Weekly Technical Analysis For April 15th to 19th, 2019

What To Watch For This Week!


The European Central Bank left interest rates on hold as expected Last Wednesday, as policymakers continue to evaluate whether its most recent stimulus is enough to offset downward pressure on growth.

At the March meeting minutes of the FOMC, a majority of Federal Reserve policymakers were adamant that the central bank should continue to keep monetary policy tightening on hold for the remainder of the year amid timid inflation and slowing global growth,

Moreover, The US consumer price index rose 1.9% from a year ago, while core inflation, that excludes volatile food and energy costs, increased 2.0%. That's compared to consensus forecasts for them to rise 1.8% and 2.1%, respectively.

Looking ahead, the US Retail Sales for March will be published on Thursday. The consensus forecast is that the report will show retail sales rose 0.9% last month from a fall of -0.2% in February. Excluding the automobile sector, sales are expected to increase by 0.7%, after a -0.2% fall a month earlier.

Besides the retail sales report, this week's calendar also features U.S. data on building permits, housing starts, industrial production, as well as surveys on manufacturing conditions in the Philadelphia and New York regions.

In the Eurozone, Focus on CPI inflation figures for March on Wednesday. The consensus forecast is that the report will show consumer prices stayed 1.4%, but remains short of the European Central Bank's target of 2%.

The Euro was higher against the US dollar last week. If the EURUSD pair stays above 1.1285 on a four hourly basis, the rise may gain more momentum and we will see the key resistance level at 1.1355. On the other hand, if the pair shows a downward movement below 1.1285, the daily support level we will be located at 1.1219.

Support:  1.1285 - 1.1219 - 1.1103

Resistance: 1.1355 - 1.1450 - 1.1554


In the UK, Consumer Price Inflation for March will be published on Wednesday. Analysts expect annual CPI to rise to 2.0%, a higher than the 1.9% increase seen in February, while core inflation is forecast to rise to 1.9% from 1.8%.

In addition to the UK inflation report, traders will focus on monthly employment and retail sales data, due on Tuesday and Thursday, respectively, for further hints on the health of the economy.

As long as the GBPUSD pair trades above 1.3055 on a four hourly basis, we might see an upward movement. At this point, the key resistance level can be seen at 1.1352. On the other hand, if the pair drops below 1.3055, the next daily support level will be at 1.2994.

Support: 1.3055 - 1.2994 - 1.2931

Resistance: 1.3152 - 1.3217 - 1.3291


The USDJPY pair showed an upward movement and close last week above the key level of 111.85. As long as the pair sustains above 111.85 on a four hourly basis, the rise may continue and we will face 112.36 as a daily resistance level. On the other hand, if the price moves down below 111.85, the daily support level can be seen at 111.18

Support: 111.85 - 111.18 - 110.35 

Resistance: 112.36 - 112.98 - 112.97


The GOLD Price was under selling pressure last week. We will focus on the daily level of 1291. As long as the yellow metal price stays below 1291, on a daily basis, the bearish action may continue and we will see 1278 as a support level. On the other hand, if the price rises above 1291, the next resistance level will be found at 1305.

Support: 1278 - 1266 - 1251

Resistance: 1291 - 1305 - 1316

14 Apr 19 (Sun)

07:24 pm

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