A Huge Week Ahead; Focus on ECB Decision And US Nonfarm Payrolls
Looking Ahead, We will pay attention to the ECB Monetary Policy Decision on Thursday. There is no rate change expected from the ECB.
In their last meeting, Policymakers continued to evaluate whether its most recent stimulus is enough to offset downward pressure on growth. The announcement will be followed by President Mario Draghi's news conference and his statements about the ECB plans for rest of the year.
Addition to ECB Rate Decision, watch out for Consumer Price Index and Gross Domestic Product in the Eurozone.
Finally, we will focus on the US Jobs Report on Friday. US Nonfarm Payrolls is expected to see 183K jobs created after rising 263K the previous month. The Unemployment Rate is expected to stay at 3.6% that is its lowest level since December 1969. Average hourly earnings will also be significant and are expected to be 0.3 higher than the previous month's number of 0.2% An upbeat employment report will point to an improving US Economy and support the greenback.
The EURUSD pair showed an upward movement last Friday. We will focus on the 1.1219 daily resistance level. In order for the Euro to gain more value versus the US Dollar, it needs to break out and stay above 1.1219 on a daily basis. At this point, we will follow the next resistance level at 1.1285. Otherwise, the rise may be limited and the support level can be seen at 1.1103.
Support : 1.1103 - 1.0980 - 1.0837
Resistance : 1.1219 - 1.1285 - 1.1355
The GBPUSD pair closed last week above the main support level of 1.2606. As long as the pair stays above 1.2606 on a four hourly basis, we will see the daily resistance level of 1.2667. On the other hand, if the pair breaks down below 1.2606, the next support level can be seen at 1.2528.
Support : 1.2606 - 1.2528 - 1.2395
Resistance : 1.2667 - 1.2723 - 1.2807
The Yen rose versus the US Dollar last week with European political worries and fears of a further escalation in the China-U.S. trade dispute. As long as the pair stays below 108.49, on a daily basis, the downward movement may gain more momentum and we will face support level at 107.70. On the other hand, if the price goes beyond 108.49, the next resistance level can be seen at 108.95.
Support : 107.70 - 106.72
Resistance : 108.49 - 108.95 - 109.57
The Gold Price showed an upward movement last week. In order for the rise to gain more momentum, it needs to break out and stay above 1305 on a four hourly basis. In this case, the daily resistance level will be placed in 1316. Otherwise, the daily support level will be found in 1291.
Support: 1291 - 1278 - 1266
Resistance: 1305 - 1316 - 1327
02 Jun 19 (Sun)
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