July 10th to 15th 2017 Weekly Technical Analysis

EURUSD - We have reviewed the Non-Farm Payrolls Report last Friday which caused a mixed reaction in the market.The Non-Farm Payrolls was released at 222k which was better than expected. However, Unemployment Rate, derived from a separate survey of households, rose to 4.4% from 4.3% a month ago. Average hourly earnings rose by 0.2% which was softer than expectation. We will focus on Fed Policy in the next week ahead as Fed Chair Yellen uses Congressional testimont to make the case for rate hikes and Inflation data in U.S

The EURUSD pair showed an upward move toward the major resistance level of 1.1445 after the NFP report but the rise was limited. In order for the rise to gain more momentum, it needs to goes beyond 1.1445 and remains above that level on a daily basis. In this case, the next resistance level will be at 1.1540. Otherwise, we will face again 1.1365 and 1.1295 as support levels.

Support: 1.1365 - 1.1295 - 1.1220

Resistance: 1.1445 - 1.1540 - 1.1630

GBPUSD - The GBPUSD pair found sellers from 1.2985 and dropped to the 1.2860 key support level last week. However, as long as the pair sustains above the 1.2860 major support level on a daily basis, the bearish view may be limited. At this point, we will follow again 1.2920 and 1.2985 as resistance levels. On the other hand, if the price falls below 1.2860, the next support level will be at 1.2775

Support : 1.2860 – 1.2775 – 1.2685

Resistance : 1.2920 – 1.2985 - 1.3050

USDJPY - The USDJPY pair showed an upward move and closed last week above the 113.60 key support level. As long as the currecy continues to trade above that level on four-hourly basis. The US Dollar may gain more value against the Yen. In this case, we will watch 114.80 and 115.80. Although, if the pair drops below 113.60, the next support level will be at 112.75.

Support : 113.60 - 112.75 - 111.90

Resistance :  114.80 – 115.85 – 116.70

GOLD – The downward trend has continued behind the Gold price for five weeks and it dropped to the daily support level of 1210. However, as long as the pair sustains above the 1210 on a daily basis, the bearish action may be limited and we will see resistance level at 1226 and 1236. On the other hand, If the price breaks down 1210, the next resistance level will be at 1197.

Support : 1210 - 1197 - 1186

Resistance : 1226 –1236 – 1255

US OIL -  The US Oil price found sellers from the 47.15 key resistance level last Wednesday and dropped to the key support level of 44.30. If the price drops below and remains below that level on four-hourly basis, the bearish action may gain momentum. At this point, the next support level will be at 43.65. Otherwise, we will face again 45.25 and 45.95 as resistance level.

Support : 44.30 – 43.65 – 42.75 Resistance : 45.25 – 45.95 – 46.60

06 Jul 18 (Fri)

09:28 am


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