Weekly Technical Analysis For April 13th to 17th, 2020

Weekly Technical Analysis For April 13th to 17th, 2020

What To Watch For This Week


US Dollar was under pressure after the US Initial Jobless Claims soared to a worse-than-expected 6.6 million despite lower estimates. This laid bare the coronavirus’ negative impact on the American economy.

US Federal Reserve announced new lending plans with $2.3 trillion dollars being provided to support the American economy.

Moreover, last week’s Fed minutes showed that officials expect current ultra-loose monetary policy measures will remain in place against a "profoundly uncertain" backdrop, with the economy expected to enter a recession this year and not recover until next year in a worst-case scenario

Looking ahead, US Retail Sales figures will be closely watched on Wednesday. Economists predict that retail sales drop to -7.0% from -0.5% last month. On the other hand, Core retail sales, which exclude autos, are expected to have dropped by -3.0%.

US Housing Starts will be announced Thursday and it is a critical indicator of economic strength in the US. The market expects housing starts to ease to 1.300 mln from 1.452 mln.

US Building Permits as another key indicator of demand in the housing market measure the change in the number of new building permits issued by the government. It is expected to come out at 1.307 mln in March.

In addition to that, watch out for the Consumer Price Index in the Eurozone. On the year-on-year basis, the Eurozone CPI is expected to remain stable at 0.7%. A lower than expected reading will be negative for the single currency.

The EURUSD pair jumped up above the 1.0806 main support level and then closed last week above 1.0930. As long as the pair stays above 1.0930 on a four hourly basis, the rise may gain more momentum and we will see 1.0964 as a resistance level. In contrast, if the pair breaks down below 1.0930, the next support level will be at 1.0876.
Support: 1.0930 - 1.0876 - 1.0806
Resistance: 1.0964 - 1.1007 - 1.1052


The GBPUSD pair moved up from 1.2205 and then closed last week above the main support level of 1.2428. As long as the pair stays above 1.2428 on a four hourly basis, the upward movement öay continue, we will see 1.2502 and 1.2572 as resistance levels. On the other hand, if the price drops below 1.2428, we will see the next support level at 1.2364.

Support : 1.2428 - 1.2364 - 1.2286 

Resistance : 1.2502 - 1.2572 - 1.2671


Focus on the 108.52 daily level in the USDJPY pair. As long as the price stays below 108.52 on a daily basis, we will support levels at 108.14 and 107.82. In contrast, If the pair goes above 108.52, we will see the next resistance level at 108.79.

Support : 108.14 - 107.82 - 107.52

Resistance: 108.52 - 108.79 - 109.09 


The GOLD Price surged from the 1612 main support level and then hit the 1684 daily resistance level. In order for the upward movement to gain more momentum, it needs to break out and stay above 1684 on a daily basis. Otherwise, we might see some pullbacks, the support level can be found at 1667.

Support: 1667 - 1638 - 1626

Resistance: 1684 

12 Apr 20 (Sun)

05:36 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

© 2021 One Billion Signals All Rights Reserved