Weekly Technical Analysis For April 2nd to 6th, 2018

EURUSD: The US dollar gained more value against a basket of major currencies last week. Upbeat economic data continues to point to underlying strength in the US economy.The US GDP grew at a 2.9% annual rate in the fourth quarter, beating the estimated 2.5% and market expectations for a 2.7% increase.
 
Upcoming week, the Eurozone CPI will be published on Wednesday. The Inflation Figures for March are expected to rise to 1.4% from 1.1%. Additionally, we will watch Eurozone PPI and Retail Sales on Thursday. A higher than expected reading should be taken as positive for the Euro.
 
The most significant event of next week is March's Jobs Reports from the US. US Nonfarm Payrolls is expected to 198K jobs created after rising 313K the previous month. Unemployment Rate is expected to ease to 4.0% compared to 4.1% a month ago. Average hourly earnings will be another release to be followed closely at the same time and are expected to be 0.2% higher than a previous month number of 0.1%. The Fed hiked rates last month and stuck to its projection for two more rate hikes for 2018. However, an upbeat employment report will point to an improving US Economy and support the greenback.
 
The EURUSD pair found sellers from the 1.2465 resistance level last Tuesday and then dropped to the daily support level of 1.2314.  Watch out for 1.2314, as long as the price stays above that level on a daily basis, the pullback may be limited. At this point, we will see 1.2383 as a resistance level again. Otherwise, if the price drops below 1.2314, the next support level will be at 1.2232.
 
Support: 1.2314 - 1.2232 – 1.2171
Resistance 1.2384 – 1.2465 – 1.2521
 
 
GBPUSD: The GBPUSD pair showed a bearish action last week. However, as long as the price stays above the  1.3999 key support level, the Sterling may gain more value against the greenback. At this point, we will see the 1.4130 resistance level. On the other hand, if the price drops below 1.3999, the next daily support level will be at 1.3880.
 
Support: 1.3999 – 1.3880 – 1.3745
Resistance: 1.4130 - 1.4277 – 1.4408
 
 
USDJPY: The USDJPY currency rose to a two-week high. However, the price closed last week just below the daily resistance level of 106.46. As long as the price sustains below 106.46, on a daily basis, the rise may be limited and we will face 105.04 as a support level again. On the other hand, if the price goes beyond 106.46, the next resistance level will be at 107.65.
 
Support: 105.04 - 103.76 – 102.62
Resistance : 106.46 – 107.65 – 108.78
 
 
GOLD: The Dollar strength on upbeat U.S. economic growth, while easing geopolitical uncertainty dented safe-demand demand. The GOLD price found sellers from the key resistance level of 1352 and then fell sharply. However, as long ast the price stays above 1319 on a four hourly basis, the fall may be limited. At this point, the resistance levels will be at 1330 and 1352 again. On the other hand, if the price drops below 1319, the next daily support level will be at 1307.
 
Support: : 1319 – 1307 - 1291
Resistance: 1330 – 1352 - 1367
 
 
CRUDE OIL: The Crude Oil Prices found sellers from the 66.19 daily resistance level data. Inventories of US crude rose by 1.643 million barrels for the last week, it put some downward pressure on the oil price. In the event that, the price moves down, we will face 64.38 and 63.54 as support levels. On the other hand, if the price rises, we will follow resistance levels at 65.38 and 66.19. However, as long as the price stays below 66.19, on a daily basis, the rise may be limited.
 
Support:  64.38 – 63.54 - 62.72
Resistance: 65.38 – 66.19

09 Jul 18 (Mon)

08:54 am


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