Busy Day Ahead: Focus On Turkey And Canada Rate Decisions
Emre Karaoglu | Mar 06, 2019 03:16AM ET
EUR/USD:
We will focus on the release of ADP’s measure of private sector employment for February. The ADP (NASDAQ:ADP) data is expected to rise by 189K last month, down from a gain of 213K in January. A higher than expected reading should be taken as positive for the US Dollar.
The EUR/USD pair showed a bearish action yesterday. The key support level of 1.1285 is in focus now. In order for the fall to gain more momentum, it needs to break down 1.1285 and stay below that level on a four hourly basis. At this point, the next daily support level can be found at 1.1218. Otherwise, we will face 1.1355 as a daily resistance level again.
Support: 1.1285 - 1.1218 - 1.1102
Resistance: 1.1355 - 1.1450 - 1.1554
USDT/TRY
In Turkey, the CBRT will hold its monetary policy council meeting, There is no market consensus regarding rate change, however, the Bank should continue to have the tight monetary policy until the upside risks are over on inflation view. Any surprising revision would lead to a volatility in USD/TRY.
Watch out for Turkey Rate Decision today. The USD/TRY pair is trading below the daily resistance level of 5.3982. In order for the fall to gain more momentum, it needs to break down 5.3982 and stay below that level on a four hourly basis. Should this occur, we will follow the next resistance level at 5.4467. Otherwise, the key support level will be at 5.3188.
Support: 5.3188 - 5.2596 - 5.2026
Resistance: 5.3982 - 5.4467 - 5.5957
Gold
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The GOLD Price showed an upward reaction and it is moving up to the major level of 1291. However, as long as the yellow metal price stays below 1291, on a daily basis, the rise may be limited and we will see 1278 as a support level. On the other hand, if the price goes beyond 1291, the next resistance level will be seen in 1305.
Support: 1278 - 1266 - 1251
Resistance: 1291 - 1305 - 1316
USD/CAD
The BoC monetary policy decision will be announced today. The Bank of Canada is widely expected to keep interest rates on hold and reiterate its plan to raise them gradually. If the BoC projects a more aggressive interest rate hike, the Canadian Dollar would rise sharply.
The USD/CAD pair moved up above the daily support level of 1.3324. Ahead of the BoC Rate Decision, if the upward movement continues, we will see resistance level at 1.3427. On the other hand, if the price drops below 1.3324, the next support level can be found at 1.3211.
Support: 1.3324 - 1.3211 - 1.3122
Resistance: 1.3427 - 1.3537
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