Headlines the Economic Calendar on Tuesday
US Housing Data :
US Housing Starts will be announced and it is a critical indicator of economic strength in the US. The market expects housing starts to rise to 1.320 mln from 1.256 mln.
US Building Permits as another key indicator of demand in the housing market measure the change in the number of new building permits issued by the government. It is expected to come out at 1.385 mln in October.
Canada Manufacturing Sales:
Canada Manufacturing Sales will be widely followed by the market today. Manufacturing Sales is expected to ease to -0.6% in September from 0.8% over the previous month. A lower than expected reading should be taken as negative for the Canadian Dollar.
Technical Analysis:
EUR/USD: The EUR/USD pair extended gains yesterday and it is currently trading above the 1.1052 daily support level. As long as the price stays above 1.1052 on a daily basis, the upward movement may continue and the resistance levels can be found at 1.1114 and 1.1165. 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
GBP/USD: The GBP/USD pair showed an upward movement yesterday and the pair is currently trading above the 1.2947 main level. As long as the price stays above 1.2947 on a four hourly basis, the rise may continue and the daily resistance level will be at 1.3046. On the downside, if the pair drops below 1.2947, the next support level can be seen at 1.2838.
Support: 1.2947 - 1.2838 - 1.2768
Resistance: 1.3046 - 1.3136 - 1.3231
USD/JPY: The USD/JPY pair is now trading above the 108.52 daily support level. As long as the price stays above 108.52 on a daily basis, the fall may be limited and we will face 108.79 and 109.09 as the resistance levels again. In contrast, If the pair drops below 108.52, we will see the next support level at 108.14
Support : 108.52 - 108.14 - 107.82
Resistance: 108.79 - 109.09 - 109.39
GOLD: The Gold price jumped back up above 1466 main support level yesterday. In the event that the rise continues, the key resistance level can be seen at 1478. On the downside, If the price drops below 1466, the next support level will be at 1453.
Support: 1466 - 1453 - 1440
Resistance: 1509 - 1524 - 1540
Bitcoin: The Bitcoin Price showed a downward movement and dropped to the key support level of 8143. However, as long as the cryptocurrency stays above 8143, on a daily basis, the fall may be limited and the daily resistance level can be found at 9872 again. On the other hand, if the price drops below 8143, the next support level will be placed at 6433
Support: 8143 - 6433 - 4087
Resistance: 9872 - 11403 - 13172
USD/ZAR: The USD/ZAR pair found sellers from the 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 upside, If the pair rises above 14.8380, the next resistance level can be found at 15.1896
Support: 14.5625 - 14.1865 - 13.8789
Resistance: 14.8380 - 15.1896 - 15.4801
GBP/JPY: The GBP/JPY pair is now trading above the 140.59 key support level. As long as the pair stays above 140.59 on a four hourly basis, the rise may gain more momentum and we will follow 142.62 as a resistance level. On the other hand, if the pair drops below 140.59, the next support level will be at 138.25.
Support: 140.59 - 139.24 - 138.98
Resistance: 142.62 - 143.69 - 145.24
CRUDE OIL: Focus on the main support level of 56.40 in the Crude Oil Price. As long as the price stays above 56.40, on a four hourly basis, the downward movement may be limited and 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