Weekly Technical Analysis For October 14th to 18th, 2019
EUR/USD: Looking ahead, focus on US Retail Sales figures this week. The Commerce Department will report September retail sales numbers on Wednesday. Economists predict that retail sales rose 0.3% last month. On the other hand, Core retail sales, which exclude autos, are expected to have risen by 0.2%. A higher than expected reading should be taken as positive for the greenback.
In addition to Retail Sales, keep your eye on Building Permits, NY Empire and Philadelphia Fed Manufacturing Index in the US.
If we look at Eurozone Area; watch out for the Consumer Price Index. On the year-on-year basis, the Eurozone CPI is expected to ease to 0.9% from 1.0%.
The EUR/USD pair moved up and reached the daily resistance level of 1.1052 last week. In order for the upward movement to continue, it needs to go beyond and stay above 1.1052 on a daily basis. At this point, we will see 1.1114 as the next resistance level. Otherwise, the rise may be limited and we will follow support levels at 1.1007 and 1.0965.
Support: 1.1007 - 1.0965 - 1.0930
Resistance: 1.1052 - 1.1114 - 1.1165
GBP/USD: In the upcoming week, the UK CPI Inflation will be important release for the Sterling. The UK CPI inflation is expected to rise to 1.8% from 1.7% year-on-year.
Moreover, the UK Office for National Statistics will publish the monthly jobs report on Tuesday and it will be watched more for what it says about wages than hiring. The UK Unemployment Rate is expected to stay at 3.8%.
The GBP/USD pair found buyers from the daily support level of 1.2205 and then hit the 1.2671 major resistance level last week.
Now, we are closely watching the daily support level of 1.2572. If the price stays above 1.2572 on a daily basis, the rise may continue and we will watch the resistance levels at and 1.2671 and 1.2768. Otherwise, we will see the next support level at 1.2502.
Support : 1.2572 - 1.2502 - 1.2428
Resistance: 1.2671 - 1.2768 - 1.2838
Gold: The Gold Price jumped up above the main level of 1478. In the event that the rise continues, we will see the daily resistance level at 1492. On the downside, if the price moves down below 1478, the next support level will be at 1466.
Support: 1478 - 1453 - 1440
Resistance: 1492 - 1509 - 1524
USD/JPY: The USD/JPY pair is now trading above the 108.14 key support level. As long as the pair stays above 108.14, on a four hourly basis, we will follow the 108.52 daily resistance level again. On the other hand, if the price falls below 108.14, the next support level can be seen at 107.82.
Support : 108.14 - 107.82 - 107.52
Resistance : 108.52 - 108.79 - 109.09
BTC/USD: The BTC/USD is now trading above the key support level of 8143. As long as the cryptocurrency stays above 8143, on a daily basis, we might see an upward movement and the daily resistance level can be found at 9872. On the other hand, if the price drops below 8143, the next support level will be placed at 6433.
Support: 8143 - 6433 - 4087
Resistance: 9872 - 11403 - 13172
WTI: The Crude Oil Price found sellers from the 54.68 daily resistance level and then showed a downward movement. In the event that the fall continues, we will see the main support level at 53.51. On the other hand, if the price goes above 54.68, the next resistance level can be seen at 56.40.
Support: 53.51 - 52.19 - 51.08
Resistance: 54.68 - 56.40 - 57.98
S&P 500 Futures: Focus on the key level of 2962 in the SP500 futures index. If the index stays above 2962 on a four hourly basis, the fall may be limited and we will see the resistance level at 3001. On the other hand, if the price falls below 2962, the next support level can be seen at 2939.
Support: 2962 - 2939 - 2917
Resistance: 3001 - 3026