The UK Unemployment rate will be announced today The U.K. Unemployment rate is expected to remain flat at 4.3% compared to a month ago. Any surprise might show us some fluctuation in the GBP/USD pair
US Housing starts will be announced today. It is a critical indicator of economic strength which reflects the number of privately owned new houses on which construction has been started is an important ingredient in market players expectation of next Fed move. The market expects housing starts to stay at 1180 mln in September.
US Building permits as another key indicator of demand in the housing market measure the change in the number of new building permits issued by the government. It is also expected to ease to 1245 mln from 1272 mln. A higher than expected number would positive for US should indicators point to a further recovery in US housing market.
Crude oil stocks today to be announced in U.S and it is expected to decline by 4.24 M this week. It may be important for oil prices which tumbled within the week. Note that oil stocks declined by 2.75 M barrels in last week.
Technical Analysis:
EUR/USD: The EUR/USD pair is trading below the 1.1768 resistance level. In the event that the price shows a downward movement below 1.1768, we will follow support levels at 1.1720 and 1.1660. On the other hand, if the pair rises above 1.1768, the next daily resistance level will be at 1.1812 again.
Support: 1.1720 - 1.1660 – 1.1607
Resistance: 1.1768 – 1.1812 - 1.1884
GOLD: The Gold bearish action continues and the price is testing the key support level of 1283. If the price able to break down that level, the downward movement may gain more momentum. At this point, we the next daily support level will be at 1276. On the other hand, if the price rises above 1283, we will face resistance level at 1291.
Support: 1283 – 1276 – 1276
Resistance: 1291 – 1307
GBP/USD: Ahead of UK Unemployment rate, the GBP/USD pair is trading above the key support level of 13152. If the price breaks below 1.3152 and remains below that level on a four-hourly basis, the bearish action may accelerate. In this case, next, supports level will be at 1.3103 and 1.2961. On the other hand, if the price shows an upward movement, we will face resistance levels at 1.3199 and 1.3241.
Support: 1.3152 - 1.3103 – 1.3050
Resistance: 1.3199 – 1.3241 – 1.3305