Weekly Technical Analysis For November 25th to 29th, 2019

EUR/USD:

The US Dollar rose versus the Euro last Friday after Trump's comments about the US-China trade deal. US President Trump said a deal with China was potentially very close.

The minutes of the last FOMC policy meeting released last Wednesday. Most officials saw rates as well-calibrated, according to the meeting minutes. FOCM Minutes also signaled that monetary policy would likely remain on pause for the rest of the year unless there was a “material reassessment” of the central bank’s outlook on the economy.

In European Central Bank President Christine Lagarde's first major speech, called for a new policy mix for Europe to ensure the economy will thrive in an increasingly uncertain global situation.

In the upcoming week, U.S. gross domestic product growth will be published on Wednesday. Analysts expect growth to be at 1.9% in the third quarter.

In Addition to US GDP Number, we will focus on the October measures of durable goods orders from the US. Core durable goods orders, which exclude autos, are predicted to have risen 0.2%

Moreover, the Fed’s preferred measure of inflation, the core PCE index, which calculates spending minus volatile food and energy costs, comes out on Wednesday. The October core PCE is expected to remain unchanged at 1.7% year on year basis.

In the Eurozone, watch out for the German Unemployment Rate and the Eurozone Consumer Price Index. On the year-on-year basis, the Eurozone CPI is expected to rise to 0.9% from 0.7%. 

The EURUSD pair showed a downward movement last week. Focus on the key support level of 1.1007. If the pair breaks down and stays below 1.1007, on a four hourly basis, the downward movement may gain more momentum and we will see the daily support level at 1.0965. On the upside, if the pair rises above 1.1007, the next resistance level can be seen at 1.1052.

Support : 1.1007 - 1.0965 - 1.0930

Resistance : 1.1052 - 1.1114 - 1.1165

GBP/USD:

The GBPUSD pair dropped below the main level of 1.2838. If the GBPUSD pair stays below 1.2838 on a four hourly basis, the downward movement may continue and we will watch the support level at 1.2768. On the upside, if the price goes beyond 1.2838, the resistance level can be found at 1.2947.

Support : 1.2768 - 1.2671 - 1.2572

Resistance: 1.2838 - 1.2947 - 1.3046

USD/JPY:  

The USDJPY pair stayed in a narrow consolidation range this week. If the price stays above 108.52 on a daily basis,  we will face 108.79 and 109.09 as the resistance levels. In contrast, If the pair drops below 108.52, we will see the next support level at 108.14 

Support : 108.52 - 108.14 - 107.82

Resistance: 108.79 - 109.09 - 109.39

GOLD:

Gold prices were under pressure after Wednesday’s release of the Federal Reserve’s minutes that clearly showed FOMC Members against a fourth straight rate cut in December.

As long as the Gold price stays below the 1466 major resistance level, on a daily basis, the downward movement may continue and we will follow 1453 as a key support level. Otherwise, if the price rises above 1466, the next resistance level can be found at 1478 again.

Support: 1453 - 1440 - 1421

Resistance: 1466 - 1478 - 1492

24 Nov 19 (Sun)

05:48 pm


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