Headlines the Economic Calendar on Thursday
UK Retail Sales: UK Retail Sales will be published today. UK Core Retail Sales excluding auto and gas are expected to rise to 3.4% y-o-y from 3.0% growth in the previous number. A higher than expected reading should be taken as positive for the Sterling.
Eurozone GDP Number: In the Eurozone, the gross domestic product data will be released today. The consensus forecast is the eurozone GDP grew by 0.2% in the third quarter. This would lead to an annual realization of 1.1%. A better than expected realization may support a single currency.
US PPI Inflation: Watch out for US Producer Price Index. The US PPI is predicted to ease to 0.9% from 1.4%. While the Core PPI inflation is expected to ease to 1.5% from 2.0%. At the same time, the weekly initial jobless claims figures will be closely watched.
US Crude Oil Inventories: US Crude oil stocks are expected to rise by 1.649M this week. Note that oil stocks rose by 7.929M barrels last week.
Technical Analysis:
EUR/USD: The EUR/USD pair showed a downward movement and dropped below 1.1007. If the pair stays below 1.1007, on a four hourly basis, we will see the daily support level at 1.0965. On the upside, if the pair goes beyond 1.1007, the next resistance level can be seen at 1.1052.
Support : 1.0965 - 1.0930 - 1.0876
Resistance : 1.1007 - 1.1052 - 1.1114
GBP/USD: The GBP/USD pair pulled back below the main level of 1.2838. If the GBP/USD pair stays below 1.2838 on a four hourly basis, the fall may continue and we will watch the support level at 1.2768. On the upside, if the price rises above 1.2838, the next resistance level can be found at 1.2947.
Support : 1.2768 - 1.2671 - 1.2572
Resistance: 1.2838 - 1.2947 - 1.3046
Gold: The gold price is now testing the major resistance level of 1466. In order for the upward movement to gain more momentum, it needs to break out and stay above 1466 on a daily basis. Should this occur, the next resistance level can be seen at 1478. Otherwise, the key support level can be found at 1453 again.
Support: 1453 - 1440 - 1421
Resistance: 1466 - 1478 - 1492
Silver: The Silver Price is currently trading above the 16.94 daily support level. As long as the price stays above 16.94, on a daily basis, the upward movement may continue and we will watch resistance levels at 17.30 and 17.65. On the downside, if the price drops below 16.94, the next support level can be seen at 15.67
Support: 16.94 - 16.67 - 16.28
Resistance: 17.30 - 17.65 - 17.93
NZD/USD: Watch out for the major support level of 0.6386 in the NZD/USD pair. If the price stays above 0.6386 on a four hourly basis, the daily resistance level can be found 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
EUR/TRY: Focus on the 6.3290 key support level in the EUR/TRY pair. As long as the pair stays above 6.3290 on a four hourly basis, the fall may be limited and we will follow 6.4088 and 6.4978 as resistance levels. On the other hand, if the price drops below 6.3290, the next support level can be seen at 6.2588.
Support: 6.3290 - 6.2588 - 6.1819
Resistance: 6.4088 - 6.4978 - 6.6756