Weekly Technical Analysis For May 6th to 10th, 2019

U.S.-China Trade Talks and US CPI Are In Focus This Week


Last Friday, the US economy generated a stronger than expected 263K new jobs in April, helping to drive down the unemployment rate to a 49-year low of 3.6%. The jobless rate slid from 3.8% in March to hit the lowest level since December 1969. Other details of the report showed that the wage inflation, as measured by the average hourly earnings, rose 0.2% on a month.

Looking ahead this week, the U.S.-China Trade Talks will be significant. US President Donald Trump said 10% China Tariffs will rise to 25% on Friday. He dramatically increased pressure on China to reach a trade deal by announcing he will hike U.S. tariffs on $200 billion worth of Chinese goods this week 

Moreover, the Consumer Price Index is in focus in the US. One of the major indicators of economic conditions, US CPI Inflation, will be published on Friday. April’s Consumer Price Index is expected to come out at 2.1%, higher than 1.9% in the previous number. Also, Core CPI inflation is expected to rise to 2.1% from 2.0%

The ECB publishes Minutes of Monetary Policy Meeting on Wednesday. The European Central Bank left interest rates on hold in their last meeting, as policymakers continue to evaluate whether its most recent stimulus is enough to offset downward pressure on growth. The notes may provide an insight into the European central bank’s thinking on monetary policy.

if the EURUSD pair stays below 1.1219, the selling pressure may continue and the daily support level can be seen at 1.1103. On the other hand, if the price goes beyond 1.1219, we will follow 1.1285 as a key resistance level.

Support: 1.1103 - 1.0980 - 1.0837

Resistance: 1.1219 - 1.1285 - 1.1355

The first quarter UK Gross Domestic Product (GDP) will be published this week and is expected to rise to 1.8% from 1.4% in the previous number.

As long as the price stays below 1.3152, on a four hourly basis, we will see 1.3050 as support levels. On the other hand, if the price goes beyond 1.3152, the next resistance level will be at 1.3198.

Support: 1.3050 – 1.3007 - 1.2961

Resistance: 1.3152 - 1.3198 – 1.3241

As long as the pair stays below 111.18 on a daily basis, the fall may continue, the key support levels can be seen at 110.35 and 109.57. On the other hand, if the price goes beyond 111.18, the next resistance level is holding at 111.85

Support: 110.35 - 109.57 - 108.95

Resistance: 111.18 - 111.85 - 112.36


If the Gold Price stays above 1278, on a four hourly basis, we will see the daily resistance level at 1291. On the other hand, if the price falls below 1278, the next support level will be found in 1266.

Support: 1278 - 1266 - 1251

Resistance: 1291 - 1305 - 1316

05 May 19 (Sun)

09:28 pm

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