Weekly Technical Analysis For January 7th to 11th, 2019

Watch Out For The FOMC Minutes and US CPI Inflation. 

EURUSD:

 

The FOMC meeting notes and US CPI Inflation will be important releases of next week

In the December’s Meeting, the Federal Reserve raised interest rates by a quarter point. However, the Fed reduced their 2019 median forecast for interest rates to 2.9% from a previous estimate of 3.1%, hinting at two rate hikes in 2019. That's below the three rate hikes previously indicated in the Fed's September projections. The FOMC Meeting Minutes may give a more detailed about Fed Outlook for 2019.

The US CPI Inflation will be published on Friday. December’s customer price index is expected to come out at %1.9, lower than a previous number of 2.2%. However, Core CPI inflation is expected to stay at %2.2

In addition to the US data, watch out for ECB Monetary Policy Meeting Accounts

The European Central Bank left interest rates on hold in their last meeting and reiterated that they will remain unchanged until at least summer 2019. Also, the ECB formally ended its 2.6 trillion euro crisis-fighting bond purchase scheme. The Meeting Notes may give a more detailed ECB Outlook for 2019. 

The EURUSD pair is trading above the daily support level of 1.1367. As long as the price sustains above 1.1367, on a daily basis, the upward movement may continue and we will follow resistance levels at 1.1446 and 1.1530. Although, if the pair falls below 1.1367, the next support level can be found at 1.1262.

Support: 1.1367 - 1.1262 - 1.1188

Resistance: 1.1446 - 1.1530 - 1.1607

 

GBP/USD:

We are focusing on daily major level 1.2711 in the GBPUSD pair. In order for the rise to gain more momentum, it needs to stay above 1.2711 on a daily basis. At this point, the next resistance level will be at 1.2844. In contrast, if the pair moves down, we will see 1.2623 as next support level.

Support: 1.2711 - 1.2623 - 1.2493

Resistance: 1.2844 - 1.2960 - 1.3050

 

USD/JPY :

The USDJPY pair is testing the 108.56 key resistance level. In order for the rise to gain more momentum, it needs to go beyond and stay above 108.56 on a daily basis. Should this occur, we will face 109.35 and 109.90 as next resistance levels. Otherwise, the support levels can be found at 107.65 and 106.46.

Support: 107.65 - 106.46 - 103.76

Resistance: 108.56 - 109.35 - 109.90

 

GOLD:

The GOLD price closed last week above the key support level of 1283. As long as the price stays above 1283, on a four hourly basis, the downward movement may be limited and we will see 1291 and 1307 as resistance levels. Although, if the price breaks down 1283, the next daily support level can be found at 1276.

Support: 1283 - 1276 - 1272

Resistance: 1291- 1307 - 1319

06 Jan 19 (Sun)

09:01 pm


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