Weekly Technical Analysis For June 29th to July 3rd, 2020

A Busy Week Ahead: Focus On US Non-Farm Payrolls And FOMC Meeting Minutes This Week

EUR/USD:

The pandemic cases are rising in California, Florida, and most of the other US states. Investors continue to worry about the surge in United States COVID-19 cases and the Fed’s warnings about the banks’ resilience are weighing on the market sentiment.

In the latest report, IMF sees a global contraction of -4.9% vs -3.0% in the April forecast.

Last week, ECB's Lagarde said that we probably have passed the lowest point of the crisis but cautious about the possibility of a second wave of infections. Economic recovery will be sequential.
The recovery will be a complicated matter, there is a lot of uncertainty, she added.

In the upcoming week, pay attention to the US Jobs Report on Thursday. US Nonfarm Payrolls are expected to rise 3.074K from 2.509K. The Unemployment Rate is expected to drop to 12.3% from 13.3%. Average hourly earnings will also be significant and are expected to come out -0.6%.

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

The minutes of the FOMC meeting due Wednesday is expected to provide investors with an insight into the Fed’s thinking on monetary policy

In the previous meeting, the Federal Reserve left its benchmark rate unchanged in the range of 0% to 0.25% and said the U.S. economy will shrink 6.5% this year, and the unemployment rate will be 9.3% by the end of the year. "We can use our tools to support the labor market and the economy, and we can use them until we fully recover," Fed Chair Jerome Powell said. 

The EURUSD pair moved back up above the 1.1237 main support level. If the price stays above 1.1237, on a four hourly basis, we will see 1.1307 as a resistance level. On the other hand, if the price drops below 1.1237, we will watch the next support level at 1.1165

Support : 1.1237 - 1.1165 - 1.1114 

Resistance : 1.1307 - 1.1365 - 1.1421

GBP/USD:

The GBPUSD pair showed an upward movement above the main support level of 1.2364. As long as the pair stays above 1.2364 on a daily basis, the upward movement may continue, we will see 1.2428 and 1.2502 as resistance levels. On the other hand, if the price drops below 1.2364, we will see the next support level at 1.2286.

Support: 1.2364 - 1.2286 - 1.2205

Resistance : 1.2428 - 1.2502 - 1.2572 

USD/JPY:

Keep your eye on the 107.22 major resistance level in the USDJPY. As long as the pair stays below 107.22, on a daily basis, we will follow 106.98 and 106.72 as support levels. In contrast, if the price rises above 107.22, the next resistance level will be at 107.52.
 
Support: 106.98 - 106.72 - 106.41
 
Resistance: 107.22 - 107.52 - 107.82

SILVER:

The Silver Price showed an upward movement above the 17.63 major support level. If the upward movement continues above 17.63, we will see resistance level at 18.16. On the downside, if the price falls below 17.63, the next support level can be seen at 17.11.

Support: 17.63 -  17.11 - 16.80

Resistance:  18.16 - 18.61 - 19.04

29 Jun 20 (Mon)

06:46 am


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