Headlines the Economic Calendar on Tuesday
1. U.S. ISM Non-Manufacturing PMI: The index is based on surveyed purchasing managers, excluding the manufacturing industry. The U.S. ISM Non-Manufacturing PMI is expected to rise to 53.5 from the previous month's reading of 52.6. A reading above 50 signals non-manufacturing economy is expanding.
2.U.S. JOLTs Job Openings: The U.S. Bureau of Labor Statistics will release its JOLTS job opening survey for September, which will add some incremental insight into a labor market that appeared to be running out of workers in the government’s official report for October last week.
On average, economists expect that the job vacancies ease to 7.028 million in September from 7.051 million in August.
Technical Analysis:
EUR/USD: The EUR/USD pair found sellers from the 1.1165 major resistance level yesterday and then dropped to the support level of 1.1114. If the price stays above 1.1114, on a four hourly basis, the downward movement may pause and we will watch 1.1165 as resistance level again. On the downside, if the price drops below 1.1114, we will follow the next support level at 1.1052
Support : 1.1114 - 1.1052 - 1.0979
Resistance : 1.1165 - 1.1237 - 1.1307
WTI: The Crude Oil Price is now trading above the main support level of 56.40. As long as the price stays above 56.40, on a four hourly basis, we will watch 57.98 as a resistance level. On the downside, if the price drops below 56.40, the daily support level can be found at 54.68.
Support: 56.40 - 54.68 - 53.51
Resistance: 57.98 - 58.95 - 60.20
USD/JPY: The USD/JPY pair is currently testing the 108.79 key resistance level. In order for the upward movement to continue, it needs to stay above 108.79 on a four hourly basis. At this point, we will face 109.09 as the next daily resistance level. Otherwise, we will follow the support level at 108.52 again.
Support : 108.52 -108.14 - 107.82
Resistance: 108.79 - 109.09 - 109.39
ETH/USD: We are closely watching the 192 major resistance level in the Ethereum price. In order for the rise to gain more power, it needs to break out 192 and stay above that level on a four hourly basis. At this point, the next resistance level can be found at 211. Otherwise, we will follow the key support level at 166
Support: 166 - 148 - 129
Resistance: 192 - 211 - 223
USD/ZAR: The USD/ZAR pair showed a downward movement and it is now trading below 14.8380 key resistance level. As long as the pair stays below that level on a four hourly basis, the fall may continue and we will follow the support level at 14.5625. On the other hand, If the pair goes beyond 14.8380, the next resistance level can be seen at 15.1896
Support: 14.5625 - 14.1865 - 13.8789
Resistance: 14.8380 - 15.1896 - 15.4801
USD/CHF: The USD/CHF pair moved up above the daily support level of 0.9877. As long as the price stays above 0.9877 on a daily basis, the rise may continue and we will see the key resistance level at 0.9938. Although, if the price drops below 0.9877, the next support level can be seen at 0.9831.
Support: 0.9877 - 0.9831 - 0.9757
Resistance: 0.9938 - 0.9998 - 1.0047