Weekly Technical Analysis For June 17th to 21st, 2019

Watch Out For Central Bank Meetings This Week

EUR/USD:

The U.S. dollar surged last Friday as retail sales picked up in May, indicating a rebound in the American economy.

In the upcoming week, the Federal Reserve will announce its latest monetary policy decision on Wednesday. Investors will look for any signal that policymakers intend to cut at their next meeting. Last week’s weak inflation reports have led traders to think the Federal Reserve could cut interest rates later this year. Also, Trump said the Fed has set interest rates too high.

Fed Chair Jerome Powell will hold a press conference following the meeting, with awaiting his insights on the policy outlook.

Besides the Fed Rate Decision, this week's calendar also features U.S. data on building permits, housing starts, as well as surveys on manufacturing conditions in the Philadelphia and New York regions.

Moreover, we will focus on the European Central Bank’s annual three-day meeting in Sintra.

The EURUSD pair pulled back below the major level of 1.1219. If the pair stays below 1.1219, the selling pressure may gain more momentum 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
 
GBP/USD: 

The British pound was under pressure last week after the first round of the Conservative Party leadership contest left Boris Johnson as the clear favorite. 

Looking ahead, the UK Office for National Statistics will release data on consumer price inflation for May at on Wednesday. Analysts expect annual CPI to come out at 2.0%, while core inflation is forecast to ease, from 1.8% to 1.6%.

In addition to the inflation report, focus on the BoE Rate Decision. The Bank of England looks likely to leave monetary policy unchanged after its meeting on Thursday.

The GBPUSD pair closed last week below the key level of 1.2606. As long as the pair stays below 1.2606 on a four hourly basis, we will see the key support level of 1.2528. On the other hand, if the pair goes beyond 1.2606, the next resistance level can be found at 1.2667.

Support: 1.2528 - 1.2395
 
Resistance : 1.2606 - 1.2667 - 1.2723 

USD/JPY:

The Bank of Japan has a policy decision on Thursday and we expect it to keep monetary policy on hold.

The USDJPY pair rose above the major level of 108.49. As long as the pair sustains above 108.49 on a daily basis, the upward movement may continue and we will see the resistance level at 108.95. On the other hand, if the pair fall back below 108.49, the next support level will be placed at 107.70
 
Support : 108.49 - 107.70 - 106.72

Resistance: 108.95 - 109.57 - 110.35

GOLD:

The Gold Price pulled back to the daily support level of 1338 after hitting to its highest level since April 2018. Investors are digesting concerns on global economic growth and political uncertainties.

As long as the yellow metal’s price sustains above 1338 on a daily basis, the downward movement may be limited and we will see the resistance level at 1352 again. On the other hand, if the pair falls below 1338, the next support level will be placed in 1327.
 
Support : 1338 - 1327 - 1316 

Resistance : 1351 - 1364 - 1391

16 Jun 19 (Sun)

08:27 pm


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