Headlines the Economic Calendar on Wednesday
1.Service PMI Numbers: Keep your eye on a report on activity in the service sector today. German Services PMI will be announced and it is expected to ease to 51.2 compared to the previous number of 51.4 while Eurozone Services PMI is expected to be 51.8.
2.Eurozone Retail Sales: The report on Retail Sales will offer more insight on whether the bloc’s largest economy is on track for a recession. Eurozone Retail Sales are expected to rise to 2.5% y-o-y from 2.1% growth in the previous number. A higher than expected reading should be taken as positive for the euro.
3. Canada Ivey PMI: Canada Ivey PMI will be widely followed by the market today. Ivey PMI is expected to rise to 49.3 in October from 48.7 over the previous month. A better realization would support the Canadian dollar against the Greenback.
4. U.S. Crude Oil Inventories: U.S. Crude oil stocks are expected to rise by 1.515M this week. Note that oil stocks rose by 5.702M barrels in last week.
Technical Analysis:
EUR/USD: The US Dollar rose versus the Euro yesterday. Now we will focus on the 1.1052 daily support level in the EURUSD pair. As long as the price stays above 1.1052 on a daily basis, and the resistance level can be found at 1.1114.. On the other hand, if the price moves down below 1.1052, the next support level can be found at 1.1007.
Support : 1.1052 - 1.1007 - 1.0965
Resistance : 1.1114 - 1.1165 - 1.1237
GOLD: The gold price showed a downward movement yesterday. If the fall continues below the 1492 major resistance level, we will follow 1478 and 1466 as main support levels. On the other hand, if the price goes beyond 1492, the next resistance level can be seen at 1509.
Support: 1478 - 1466 - 1453
Resistance: 1492 - 1509 - 1524
GBP/USD: The GBP/USD pair showed a downward movement below 1.2947 this week. In the event that the fall continues, we will see support levels at 1.2838 and 1.2768. On the upside, if the price goes beyond 1.2947, the daily resistance level can be found at 1.3046.
Support : 1.2838 - 1.2768 - 1.2671
Resistance: 1.2838 - 1.2947 - 1.3046
USD/JPY: The USDJPY pair pulled back below the 109.09 major resistance level in the Asian Session. As long as the pair stays below 109.09 on a daily basis, we will watch the support levels at 108.79 and 108.52 again. In contrast, if the price rises above 109.09, the next resistance level will be placed at 109.35.
Support: 108.79 - 108.52 - 108.14
Resistance: 109.09 - 109.39 - 109.72
BRENT OIL: The Brent oil price found sellers from the key resistance level of 63.13 and then showed a downward movement. If the fall continues, we will face the 61.69 daily support level. On the other hand, if the price moves up above 63.13, the next resistance level will be at 64.73.
Support: 61.69 - 60.54 - 59.25
Resistance: 63.13 - 64.73 - 65.95
USD/TRY: The USDTRY pair showed an upward movement this week and reached the major resistance level of 5.7679. In order for the rise to gain more momentum, it needs to stay above 5.7679 on a daily basis. Should this occur, the next resistance level will be at 5.9763. On the other hand, if the price shows a downward movement, the main support level can be seen at 5.6027.
Support: 5.6027 - 5.4538 - 5.2883
Resistance: 5.7679 - 5.9763 - 6.1475