Headlines the Economic Calendar on Wednesday
US Pending Home Sales: US Pending home sales will be followed by the market. It is expected to ease to 0.5% m/m in December from a 1.2% rise in November. An increase in pending home sales is good news for the US housing market.
US Crude Oil Inventories: Crude oil stocks today to be published in the U.S and it is expected to rise by 0.482M this week. If we look at last week’s data; oil stocks declined by -0.405M barrels. It will be important for oil prices.
Fed Interest Rate Decision: The Federal Reserve will deliver its first interest rate decision for the year. There is no interest rate change expected from the Fed. Federal Reserve Chair Powell made clear before that there would be no further cuts to U.S. interest rates barring a major deterioration in the economy. Powell will hold a press conference following the meeting, with awaiting his insights on policy outlook.
Technical Analysis:
EUR/USD: Ahead of the Fed Interest Rate Decision, The EUR/USD pair is trading 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
BRENT OIL: The Brent Oil Price is currently trading above the 59.25 main support level. As long as the price stays above 59.25 on a four hourly basis, the rise may continue and we will follow the major resistance level at 60.54. On the other hand. If the price drops below 59.25, the next daily support level will be placed at 57.61.
Support: 59.25 - 57.61 - 56.47
Resistance: 60.54 - 61.69 - 63.13
XAU/USD: The Gold Price showed a downward movement yesterday. Now, we will closely watch the key 1564 daily support level. As long as the price stays above 1564, on a daily basis, the fall may be limited and we will see the main resistance level at 1575 again. On the downside, if the price breaks down 1564, the next support level will be at 1555.
Support: 1564 - 1555 - 1540
Resistance: 1575 - 1584 - 1590
XAU/EUR: The XAU/EUR price is moving towards the main resistance level of 1428. In order for the upward movement to gain more momentum, it needs to rise and sustain above 1428 on a four hourly basis. At this point, the next resistance level will be at 1441. On the downside, if the price shows a downward movement, the daily support level will be at 1412.
Support: 1412 - 1397 - 1377
Resistance: 1428 - 1441
EUR/CAD: The EUR/CAD pair showed a downward movement and it is trading just below the key resistance level of 1.4499. If the price stays below 1.4499, on a four hourly basis, the fall may continue and we will follow the support levels at 1.4473 and 1.4443. On the other hand, if the price goes beyond 1.4499, the next resistance level will be at 1.4530.
Support : 1.4473 - 1.4443 - 1.4381
Resistance : 1.4499 - 1.4530 - 1.4566
NAS100 FUTURES INDEX: The Nasdaq 100 futures index moved down below the key resistance level of 9137. If the downward movement continues, the major support level can be found at 9095. On the other hand, if the index goes beyond 9137, we will see 9179 as a key resistance level.
Support: 9095 - 9036 - 8971
Resistance: 9137 - 9179 - 9227
EUR/GBP: Keep your eye on the 0.8488 daily resistance level in the EURGBP pair. As long as the price stays below 0.8488, on a daily basis, we will see 0.8433 and 0.8373 as a support level. On the other hand, if the price goes beyond 0.8488, the next resistance level will be at 0.8535.
Support: 0.8433 - 0.8373 - 0.8316
Resistance: 0.8488 - 0.8535 - 0.8584
WTI: The Crude Oil Price extended gains above the main support level of 53.51. If the upward movement continues, we will see 54.68 as a daily resistance level. On the other hand, if the pair drops below 53.51, the next support level will be at 52.19
Support: 53.51 - 52.19 - 51.08
Resistance: 54.68 - 56.40 - 57.98