FOMC Meeting Minutes And U.S. GDP Number In Focus

In the upcoming week, the minutes of the FOMC meeting due Thursday is expected to provide investors with an insight into the Fed’s thinking on monetary policy.

FOMC left the policy interest rate and pace of asset purchases unchanged in the last meeting. This was widely expected with the US central bank likely opting to stay sidelined this meeting in light of the November 2020 election. Fed Chair Powell said we are strongly committed to use our tools and more can be done if needed.

In addition to that, this week's calendar also features U.S. data on Gross Domestic Product, PCE Price Index, Durable Goods Orders, CB Consumer Confidence as well as New Home Sales

Keep your eye on the US GDP Growth on Wednesday. The US third-quarter gross domestic product is expected to come to 33.1%.

The Fed’s preferred measure of inflation, the core PCE index, which calculates spending minus volatile food and energy costs, arrives along with personal spending and income numbers from the Commerce Department Wednesday. The October core PCE is expected to come out at 1.7%, year on year basis.

EUR/USD: The EUR/USD pair stayed above the 1.1819 daily support level last week. If the rise continues above 1.1819 on a daily basis, we will see the resistance levels at 1.2046 and 1.2214. On the other hand, if the price drops below 1.1819, the next support level will be at 1.1744.

Support : 1.1819 - 1.1744 - 1.1658
Resistance : 1.2046 - 1.2214 - 1.2391

Gold: The Gold Price moved up above the 1873 main support level. As long as 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

GBP/USD: The GBP/USD pair has extended gains and moved up above the 1.3313 main support level. If the pair stays above 1.3313 on a daily basis, the rise may gain more momentum and the key resistance level can be seen at 1.3392. On the other hand, if the pair falls below 1.3313, the next support level is holding at 1.3231

Support: 1.3313 - 1.3231 - 1.3136
Resistance: 1.3392 - 1.3517 - 1.3599

USD/CAD: We are closely watching the 1.3071 main support level in the USD/CAD pair. If the pair stays above 1.3071 on a daily basis, the daily resistance level can be seen at 1.3132. On the other hand, If the price drops below 1.3071, we will see the support level at 1.3009

Support: 1.3071 - 1.3009 - 1.2942
Resistance: 1.3123 - 1.3181 - 1.3233

EUR/JPY: Focus on the 123.14 main support level in the EUR/JPY pair. As long as the price stays above 123.14, we will follow the main resistance level at 124.24. On the downside, if the pair moves down below 123.14, the next major support level will be at 122.37.

Support: 123.14 - 122.37 - 121.59
Resistance: 124.24 - 125.07 - 125.85