Headlines the Economic Calendar on Thursday
Manufacturing PMI Numbers: Keep your eye on a report on activity in the manufacturing sector.
German Manufacturing PMI will be announced and it is expected to come out at 43.4 while Eurozone Manufacturing PMI is expected to be 45.9 in December. A reading below 50 indicates a contraction in the sector.
On the other hand, UK Manufacturing PMI for December is expected to rise to 47.6 from 47.4 in the previous month.
US Unemployment Claims: U.S Initial jobless claims are expected to be 225K, which points to a rise from the previous week's number of 222K. A higher than expected reading should be taken as negative for the greenback.
FOMC Meeting Minutes: We will focus on the release of the minutes from the Federal Reserve's last meeting today for further insight into the outlook for monetary policy in the months ahead.
The Federal Reserve kept interest rates on hold in the last meeting, signaling that the current path of monetary policy was "appropriate" to support economic growth and would likely remain in place through next year.
Technical Analysis:
EUR/USD: The EUR/USD upward movement paused at the 1.1237 key resistance level and showed a downward movement below that level. Ahead of FOMC Meeting Minutes, if the fall continues, we will follow the support levels at 1.1165. On the upside, if the pair breaks out 1.1237, the next resistance level can be seen at 1.1307.
Support : 1.1165 - 1.1114 - 1.1052
Resistance : 1.1237 - 1.1307 - 1.1365
GBP/USD: The GBP/USD pair is currently trading below the key resistance level of 1.3231. If the price stays below 1.3231 on a four hourly basis, the main support level can be seen at 1.3136 On the other hand, if the pair rises above 1.3231, the next resistance level is holding at 1.3313.
Support: 1.3136 - 1.3046 - 1.2947
Resistance: 1.3231 - 1.3313 - 1.3392
USD/JPY: The USD/JPY pair jumped up from the 108.52 daily support level and it is moving towards the 108.79 key resistance level. In order for the upward movement to continue, it needs to stay above 108.79 on a four hourly basis. At this point, we will face 109.90 as the next daily resistance level. Otherwise, we will follow the support level at 108.52 again.
Support : 108.52 -108.14 - 107.82
Resistance: 108.79 - 109.09 - 109.39
USD/CAD: The USD/CAD pair has been falling for consecutive six weeks. If the pair stays below 1.3009 on a four hourly basis, the downward movement is most likely dominate and we will see the support level at 1.2942. On the upside, if the price rises above 1.3009, the next resistance level will be at 1.3071.
Support: 1.2942 - 1.2864 - 1.2772
Resistance: 1.3009 - 1.3071 - 1.3123
AUD/USD: The AUD/USD pair found sellers from the 0.7020 daily resistance level. As long as the price stays below 0.7020 on a daily basis, the downward movement may continue and we will follow 0.6965 and 0.6909 as support levels. On the other hand, if the price rises above 0.7020, the next resistance level can be found at 0.7080
Support: 0.6965 - 0.6909 - 0.6848
Resistance: 0.7020 - 0.7080 - 0.7129
Gold: The Gold Price showed a downward movement below the 1524 main resistance level. As long as the price stays below 1524 on a daily basis, the fall may continue and we will see the support levels at 1509. On the upside, If the price goes beyond 1524, the key resistance level will be at 1540.
Support: 1509 - 1492 - 1478
Resistance: 1524 - 1540 - 1555
EUR/TRY : The EUR/TRY pair is currently trading above the 6.6481 key support level. If the pair stays above 6.6481 on a four hourly basis, the upward movement is most likely dominate and we will follow 6.7197 and 6.7935 as resistance levels. In contrast, if the price fall below 6.6481, the next support level can be seen at 6.5756.
Support: 6.6481 - 6.5756 - 6.4978
Resistance: 6.7197 - 6.7935 - 6.8461