Weekly Technical Analysis For April 16th to 20th, 2018

EUR/USD: The US Dollar traded lower versus the major currencies last week. The Syrian geopolitical tensions are rising. The US, UK, and France hit Syria in a coordinated air strike last Friday night. Also, the war of words between US and Russia ignited risk aversion.The mixed inflation report from the US put pressure on US Dollar. The March's report showed a yearly increase in inflation but a negative increase for the month. Additionally, the Euro gained more value against the greenback after European Central Bank policymaker Ewald Nowotny said that it was time to normalize its monetary policy. In the upcoming week, we will focus on the US Retail Sales Report on Monday. US Retail sales growth is expected to rise to 0.4% m/m from -0.1%, a fall from the previous month's growth. Core Retail Sales excluding auto and gas are expected to stay at 0.2% m/m growth. Any number above consensus will be considered positive in the US.
The US data on building permits, housing starts, industrial production, as well as surveys on manufacturing conditions in the Philadelphia and New York regions will be closely followed by investors this week.In the Eurozone, March's customer price index will be another significant release this week. The Eurozone CPI (YoY) inflation is expected to remain stable at 1.4%. On the other hand, Core CPI inflation is expected to come out at 1.0%, the same as the previous month. A higher than expected reading should be taken as positive for the Euro. The EURUSD pair closed last week just above the 1.2314 daily support level. As long as the price sustains above 1.2314 on a daily basis, we might see upward movement. In this case, we will face resistance levels at 1.2384 and 1.2465. On the other hand, if the price falls below 1.2314, the next support level can be found at 1.2232. Support: 1.2314 - 1.2232 – 1.2171 Resistance 1.2384 – 1.2465 – 1.2521
 
GBP/USD: In UK, the CPI inflation will be published on Wednesday and it is expected to hold steady at 2.7% year-on-year, while core inflation is forecast to rise to 2.5% from 2.4%.
Moreover, the UK monthly employment and retail sales data will be on focus. A better than expected reading should be taken as positive for the Sterling. The Pound extended gains versus the greenback last two weeks and hit the 1.4277 resistance level. As long as the price stays below 1.4277, the rise may be limited and we will watch the support level of 1.4130. On the other hand, if the price goes beyond 1.4277, the next daily resistance level is holding at 1.4408. Support: 1.4130 - 1.3999 – 1.3880 Resistance: 1.4277 – 1.4408 – 1.4540
 
USD/JPY: The USDJPY pair moved up and hit the main resistance level of 107.65. In order for the bullish action to continue, it needs to go beyond 107.65 and stays above that level on a four hourly basis. At this point, the next resistance level will be at 108.78. Otherwise, we will see again the daily support level of 106.46.Support: 106.46 – 105.04 - 103.76 Resistance : 107.65 – 108.78 – 109.35
 
GOLD: The GOLD price surged with Middle East tensions. In the event that the yellow metal shows an upward movement, we will face the resistance level at 1352. Moreover, In order for the rise to gain more momentum, it needs to stay above 1352. On the other hand, if the price pullbacks, the support level will be at 1330Support: 1330 – 1319 – 1307 Resistance: 1352 - 1367
 

09 Jul 18 (Mon)

10:53 am


Never miss a winning trading opportunity.
Join OneBillionSignals now!

Never miss a winning trading opportunity.
Join OneBillionSignals now!

Download OBS Application Download OBS Application Now Sign Up
 

Risk Warning

Important : One Billion Signals will not be liable for any losses sustained while using the services provided on the One Billion Signals application. This application is not a solicitation to trade forex signals, nor is the representation is being made that any account will, or is likely to, achieve profits or losses similar to those discussed on the application. The past performance of any trading system or methodology is not necessarily indicative of future results.

Privacy Policy | Terms of Use

© 2024 One Billion Signals All Rights Reserved