The EUR/USD currency pair
Technical indicators of the currency pair:
- Prev. Open: 1.0621
- Prev. Close: 1.0563
- % chg. over the last day: -0.55 %
The US Dollar Index remained above 106.5 on Thursday, holding at its highest level in a year, as investors reacted to the latest inflation data and comments from the Federal Reserve. The US annual inflation rose to 2.6% in October, up from 2.4% in September, matching expectations. The core inflation rate remained at 3.3%, which was also in line with market estimates. The rise in the dollar put pressure on the euro. In addition, comments from ECB Governing Council representative Nagel harmed the euro when he stated that President-elect Trump’s tariff plans could cost Germany 1% of GDP and cause an economic slowdown.
Trading recommendations
- Support levels: 1.0518, 1.0483
- Resistance levels: 1.0593, 1.0664, 1.0714, 1.0766, 1.0795, 1.0857
The EUR/USD currency pair’s hourly trend is bearish. Yesterday, on spike volume, the price broke through the support level of 1.0593 and rushed lower. The next support level is 1.0518, so you can look for sell trades up to this level intraday. You can sell both from the moving average lines and the resistance level of 1.0593. There are no optimal entry points for buying right now.
Alternative scenario:if the price breaks the resistance level of 1.0654 and consolidates above it, the uptrend will likely resume.
News feed for: 2024.11.14
- Eurozone GDP (q/q) at 12:00 (GMT+2);
- Eurozone Industrial Production (m/m) at 12:00 (GMT+2);
- Eurozone Monetary Policy Meeting Accounts at 14:30 (GMT+2);
- US Producer Price Index (m/m) at 15:30 (GMT+2);
- US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
- US FOMC Member Barkin Speaks at 16:15 (GMT+2);
- Eurozone ECB President Lagarde Speaks at 21:00 (GMT+2);
- US Fed Chair Powell Speaks at 22:00 (GMT+2);
- US FOMC Member Williams Speaks at 23:15 (GMT+2).
The GBP/USD currency pair
Technical indicators of the currency pair:
- Prev. Open: 1.2741
- Prev. Close: 1.2705
- % chg. over the last day: -0.28 %
The RICS UK Residential Market Survey house price balance, which measures the difference between the percentage of respondents reporting rising prices and those reporting falling prices, rose to 16% in October 2024. This represents an increase from 11% in September. The latest reading exceeded expectations, which predicted no change at 11% and is the highest in two years. Additional key UK economic data is expected this week, including Q3 GDP growth data.
Trading recommendations
- Support levels: 1.2662
- Resistance levels: 1.2727, 1.2766, 1.2878, 1.2905, 1.2982, 1.3023
From the point of view of technical analysis, the trend on the GBP/USD currency pair is bearish. The situation is very similar to the euro. The price broke the support level of 1.2726 on spike volume, and currently, this level has become a resistance level. The price seeks to test the liquidity below 1.2662, where we can look for buying if buyers react. For selling, 1.2726 can be used but also with confirmation.
Alternative scenario:if the price breaks the resistance level at 1.3009 and consolidates above it, the uptrend will likely resume.
News feed for: 2024.11.14
- UK BOE Gov Bailey Speaks at 23:00 (GMT+2).
The USD/JPY currency pair
Technical indicators of the currency pair:
- Prev. Open: 154.56
- Prev. Close: 155.46
- % chg. over the last day: +0.58 %
The Japanese yen slipped to 156 per dollar on Thursday, falling to its lowest level in nearly four months, as domestic policy uncertainty coincided with hawkish expectations in the US for the incoming Trump administration. Despite data showing that Japan’s producer inflation rose at the fastest pace in October of the year, market sentiment remained mixed regarding the Bank of Japan’s approach to policy normalization, especially after recent policy changes. On Friday, investors await the release of Japan’s third-quarter GDP data to get a clearer picture of the country’s economic outlook.
Trading recommendations
- Support levels: 155.21, 154.29, 153.71, 153.30, 153.03, 152.65, 151.45
- Resistance levels: 156.32
From a technical point of view, the medium-term trend of the USD/JPY currency pair is bullish. The Japanese yen continues to get cheaper against the dollar and we can see a pronounced ascending channel. However, the divergence on the MACD indicator is getting stronger, which increases the probability of a technical correction. For sell deals, we can consider the resistance level of 156.32, but only with confirmation in the form of an impulsive reaction from sellers. Buying should be considered from the lower boundary of the ascending channel, but also with confirmation.
Alternative scenario:if the price breaks down the support level of 153.39, the downtrend will likely resume.
News feed for: 2024.11.14
There is no news feed for today.
The XAU/USD currency pair (gold)
Technical indicators of the currency pair:
- Prev. Open: 2598
- Prev. Close: 2573
- % chg. over the last day: -0.97 %
Gold fell to $2,560 per ounce on Thursday, falling for the fifth consecutive session and hitting an eight-week low. Gold was pressured by a strong US dollar. Consumer price data released on Wednesday met expectations, although the three-month benchmark rose on a year-on-year basis. Expectations for a Fed rate cut in December were unchanged, with traders estimating a more than 80% chance of that happening, up from 60% before the data was released. Today, markets await Producer Price Index data and weekly jobless claims.
Trading recommendations
- Support levels: 2554, 2471
- Resistance levels: 2565, 2586, 2627, 2675, 2700, 2708, 2733, 2749
From the point of view of technical analysis, the trend on the XAU/USD is bearish. Gold rushed lower and reached another daily support level of 2554. Below this level, there is a large accumulation of liquidity. Now, it is important to evaluate the price reaction. Given the MACD divergence, the probability of a technical correction is very high. There are no optimal entry points for selling now. Buying should be considered after the breakout of the intermediate resistance level 2464, which will confirm the buyers’ initiative. If the buyers fail to break 2464, the downward momentum may continue.
Alternative scenario:if the price breaks above the resistance level of 2704, the uptrend will likely resume.
News feed for: 2024.11.14
- US Producer Price Index (m/m) at 15:30 (GMT+2);
- US Initial Jobless Claims (w/w) at 15:30 (GMT+2);
- US FOMC Member Barkin Speaks at 16:15 (GMT+2);
- US Fed Chair Powell Speaks at 22:00 (GMT+2);
- US FOMC Member Williams Speaks at 23:15 (GMT+2).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
