Weekly Technical Analysis For December 30th to January 3rd, 2019

All Eyes Will Be On The FOMC Meeting Minutes This Week


The optimism over a U.S.-China trade agreement was dominated last week. Beijing said on Wednesday it is in close touch with Washington on a trade deal signing ceremony, a day after U.S. President Donald Trump said he and Chinese President Xi Jinping will have a ceremony to sign the agreement.

Looking ahead, the economic calendar will bring an update on the health of the U.S. economy, with reports on Pending Home Sales, CB Consumer Confidence as well as ISM Manufacturing PMI.

Besides the US data, we will focus on the release of the minutes from the Federal Reserve's last meeting on Thursday for further insight into the outlook for monetary policy in the months ahead.

The Federal Reserve kept interest rates on hold in the last meeting, signaling that the current path of monetary policy was "appropriate" to support economic growth and would likely remain in place through next year.

The German CPI inflation will be published on Friday. On the year-on-year basis, the CPI is estimated to rise to 1.4% from 1.1%. A higher than expected reading will support the single currency.

Keep in mind, trading volumes are expected to remain light due to the New Year’s break in the upcoming week.

The EURUSD pair showed an upward movement and closed last week above the main level of 1.1165. As long as the price stays above 1.1165 on a daily basis, the rise may gain more momentum and we will see 1.1237 as a resistance level. On the downside, if the price drops below 1.1165, we will follow the next support level at 1.1114

Support : 1.1165 - 1.1114 - 1.1052

Resistance : 1.1237 - 1.1307 - 1.1365


The GBPUSD pair found buyers from the 1.2947 daily support level and then showed an upward movement last week. If the pair stays above 1.3046 on a daily basis, the rise may continue and the key resistance levels can be seen at 1.3136 and 1.3231. On the other hand, if the pair falls below 1.3046, the next support level is holding at 1.2947 again.

Support: 1.3046 - 1.2947 - 1.2838

Resistance: 1.3136 - 1.3231 - 1.3313


The USDJPY pair closed last week above the main support level of 109.39. If the price continues to rise above 109.39, we will follow the 109.72 daily resistance level. In contrast, if the price drops below 109.39, we will see the next support level at 109.09.

Support : 109.39 - 109.09 - 108.79 

Resistance: 109.72 - 110.36 - 110.93


Gold prices rose to a two-month high-level last week. We will closely watch the main support level of 1509. If the yellow metal price stays above 1509 on a four hourly basis, the upward movement may gain more momentum and the daily resistance level can be seen at 1524. Otherwise, if the price drops below 1509, the major support level will be at 1492.

Support: 1509 - 1492 - 1478 

Resistance 1524 - 1540 - 1555

29 Dec 19 (Sun)

07:12 pm

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