Weekly Technical Analysis August 21th to 25th 2017

EURUSD:  All eyes will be on the Fed’s annual conference in Jackson Hole, Wyoming, which is set to take place from Thursday to Saturday. The meeting is significant for the Global Financial Market as the US and Eurozone Central Banks will be making keynote speeches. The Fed Chair Janet Yellen will be speaking on the topic of financial stability on Friday and may provide signals to the market about possible Fed moves in the second half of the year. Later in the day, ECB President, Mario Draghi's speech will be also important as any hint about ECB tapering in the autumn will immediately be priced in.

The EURUSD pair dropped to the 1.1660 support level and then bounced back up and closed last week just below the 1.1768 resistance level. In the event that the upward move continues above 1.1768, the next resistance level will be at 1.1812. Moreover, in order for the bullish action to gain more momentum, it needs to go beyond the 1.1812 and remain above that level on a daily basis, Otherwise, if the pair shows a downward movement, we will face again support levels at 1.1720 and 1.1660.

Support: 1.1720 – 1.1660 – 1.1607

Resistance: 1.1768 - 1.1812

GBPUSD:  In UK, the second estimate of GDP growth for the second quarter will be the main release of the week. No change from previously announced 0.3% q/q is expected by the market and it stands for 1.7%, also unchanged from an initial estimate. Any weakening in the index would be considered negative for the British economy and hurt GBP/USD.

The GBPUSD pair broke down the main level of 1.2961 last Monday and then the price dropped 1.2844 key support level. However, as long as the pair stays above 1.2844, the bearish action may be limited and we will follow 1.2917 and 1.2961 as resistance level again. On the other hand, if the price breaks down the 1.2844 support level, the next support levels will be at 1.2812 and 1.2712.

Support : 1.2844 - 1.2812 - 1.2712 Resistance : 1.2917 - 1.2961 - 1.3007

USDJPY: In Japan, Inflation will be announced on Friday. The consensus estimate for core inflation in July is a rise to 0.5%, from 0.4% y/y while any pick up in headline inflation from 0.5% will lead further drop in USD/Yen pair.

The USDJPY pair found sellers from the 110.86 key resistance level and then moved down and closed last week below the main resistance level of 109.35. As long as the currency trades below 109.35 on a daily basis. The bearish action may continue and we will face 108.78 and 107.65 as support levels. However, if the price goes beyond 109.35, the next resistance level will be at 109.90.

Support : 108.78 - 107.65 - 106.46 Resistance : 109.35 - 109.90 - 110.15

 

 

GOLD: The GOLD price closed last week above the key 1283 support level. In the event that price rises above 1283, we will follow the resistance level of 1291. Moreover, in order for the bullish action gain more momentum, it needs to go beyond 1291 and remain above that level on a four-hourly basis. At this point, the next daily resistance level will be at 1307. Otherwise, if the price drops below 1283, the next support level will be at 1276.

 

Support: 1283 – 1276 - 1272 Resistance: 1291 - 1307

 

US OIL: The U.S OIL price moved up and closed last week just above the key support level of 48.48. As long as the price trades above 48.48 on a four-hourly basis, the upward movement may continue and we will follow resistance levels at 50.30 and 51.75. On the other hand, if the price falls below 48.48, the next support level will be at 47.10.

Support:  48.48 – 47.10 – 45.99 Resistance: 50.30 – 51.75

06 Jul 18 (Fri)

11:46 am


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