Wednesday's Headlines, Economic Calendar
The US Job Openings and Labor Turnover Survey (JOLTS) will be published today. It is expected to decline to 6.125M in August from 6.170M a month ago. A better-than-expected outcome would be positive for the US dollar.
We will focus the FOMC Meeting Minutes today. The Fed forecast still signals another 2017 hike and three more in 2018. The Fed also announced that it would start rolling back its $4.5 trillion balance sheet in October. The notes may help forecasters model the upcoming decisions from the central bank.
Earlier Today
OPEC Monthly Report was published today. The report says oil prices expected to remain between USD 50-55 per barrel in the next year. Additionally, OPEC raises 2017 global oil demand growth forecast to 1.45 mbpd (prev forecast 1.42 mbpd) and OPEC trims 2018 non-OPEC oil supply growth forecast, raises 2018 forecast for demand for its crude
Technical Analysis
The EUR/USD pair showed a bullish action yesterday and the price is trading above the main level of 1.1812. As long as the price remains above 1.1812, on a daily basis, the bullish action may gain more momentum, we will face resistance level at 1.1884. On the other hand, if the pair drops below 1.1812, the next support level will be at 1.1768.
Support: 1.1812 - 1.1768 – 1.1720
Resistance: 1.1884 – 1.1968 – 1.2052
The gold price has moved up since the US Nonfarm Payrolls were released last Friday. The price is trading below the 1291 key resistance level. As long as, it stays below 1291, 0n a four-hourly basis, we might see the profit taking action in short-term. In this case, we will face 1.283 as a support level again.On the other hand, if the price goes beyond 1291, the next daily resistance level will be 1307.
Support: 1283 – 1276 - 1272
Resistance: 1291 - 1307
The GBP/USD pair showed upward movement yesterday and then the price pullbacks in the Asian Session. In the event that the pullbacks continue, we will face 1.3152 and 1.3103 as support levels, On the other hand, if the price rises again, we will watch resistance levels at 1.3199 and 1.3241.
Support: 1.3152 – 1.3050 – 1.3007
Resistance: 1.3199 - 1.3241 – 1.3305
The USD/JPY pair dropped the 112.08 support level yesterday and then it bounced back up. In order for the upward movement to continue, It needs to rise and stay above the 112.46 key resistance level. At this point, we will face 112.94 and 113.63 as next resistance levels. Otherwise, if the price trades below 112.46, we will follow support levels at 112.08 and 111.66.
Support: 112.08 – 111.66 – 111.28
Resistance: 112.46 – 112.94 – 113.63
The price of crude oil found buyers from the 49.33 support level at the beginning of this week and it has moved up. In the event that the bullish action continues and we will face resistance level at 51.75. Although, if the price shows a downward movement, we will see 50.30 as a support level again.
Support: 50.30 -49.33 - 48.48
Resistance: 51.75
The NZD/JPY pair has been falling for two and a half weeks. As long as the price stays below the key resistance level of 79.66, on a four-hourly basis, the bearish action may continue and we will follow daily support level at 78.53. Although, if the price rises above 79.66. the next resistance level will be 80.40.
Support: 78.53 – 76.07 – 74.26
Resistance: 79.66 – 80.40 – 81.18