Eurozone’s growth and inflation rates due out today

In Europe, market participants may be eagerly awaiting the release of the Eurozone’s Preliminary CPI rates and the bloc’s Preliminary GDP rate which are due to be released during today’s European session. Furthermore, Germany’s Preliminary HICP rates came in lower than expected during yesterday’s trading session, potentially indicative of easing inflationary pressures in one of the largest economies in the Eurozone. The lower-than-expected HICP rates, could potentially weaken the bank’s resolve in hiking further and as such could weigh on the EUR over the long run. Over in Asia, the BOJ maintained its current interest levels at -0.10% , as was widely expected. However, BOJ Governor Ueda, re-iterated the bank’s commitment to maintaining its ultra loose monetary policy and went as far as saying that the bank may not hesitate to take additional easing measures if necessary. Furthermore, the bank also stated that it would be allowing yields on the Japanese’ 10-Year government bond to rise above 1%. In China, the country’s PMI figures came in lower than expected, with the manufacturing industry contracting. The PMI figures for October may be concerning for the Chinese economy and as such, could also impact the Australian economy which is heavily reliant on the Chinese economy to import their goods. According to Bloomberg, Saudi Arabian forces clashed with Yemen’s Houthi rebels, which could further fuel the current instability in the region, as the potential for another armed confrontation rises. Pressure on oil prices appearing to be easing, as tensions between Israel and its neighbours appear to be easing slightly.

EUR/USD appears to be moving in a sideways fashion. We maintain a neutral outlook and supporting our case is the RSI Indicator below our 4-Hour chart which currently registers a figure near 50, implying a neutral market sentiment. For our neutral outlook to continue, we would like to see the pair fluctuating between the 1.0500 (S1) support and the 1.0630 (R1) resistance levels. For a bullish outlook, we would like to see a clear break above the 1.0630 (R1) resistance level, with the next possible target for the bulls being the 1.0735 (R2) resistance ceiling. On the other hand, for a bearish outlook, we would like to see a clear break below the 1.0500 (S1) support level, with the next possible target for the bears being the 1.0385 (S2) support base.

WTICash, appears to be moving in a downwards fashion. We maintain a bearish outlook for the commodity and supporting our case is the RSI Indicator below our 4-Hour chart which currently registers a fear below 50, implying a bearish market sentiment. For our bearish outlook to continue, we would like to see a clear break below the 79.50 (S1) support level, with the next possible target for the bears being the 75.85 (S2) support base. On the other hand, for a bullish outlook, we would like to see a clear break above the 83.15 (R1) resistance level, with the next possible target for the bulls being the 86.95 (R2) resistance ceiling. Lastly for a neutral outlook, we would like to see the commodity fluctuating between the 79.50 (S1) support level and the 83.15 (R1) resistance level.

دیگر نکات مهم امروز:

Today in the European session, we highlight the release of France’s and the Eurozone’s preliminary GDP rates for Q3 and the preliminary HICP rates for October, but also note the release of the Czech Republic’s preliminary GDP for Q3. In the American session, we get Canada’s GDP rate for August and from the US we get the consumer confidence for October, while oil traders may be more interested in the release of the API weekly crude oil inventories figure and later on Kiwi traders are to keep their eyes fixed on the release of New Zealand’s Q3 employment data. During tomorrow’s Asian session, we get Australia’s and Japan’s final manufacturing PMI figures for October, Australia’s building approvals for September and China’s Caixin manufacturing PMI for October. 

#EUR/USD H4 Chart

Support: 1.0500 (S1), 1.0385 (S2), 1.0225 (S3)

Resistance: 1.0630 (R1), 1.0735 (R2), 1.0865 (R3)

#WTICash H4 Chart

Support: 79.50 (S1), 75.85 (S2), 72.05 (S3)

Resistance: 83.15 (R1), 86.95 (R2), 90.55 (R3)

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