Weekly Technical Analysis For July 22nd to 26th, 2019

Keep Your Eye On ECB Rate Decision And US GDP Growth This Week

EUR/USD:

The US Dollar was under pressure last week after Federal Reserve officials bolstered expectations of an aggressive rate cut this month to address weakening inflation.

New York Federal Reserve President John Williams said that the Fed will “act quickly” to support the economy as “it’s better to take preventative measures than to wait for disaster to unfold.”

Looking ahead, we will closely watch the US second-quarter gross domestic product on Friday, which is expected to see a growth of 1.8%, slowing from 3.1%.

We will focus on US Durable goods orders on Thursday. Excluding transportation in the meantime are expected to ease to 0.2% in June from 0.4% the previous month. Investors will also get an update on the health of the U.S. housing market from reports on existing home sales, new home sales and the house price index. A better than expected results will support DXY and bond yields in the US.

In the Eurozone area, the ECB is widely expected to leave interest rates unchanged when it announces its policy decision on Thursday. Weaker inflation in the eurozone and downside risks from global trade issues, coupled with signs that the Fed’s next move could be dovish, markets will focus on ECB President Mario Draghi’s press conference for similar signs of future easing.

The EURUSD pair dropped back the 1.1219 daily support level. However,  as long as the pair stays above 1.1219 on a daily basis, the fall may be limited and we will see 1.1285 again as a resistance level. On the other hand, if the pair breaks down below 1.1219, the next support level will be at 1.1103.

Support:  1.1219 - 1.1103 - 1.0980

Resistance: 1.1285 - 1.1355 - 1.1450

GBP/USD:

The GBPUSD pair closed last week below the key resistance level of 1.2528. If the pair stays below 1.2528, on a daily basis, we will follow the major support level at 1.2395 again. On the other hand, if the pair rises above 1.2528, the next resistance level will be placed at 1.2607

Support: 1.2395

Resistance: 1.2528 - 1.2607 - 1.2668

USD/JPY:

The USDJPY pair closed last week just below the key resistance level of 107.70. If the pair stays below 107.70, on a four hourly basis, we will face support level at 106.72. On the other hand, if the price goes beyond 107.70, the next resistance level can be seen at 108.49.
 
Support: 106.72 
 
Resistance : 107.70 - 108.49 - 108.95  

GOLD:

Gold Price extended gains and hit a six-year high-level last week. Middle East tensions also helped boost safe-haven gold. The 1414 main support level is critical. If the yellow metal’s price stays above 1414 on a four hourly basis, the bullish action is most likely dominate and the main resistance level can be seen at 1451 again. In contrast, If the price drops below 1414, the daily support level will be at 1391.
 
Support:  1414 - 1391 - 1364 
 
Resistance: 1451 - 1483

21 Jul 19 (Sun)

07:37 pm


Never miss a winning trading opportunity.
Join OneBillionSignals now!

Never miss a winning trading opportunity.
Join OneBillionSignals now!

Download OBS Application Download OBS Application Now Sign Up
 

Risk Warning

Important : One Billion Signals will not be liable for any losses sustained while using the services provided on the One Billion Signals application. This application is not a solicitation to trade forex signals, nor is the representation is being made that any account will, or is likely to, achieve profits or losses similar to those discussed on the application. The past performance of any trading system or methodology is not necessarily indicative of future results.

Privacy Policy | Terms of Use

© 2019 One Billion Signals All Rights Reserved