Economic Releases And Currencies To Watch This Week

Weekly Technical Analysis For April 13th to 17th, 2020

Looking ahead, US Retail Sales figures will be closely watched on Wednesday. Economists predict that retail sales drop to -7.0% from -0.5% last month. On the other hand, Core retail sales, which exclude autos, are expected to have dropped by -3.0%.

US Housing Starts will be announced Thursday and it is a critical indicator of economic strength in the US. The market expects housing starts to ease to 1.300 mln from 1.452 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 1.307 mln in March.

In addition to that, watch out for the Consumer Price Index in the Eurozone. On the year-on-year basis, the Eurozone CPI is expected to remain stable at 0.7%. A lower than expected reading will be negative for the single currency.

EUR/USD: The EUR/USD pair jumped up above the 1.0806 main support level and then closed last week above 1.0930. As long as the pair stays above 1.0930 on a four hourly basis, the rise may gain more momentum and we will see 1.0964 and 1.1007 as resistance levels. In contrast, if the pair breaks down below 1.0930, the next support level will be at 1.0876.

Support: 1.0930 - 1.0876 - 1.0806
Resistance: 1.0965 - 1.1007 - 1.1052

GBP/USD: The GBP/USD pair hit the major resistance level of 1.2502. In order for the GBPUSD upward movement to continue, it needs to rise and stay above 1.2502 on a daily basis. In this case, we will see face 1.2572 as the next resistance level. Otherwise, we will see the support level at 1.2428.

Support : 1.2428 - 1.2364 - 1.2286
Resistance :1.2502 - 1.2572

USD/JPY: The USD/JPY pair showed a downward movement in the Asian Trading Session. We will closely watch the 107.82 main support level. As long as the pair stays above 107.82, on a daily basis, the fall may be limited and the resistance levels can be found at 108.14 and 108.52. In contrast, if the price drops below 107.82, the next support level will be at 107.52.

Support : 107.82 - 107.52 - 107.22
Resistance: 108.14 - 108.52 - 108.79

Gold: The gold price surged from the 1612 main support level and then hit the 1684 daily resistance level. In order for the upward movement to gain more momentum, it needs to break out and stay above 1684 on a daily basis. Otherwise, we might see some pullbacks, the support level can be found at 1667.

Support: 1667 - 1638 - 1626
Resistance: 1684

USD/TRY: The USD/TRY pair started higher this week. We are closely watching the key resistance level of 6.5686. In order for the rise to gain more momentum, it needs to stay above 6.5686 on a daily basis. At this point, the next resistance level will be at 6.8066. On the other hand, if the price shows a downward movement, the daily support level can be found at 6.3364.

Support: 6.3364 - 6.1475 - 6.0672
Resistance: 6.5686 - 6.8066 - 7.0829

EUR/GBP: The EUR/GBP pair is now trading above the 0.8739 daily support level. As long as the pair stays above 0.8739 on a daily basis, the fall may be limited and we will watch resistance levels at 0.8796 and 0.8846. On the other hand, if the price drops below 0.8739, the next support level will be at 0.8703.

Support: 0.8739 - 0.8703 - 0.8664
Resistance: 0.8769 - 0.8846 - 0.8893

BTC/USD: Keep your eye on the 6487 daily support level in the Bitcoin Price. If the BTC/USD price stays above 6487 on a daily basis, we will follow 6860 and 7296 as resistance levels. On the other hand, if the cryptocurrency drops below 6487, the next daily support level can be found at 5651.

Support: 6487 - 5651
Resistance: 6860 - 7296 - 7626