Weekly Technical Analysis For November 6th to 10th, 2017

EURUSD: We just had a significant week for the US Dollar. We faced the FOMC meeting, Non-Farm Payrolls and the next Fed Chair was named by Trump last week.

The FOMC kept the benchmark interest rate at 1.00-1.25% as expected. However, the Fed said "Economic activity is rising at a solid rate, despite storms, and the labor market is continuing to strengthen. Additionally, unemployment is declining.

Trump plans to nominate Federal Reserve governor Powell to the top job the US central bank.

US Non-Farm Payrolls increased 261K in October, compared to the creation of just 18K posts a month earlier. The data missed the consensus estimate for the creation of 310K jobs but showed recovery in US labor from the effects of Hurricanes Harvey and Irma in September. The unemployment rate unexpectedly fell to 4.1%, from 4.2%. Average hourly earnings showed no change month-on-month in October, below forecasts for a gain of 0.2% and compared to the prior 0.5% increase.

The US economic data outcomes continued to be supportive for the US Dollar. Additionally, we will focus on the US tax cut debate next week.

The EURUSD pair closed last week at the major support level of 1.1607. if the price able to break down 1.1607 and stays below that level on a daily basis, the dollar may gain more value versus the euro and next support levels will be at 1.1570 and 1.1531. On the other hand, if the price rises above 1.1607, we will face 1.1660 and 1.1720 as resistance levels.

Support: 1.1607 –1.1570 - 1.1531

Resistance: 1.1660 - 1.1720 – 1.1812

GBPUSD: The Sterling dropped dramatically last week after BoE rate decision. Bank Of England hike rates to 0.5% in 7-2 Vote; first rate increase in over 10 years. But the shift in sentiment gave Pound Bearish Action. The BOE indicated that another increase wasn’t imminent.

The GPBUSD pair closed last week just above the key support level of 1.3050. If the price able to break down and remains below 1.3050 on four hourly basis, the bearish action may continue and next support levels will be at 1.3007 and 1.2961. On the other hand, if the price rises above 1.3050, we will face 1.3103 and 1.3152 as resistance levels.

Support: 1.3050 – 1.3007 – 1.2961

Resistance1.3103 – 1.3152 – 1.3199

USDJPY: The Bank of Japan kept monetary policy steady and roughly maintained its ambitious price forecasts this morning, pointing to signs of growing strength in the economy that policymakers hope will accelerate inflation toward its elusive 2 percent target.

The USDJPY pair dropped to the 112.94 support level and then bounced back up above 113.63 last week. As long as the price stays above the 113.63 key support level, on a four-hourly basis. the dollar may gain more value against the yen. At this point, the resistance levels will be 114.11 and 114.63. Moreover, In order for the bullish action gain more momentum, it needs to rise above the 114.63 daily resistance level. Otherwise, if the price a downward movement below 113.63, we will watch support level at 112.94 again.

Support: 113.63 – 112.94 – 112.46

Resistance :   114.63 – 115.61 – 116.89

GOLD: The Gold price has been uncertain and it has tightened between 1265 and 1283. As long as the price stays below 1272, on a four hourly basis, the bearish action is most likely dominate. And we will follow 1265 and 1256 as support levels. On the other hand, if the price moves up above 1272, next resistance levels will be at 1276 and 1283.

Support: 1265 – 1256 - 1250

Resistance: 1272 1276 – 1283

06 Jul 18 (Fri)

01:47 pm


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