Weekly Technical Analysis For September 2nd to 6th, 2019

Get Ready For the US Non-Farm Payrolls

EUR/USD:

The EURUSD pair hit it’s the lowest level since May 2017. The sharp downward movement came out last Friday as London closed for the month and after currency options expired. The German economy is heading toward a recession and also Brexit Turmoil is continuing. Moreover, European Central Bank is working on a stimulus proposal for policymakers to consider at their Sept. 12 meeting, amid rising expectations the institution will cut interest rates further below zero and consider fresh asset purchases.

On the other hand, tensions between China and the U.S. seemingly eased somewhat last week. China’s Foreign Ministry said China is willing to negotiate with the US on trade issues “with a calm attitude,” adding that Beijing will not retaliate against U.S.’s latest tariff moves for now.

Last week's US GDP Data showed that U.S. second-quarter economic growth slowed to 2%, in line with expectations. Addition to that, Eurozone Inflation stayed at 1%, which is under the ECB goal of 2%.

We will closely watch the US Non-Farm Payrolls and Eurozone GDP Numbers in the upcoming week.

The U.S. Labor Department will publish its monthly employment report for August on Friday. US Nonfarm Payrolls is expected to see 159K jobs created after rising 164K the previous month. The Unemployment Rate is expected to stay at 3.7%. Average hourly earnings will also be significant and are expected to be 0.3% the same as the previous month's number of 0.3%. An upbeat employment report will point to an improving US economy and support the greenback.

Moreover, Eurozone second-quarter economic growth, measured by gross domestic product (GDP), is expected to stay at an annualized rate of 1.1%

The Euro was under pressure versus the US Dollar last week. Now, we will focus on the 1.0979 major support level. As long as the EURUSD pair stays above 1.0979 on a daily basis, we might see an upward reaction from 1.0979. At this point, we will see 1.1052 as the main resistance level.

Support: 1.0979

Resistance : 1.1052 - 1.1114 - 1.1165 

GBP/USD:

The GBPUSD pair has extended losses last week. As long as the GBPUSD pair stays below 1.2205 on a daily basis, the selling pressure may continue and we will see 1.2110 and 1.2024  as support levels. On the upside, if the pair goes beyond 1.2205, the next support level will be at 1.2286.

Support: 1.2110 - 1.2024

Resistance: 1.2205 - 1.2286 - 1.2364 

USD/JPY:

The USDJPY pair closed last week above the daily support level of 106.15. As long as the price stays above 106.15, on a daily basis, we will follow 106.41 and 106.72 as resistance levels again. On the other hand, if the price drops below 106.15, the next support level can be seen at 105.84. 

Support : 106.15 - 105.84 - 105.58

Resistance : 106.41 - 106.72 - 106.98

GOLD:

The Gold Price showed a downward movement last week and closed the week just below the 1524 main level. As long as the price stays below 1524 on a daily basis, the fall may continue and we will see the support levels at 1509 and 1492. On the upside, If the price goes beyond 1524, the key resistance level will be at 1540

Support: 1509 - 1492

Resistance: 1524 - 1540 - 1555

01 Sep 19 (Sun)

07:53 pm


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