Weekly Technical Analysis For June 10th to 14th, 2019

Keep Your Eye On US Inflation Numbers This Week


The US Dollar dropped significantly against all major currencies after the US Non-Farm Payrolls Data. The US Economy created 75K jobs in May, much fewer than expected, while wage inflation eased, the Labor Department reported last Friday. The US Jobs Report increased expectations that the Fed will cut rates as the job market peaks.

Looking ahead, Inflation numbers will be the main market focus in the US.

On average, economists expect that the US CPI rose 0.1% in May. The year-on-year rate of inflation is expected to ease to 1.9% from 2.0%. The core CPI, which excludes food and energy prices, is expected to have risen 0.2%

The US PPI will be released on Tuesday which is expected to have risen 0.1% last month. The core PPI is forecast to post a 0.2% rise.

Moreover, US Retail Sales figures will be closely watched this week. The Commerce Department will report May retail sales numbers on Friday. Economists predict that retail sales rose 0.6% last month. On the other hand, Core retail sales, which exclude autos, are expected to have risen 0.4%. A higher than expected reading should be taken as positive for the greenback.

The EURUSD pair found buyers from the 1.1219 daily support level and then surged last week. The daily resistance level at 1.1355 is critical for the bullish action. In order for the rise to gain more momentum, it needs to break out and stay above 1.1355 on a daily basis. At this point, we will see the next resistance level at 1.1450. Otherwise, the upward movement may pause and the support level can be seen at 1.1285

Support: 1.1285 - 1.1219 - 1.1103

Resistance: 1.1355 -  1.1450 - 1.1554


UK Manufacturing Production will be published on Monday. The UK Manufacturing Production is expected to fall to -0.1% in April from 0.9% rise in the previous reading. Additionally, we will focus on monthly GDP figures for further hints on the health of the economy.
The GBPUSD pair closed last week above the 1.2723 key support level. As long as the pair stays above 1.2723 on a four hourly basis, the sterling may gain more value versus the US Dollar. At this point, we will see the resistance level at 1.2807. In contrast, if the pair falls below 1.2723, the next daily support level will be at 1.2668.
Support: 1.2723 - 1.2667 - 1.2606
Resistance: 1.2807 - 1.2871 - 1.2931

The USDJPY pair found sellers from the major resistance level of 108.49. If the selling pressure continues, we will face support levels at 107.70 and 106.72. On the other hand, if the price goes beyond 108.49, the next resistance level will be located at 108.95.
Support: 107.70 - 106.72
Resistance : 108.49 - 108.95 - 109.57

Gold Price jumped up above the key support level of 1305 and then closed last week above the 1338 daily level. As long as the yellow metal’s price sustains above 1338 on a daily basis, the bullish action may continue and we will see the resistance level at 1352. On the other hand, if the pair falls back below 1338, the next support level will be placed in 1327.
Support : 1337 - 1327 - 1316 
Resistance : 1351 - 1364 - 1391

09 Jun 19 (Sun)

06:48 pm

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