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

A Huge Week For Trading: Focus On US Non-Farm Payrolls

EUR/USD:

The Euro extended losses versus the US Dollar after the releases of strong US economic data last week.

Third-quarter economic growth was revised up to an annualized 2.1% from the first reading of 1.9%. The data was in contrast to other indicators showing a slowdown in global activity. In a separate report, durable goods gained 0.6% after falling 1.4% in the prior month.

U.S. President Donald Trump approved two bills that backs Hong Kong’s anti-government protestors. While China has vowed to retaliate, it has not taken any action so far and it is unclear if that would have any bearing on trade talks. However, Most Economists think, Trump's signing of the HK bill will not derail a US-China trade deal.

On the other hand, European Consumer Price Index picked up to 1.0% from a three-year low of 0.7% in October, beating expectations for a 0.9% reading, but remains far below ECB's target.

In the upcoming week, all eyes will be on Eurozone GDP Number and US Jobs Report.

The Eurozone GDP is expected to come out at 0.2% q-o-q growth as the same as the previous number. This would lead to an annual realization of 1.2%. A better than expected realization may support EURUSD.

Watch out for the US Non-Farm Payrolls this Friday. US Nonfarm Payrolls is expected to see 180K jobs created after rising 128K the previous month. The Unemployment Rate is expected to stay at 3.6%. Average hourly earnings will also be significant and are expected to be 0.3% which is higher than the previous month's number of 0.2%. An upbeat employment report will point to an improving US economy and support the greenback.

The EURUSD pair showed a downward movement last week. Focus on the key level of 1.1007. If the EURUSD pair stays above 1.1007 on a four hourly basis, we will see the resistance level at 1.1052. On the downside, if the price breaks down below 1.1007, the next support level will be at 1.0965.

Support:  1.1007 - 1.0965 - 1.0930

Resistance: 1.1052 - 1.1114 - 1.1165 

GBP/USD:

Keep your eye on the 1.2947 main resistance level. In order for the GBPUSD rise to gain more momentum, it needs to break out and stay above 1.2947 on a four hourly basis. At this point, the next resistance level will be at 1.3046. Otherwise, the key support level will be found at 1.2838 again.
 
Support: 1.2838 - 1.2768 - 1.2671
 
Resistance: 1.2947 - 1.3046 - 1.313

USD/JPY:

The USDJPY pair closed last week above the main support level of 109.39. As long as the price stays above 109.39 on a four hourly basis, we will follow 109.72 as the daily resistance level. In contrast, if the price falls below 109.39, we will watch the next support level at 109.09.

Support : 109.39 - 109.09 - 108.79 

Resistance: 109.72 - 110.36 - 110.93

GOLD:

The Gold Price found buyers from the 1453 support level and then hit the major resistance level of 1466. In order for the upward movement to gain more power, it needs to break out and stay above 1466 on a daily basis. Should this occur, the next resistance level can be seen at 1478. Otherwise, the rise may be limited and the key support level can be found at 1453 again.

Support: 1453 - 1440 - 1421

Resistance: 1466 - 1478 - 1492

01 Dec 19 (Sun)

07:28 pm


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