Turkey
Interest Rate Pronouncement: Turkey Central Bank astonished observers on Thursday by slashing
borrowing costs extremely yet again, is going to announce its monetary policy
today. Most economists expect the Central Bank of Turkey to deliver a 150bp
rate cut. The Turkish lira's response will depend on whether the CBT
over-delivers in opposition to market opportunity
ECB Interest
Rate Decision: The ECB will publicize its rate conclusion and forward guidance today and incoming ECB President Christine Laggards may announce further actions at the press conference. This
week's meeting will be the first monetary policy meeting for straggler.
U.S. PPI
Inflation: Timepiece out for U.S. Producer Price Index today. U.S. PPI is predicted to rise to 1.2% from 1.1%,
while Core PPI price increases is predictable to stay at 1.6% A Higher
than expected reading should be taken as positive for the U.S. dollar
The
General Election: The United Kingdom will be holding General Election today.
The ambiguity of the general election has the impending to generate augmented instability
and commotion in GBP crosses.
Voting starts at 10:00 GMT and end at 22:00 GMT and including
will be started right away. The results are predictable to be finalized on
Friday morning.
Sterling has been moving higher against the U.S. dollar on
increasing assurance that today’s general election will return the Conservative
Party to power with a healthy preponderance.
Technical Analysis:
EUR/USD: The U.S. Dollar dropped versus the euro
the recent past after the Fed Rate Decision.
Ahead of the ECB Rate Decision, if the EURUSD increasing progress
continues above 1.1110, the daily resistance level can be seen at 1.1170. On
the downside, if the price drops below 1.1110, we will watch 1.1045 as the next
support level.
Support : 1.1110 - 1.1045 - 1.1015
Resistance : 1.1170 - 1.1242 - 1.1318
USD/JPY: The USD/JPY downward progress paused at the 108.42 daily support level
yesterday. If the price stays above 108.42 on a daily basis, we will follow
108.63 and 109.01 as the resistance levels. In contrast, If the pair breaks
down below 108.42, we will see the next support level at 108.07
Support : 108.42 - 108.07 - 107.74
Resistance: 108.63 - 109.01 - 109.45
USD/CAD: Keep your eye on the daily resistance level of 1.3175 in
the USD/CAD pair. If the pair stays below 1.3175 on a daily basis, the
downward progress may gain more power and we will watch 1.3123 as a key support
level. In contrast, if the pair goes beyond 1.3175, the next resistance level
will be at 1.3238.
Support: 1.3123 - 1.3071 - 1.3009
Resistance: 1.3175 - 1.3238 - 1.3287
GBP/USD: The uncertainty of the general election has the potential
to generate increased unpredictability and turbulence in GBP crosses.
We are closely watching the 1.3231 main resistance level in
the GBPUSD pair. In order for the rise to continue, it needs to break out and
stay above 1.3231 on a four hourly basis. In this case, the next resistance
level will be at 1.3313. Otherwise, the key support level can be found at
1.3136
Support: 1.3136 - 1.3046 - 1.2947
Resistance: 1.3231 - 1.3313 - 1.3392
USD/TRY: Ahead of the Turkey Rate Decision, focus on the 5.7679
daily support level in the USD/TRK. As long as the pair stays above 5.7679 on a
daily basis, the upward progress may gain more influence and we will face the
resistance level at 5.9763. On the downside, if the pair breaks down 5.7679,
the next support level will be at 5.6027.
Support: 5.7679 - 5.6027 - 5.4538
Resistance: 5.9763 - 6.1475 - 6.3364
EUR/JPY: The EUR/JPY pair found buyers from the 120.13 daily support level at
the beginning of this week and then showed an upward progress. If the upward progress
continues above 120.75, we will watch the key resistance level at 121.59. On
the downside, if the pair drops below 120.75, the next daily support level will
be at 120.13.
Support: 120.75 - 120.13 - 119.49
Resistance: 121.59 - 122.37 - 123.14
NZD/JPY: The NZD/JPY pair jumped up above the 71.00 major support level
yesterday. If the increasing progress continues, we will watch the key
resistance level at 71.83. If the price falls below 71.10, the next support
level will be placed at 70.45.
Support: 71.10 - 70.45 - 69.62
Resistance: 71.83 - 72.41 - 72.99
BCH/USD: The BCH/USD is now trading above the key support level of
200. As long as the Bitcoin cash price trades above 200 on a four hourly basis,
we might see an increasing progress; we will watch the resistance level at 249.
On the shortcoming, if the pair breaks down below 200, we will follow the next
major support level at 164.
Support : 200 - 164 - 139
Resistance: 249 - 278 - 307