BoE Interest Rate Decision: The Bank of England’s monetary policy committee will announce the results of its latest meeting today. The BoE is expected to leave interest rates unchanged again.
Investors will also look for clues about future inflation expectations when the Bank of England releases the inflation report. The meeting will be Mark Carney's last as central bank governor.
US Gross Domestic Product: Keep your eye on US GDP Growth today. The US four-quarter gross domestic product is expected to see a growth of 2.1%, the same as the previous estimate. A higher than expected reading should be taken as positive for the US dollar.
Technical Analysis
EUR/USD:
The EUR/USD pair has stayed in a narrow consolidation range this week. Watch out for US Gross Domestic Product today. If the price stays above 1.1007 on a four hourly basis, we will watch the daily resistance level at 1.1052. On the downside, if the price drops below 1.1007, the next support level will be at 1.0965.
Support: 1.1007 - 1.0965 - 1.0930
Resistance: 1.1052 - 1.1114 - 1.1165
GOLD:
The gold price showed an upward movement after the FOMC Monetary Policy Meeting. As long as the price stays above 1575 on a daily basis, the rise may continue and we will see 1584 as a major resistance level. On the downside, if the price drops below 1575, the next support level will be at 1564
Support: 1575 - 1564 - 1555
Resistance: 1584 - 1590 - 1606
GBP/USD:
All eyes will be on the Bank of England’s monetary policy decision today. Ahead of the rate decision, the GBP/USD pair is now trading below the 1.3046 main resistance level. If the pair stays below 1.3046 on a daily basis, the support level can be seen at 1.2947. On the other hand, if the price goes beyond 1.3046, the next resistance level will be at 1.3136.
Support: 1.3046 - 1.2947 - 1.2838
Resistance: 1.3136 - 1.3231 - 1.3313
USD/JPY:
The USD/JPY pair dropped below the 109.09 major level after the Fed Rate Decision. 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. On the other hand, if the price goes beyond 109.09 again, the next resistance level will be placed at 109.35.
Support: 108.79 - 108.52 - 108.14
Resistance: 109.09 - 109.39 - 109.72
EUR/JPY:
The EUR/JPY pair showed a downward movement below 120.13 daily level. As long as the currency stays below 120.13 on a daily basis, the selling pressure may continue and we will watch the support level at 119.49. On the other hand, If the pair rises above 120.13, the next resistance level is holding at 120.75
Support: 119.49 - 118.73 - 118.12
Resistance: 120.13 - 120.75 - 121.59
BTC/USD:
The BTC/USD pair showed an upward movement and it is now trading above the main level of 9321. If the Bitcoin Price sustains above 9321 on a four hourly basis, we will follow the daily resistance level at 9508. Otherwise, if the price moves down below 9321, the support level can be seen at 9100.
Support: 9321 - 9100 - 8862
Resistance: 9508 - 9696 - 9894
USD/TRY:
The USD/TRY pair has been rising for three weeks. Now, focus on the 5.9763 main level. If the pair stays above 5.9763 on a daily basis, the upward movement may gain more power and we will face the resistance level at 6.0672. On the other hand, if the pair falls below 5.9763, the support levels will be at 5.9449 and 5.9228.
Support: 5.9763 - 5.9449 - 5.9228
Resistance: 6.0672 - 6.1475 - 6.3364
NAS100 FUTURES INDEX: The NAS100 futures index is now trading above the main support level of 9036. As long as the index stays above 9036 on a four hourly basis, the daily resistance level can be found at 9095. On the downside, if the index drops below 9036, the next support level will be at 8971.
Support: 9036 - 8971 - 8913
Resistance: 9095 - 9137 - 9179
The ETH/USD moved up above the key support level of 166.63. As long as the Ethereum stays above 166.63 on a four hourly basis, the upward movement may continue and we will watch 192.79 as a resistance level. In contrast, if the pair drops below 166.63, the next support level will be at 148.61.
Support: 166.63 - 148.61 - 129.98
Resistance: 192.79 - 211.06 - 223.31
WTI: The Crude Oil Price dropped to the key support level of 52.19. As long as the price stays above 52.19, on a four hourly basis, the fall may be limited. Should this occur, the main resistance level can be found at 53.51 again. On the other hand, if the price breaks down below 52.19, the next support level is holding at 51.08
Support: 52.19 - 51.08
Resistance: 53.51 - 54.68 - 56.40