Pay Attention To US GDP Growth This Week
The minutes of the Fed’s last meeting released Wednesday. Federal Reserve policymakers said their patient approach to monetary policy action could continue for "some time" amid concerns over the sluggish pace of inflation.
Trade tensions eased Friday after U.S. President Donald Trump said that a deal with China could include Huawei in some form. The administration has put the Chinese tech giant on a blacklist, causing a rippling effect among technology firms around the globe.
Keep your eye on the first-quarter gross domestic product on Thursday, which is expected to show that U.S. economic growth was 3.1%
We will also focus on US Core PCE data which its preferred inflation gauge by Fed. The Core PCE price index is expected to rise by 0.2% in April. Year on year, economists forecast a 1.6% rise.
In the Eurozone, the German inflation figures for May will be published on Friday. The consensus forecast is that the report will show consumer prices rose 1.6%, slowing slightly from 2.0% in May, remaining short of the European Central Bank's target of just below 2%.
The EURUSD pair jumped up after hitting two-year low-level last week. The 1.1219 major resistance level is important for the EURUSD pair’s direction. In order for the upward movement to gain more momentum, it needs to break out and stay above 1.1219 on a daily basis. Should this occur, we will see the next resistance level at 1.1285. Otherwise, the support level can be found at 1.1103.
Support: 1.1103 - 1.0980 - 1.837
Resistance: 1.1219 - 1.1285 - 1.1355
Theresa May announced that she was stepping down over her failure to deliver Brexit last Friday.
Now, we will closely watch to race to replace Theresa May. The contest to replace May as British prime minister is hotting up, with eight candidates now in the race.
The GBPUSD pair showed an upward reaction last Friday and closed the week below the 1.2723 key resistance level. In order for the rise to continue, it needs to break out and stay above 1.2723 on a four hourly basis. At this point, we will see the next resistance level at 1.2807. Otherwise, the daily support level can be seen at 1.2668 again.
Support: 1.2667 - 1.2606 - 1.2528
Resistance: 1.2723 - 1.2807 - 1.2871
The USDJPY pair dropped below the 109.57 daily level last week. As long as the pair stays below 109.57 on a daily basis, the downward movement may continue and we will face the main support levels at 108.95 and 108.49. On the other hand, if the price rises above 109.57, the next resistance level is holding at 110.35.
Support: 108.95 - 108.49 - 107.70
Resistance: 109.57 - 110.35 - 111.18
The Gold Price rose above the 1278 key support level. In the event that the rise continues, we will see the daily resistance level in 1291. Moreover, In order for the upward movement to gain more momentum, it needs to break out and stay above 1291 on a daily basis. On the other hand, if the price shows a downward movement, the main support levels at 1278 and 1266.
Support: 1278 - 1266 - 1251
Resistance: 1291 - 1305 - 1316
26 May 19 (Sun)
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