Weekly Technical Analysis For July 22nd to 26th, 2019
We will closely watch the US second-quarter gross domestic product on Friday, which is expected to see a growth of 1.8%, slowing from 3.1%.US Durable goods orders will be released on Thursday.
Excluding transportation in the meantime are expected to ease to 0.2% in June from 0.4% the previous month. Investors will also get an update on the health of the U.S. housing market from reports on existing home sales, new home sales and the house price index. A better than expected results will support DXY and bond yields in the US.
In the Eurozone area, the ECB is widely expected to leave interest rates unchanged when it announces its policy decision on Thursday.
EUR/USD:
The EUR/USD pair dropped back below the 1.1219 support level. If the EUR/USD pair stays below 1.1219, the downward movement may gain more momentum and the daily support level can be seen at 1.1103. On the other hand, if the price goes beyond 1.1219, we will follow 1.1285 as a key resistance level.
Support: 1.1103 - 1.0980 - 1.0837
Resistance: 1.1219 - 1.1285 - 1.1355
GBP/USD:
The GBP/USD pair closed last week below the key resistance level of 1.2528. As long as the pair stays below 1.2528, on a daily basis, we will follow the major support level at 1.2395 again. On the other hand, if the pair rises above 1.2528, the next resistance level will be placed at 1.2607
Support: 1.2395
Resistance: 1.2528 - 1.2607 - 1.2668
USD/JPY:
The USD/JPY pair moved up above the 107.70 main support level in the Asian Trade Session. As long as the pair stays above 107.70, on a four hourly basis, the daily resistance level can be found at 108.49. In contrast, if the price drops below 107.70, the next support level can be found at 106.72
Support : 107.70 - 106.72
Resistance :108.49 - 108.95 - 109.57
GOLD:
Gold Price showed an upward movement and reached a six-year high-level last week. We will focus on the 1414 main support level. If the yellow metal’s price stays above 1414 on a four hourly basis, the bullish action is most likely dominate and the main resistance level can be seen at 1451 again. In contrast, If the price drops below 1414, the daily support level will be at 1391.
Support: 1414 - 1391 - 1364
Resistance: 1451 - 1483
SILVER:
The Silver Price is now trading above the 16.28 main support level. As long as the price stays above 16.28, on a four hourly basis, the bullish action may continue and we will see resistance level at 16.67. On the other hand, if the price drops below 16.28, the next daily support level can be found at 15.98
Support: 16.28 - 15.98 - 15.73
Resistance: 16.67 - 16.94 - 17.30
In Turkey, the CBRT will hold its monetary policy council meeting on Thursday. The new governor Murat Uysal is widely expected to deliver a rate cut, with the only question being how much. The expectation is 250 basis point interest rate cut in the meeting. A huge rate cut would raise the risk on the Turkish Lira again.
The USD/TRY pair found buyers from the main support level of 5.5945 last week. In the event that the upward movement continues above 5.5945, we will see the main resistance level of 5.7978. Moreover, in order for the rise to gain more momentum, it needs to break out 5.7978 and stay above that level on a four hourly basis. At this point, the next resistance levels will be placed at 6.0268. On the other hand, if the pair breaks down below 5.5945, the next daily support level will be at 5.3982.
Support: 5.5945 - 5.3982 - 5.1447
Resistance: 5.7978 - 6.0268 - 6.2134
CRUDE OIL:
The Crude Oil price moved up above the key level of 56.67. If the price stays above 56.67, on a four hourly basis, the daily resistance level can be seen at 57.88. On the other hand, if the price drops below 56.67, the next support level will be placed at 55.43.
Support: 56.67 - 55.43 - 54.14
Resistance: 57.88 - 59.01 - 60.38