Technical Analysis For December 25th to 29th, 2017

Technical Analysis For December 25th to 29th, 2017

EUR/USD: The US Final GDP Growth for the third quarter was published last Thursday. The US Economy grew 3.2% in the third quarter, which was a downward revision from the previous reading of 3.3%. It was still the fastest pace in more than two years. Also, The House of Representatives gave final approval to the biggest US tax overhaul in 30 years, marking President Donald Trump's first political victory.

It is important to remember that; the FX market closed for the Christmas holiday on Monday. Next week’s Economic agenda is not so busy too. However, investors will focus on December’s CB Consumer Confidence and Pending Home Sales from the US.

The EURUSD pair rose last week from the 1.1720 key support level to the resistance level of 1.1884. In order for the bullish action to continue, it needs to rise and stays above 1.1884, on a four-hourly basis. In this case, the next resistance level will be at 1.1968. On the other hand, If the price moves down we will see 1.1812 as a daily support level. However, As long as the price stays above 1.1812, on a daily basis, the pullbacks may be limited.

Support: 1.1812 – 1.1769 – 1.1720 Resistance: 1.1884 – 1.1968 – 1.2053

GBP/USD: In the U.K, The Gross Domestic Product expanded by 0.4% in the third quarter, in line with first estimates. Year-over-year, UK economic growth expanded 1.7% in the third quarter.

The GBPUSD pair closed last week below the major level of 1.3370. As long as the price stays below 1.3370, on a daily basis, the downward movement may continue and we will follow support levels at 1.3395 and 1.3241. On the other hand, If the price goes beyond 1.3370, the next resistance level will be at 1.3432.

Support: 1.3305 - 1.3241 – 1.3198 Resistance: 1.3370 – 1.3432 - 1.3485

USD/JPY: The BOJ kept policy unchanged last week. The BoJ Kataoka opposed decision on yield-curve control. BOJ said Business fixed investment continues on increasing trend and Public investment more or less flat but at the high level.

Additionally, The BoJ Kataoka said the BoJ should aim to hit price target in FY2018, BoJ should buy JGBS so 10YR & longer yields are lowered

In the upcoming week, Japan Inflation will be announced. The consensus estimate for national core inflation in November is 0.8%, as the same as the previous numbers.

The USDJPY pair hit 113.63 key resistance level and pulled back. In order for the bullish action continue, it needs to rise and stay above 113.63, on a four hourly basis. In this case, the next resistance level will stand at 114.11. Otherwise, the bullish action may be limited and we will watch again support level at 112.94 and 112.46

Support: 112.94 – 112.46 – 112.08 Resistance: 113.63 – 114.11 – 114.63

GOLD: The Gold price has moved up for two weeks and reached the daily resistance level of 1276. In order for the rise to continue, it needs to remain above 1276, on a daily basis. In this case, the next resistance level will be at 1283. Otherwise, we might see some pullback and we will watch support levels at 1272 and 1265.

Support: 1272 – 1265 - 1256 Resistance: 1276 – 1283 - 1291

09 Jul 18 (Mon)

06:31 am


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