 0.6386 in the NZD/USD pair. As long as the price stays above 0.6386 on a four hourly basis, the daily resistance level can be seen at 0.6425. In contrast, if the price drops below 0.6386, the next support level will be at 0.6337..
Support: 0.6386 - 0.6337
Resistance: 0.6425 - 0.6488 - 0.6543
LTC/USD: The Litecoin Price is currently trading below the 59.86 main resistance level. As long as the price stays below 59.86 on a four hourly basis, the downward movement may continue and we will see 52.85 as the daily support level. On the other hand, if the cryptocurrency goes beyond 59.86, the next resistance level will be at 68.02.
Support: 52.85 - 47.24 - 40.65
Resistance: 59.86 - 68.02 - 72.38