Weekly Technical Analysis For March 1st to 5th, 2021

Weekly Technical Analysis For March 1st to 5th, 2021

Get Ready For US Nonfarm Payrolls This Week

EUR/USD: The US Dollar climbed higher last Friday by a sharp rise in U.S. Treasury yields, while riskier currencies were hit hard amid fears central banks will have to tighten sooner than previously expected.

US PCE price index, the Federal Reserve preferred measure of inflation, showed price pressures were tepid last month. In the 12 months through January, the PCE price index increased 1.5% from 1.4% in December.

Additionally, Fed Chairman Jerome Powell on Wednesday reiterated that the central bank would maintain its easy policy until there are clear signs of economic improvement and would look through the short-term rise in inflation. 

In the upcoming week, Pay attention to the US Jobs Report on Friday. US Nonfarm Payrolls are expected to rise 165K in February from 49K. The Unemployment Rate is expected to stay at 6.3%. Average hourly earnings are expected to come out 5.3%, year on a year basis.

In addition to that, this week's calendar also features U.S. data on     Manufacturing PMI, ISM Non-Manufacturing PMI, Initial Jobless Claims, and Crude Oil Inventories.

If we look at the Eurozone, we will closely watch the Consumer Price Index. On a year-on-year basis, the Eurozone CPI is expected to be 1.0%. 

The EURUSD pair showed a downward movement last week. We are closely watching the 1.2046 main support level. As long as the pair stays above 1.2046, on a daily basis, the downward movement may pause, we will see 1.2093 and 1.2169 as a resistance level again. On the downside, if the price drops below 1.2046, we will follow the next support level at 1.1819.

Support : 1.2046 - 1.1944 - 1.1919

Resistance 1.2093 - 1.2169 - 1.2214

GBP/USD: Keep your eye on the 1.4005 main resistance level in the GBPUSD pair. If the pair stays below 1.4005, on a daily basis, we will follow 1.3883 and 1.3784 as support levels. Otherwise, if the price rises above 1.4005, the next daily resistance level will be at 1.4329.

Support: 1.3883 - 1.3784 - 1.3688

Resistance: 1.4005 - 1.4329 

USD/JPY: The USDJPY pair moved up above the main support level of 106.41. If the price stays above 106.41, we will follow 106.72 and 106.94 as resistance levels. On the other hand, if the price drops below 106.41, the next support level can be seen at 106.15

Support : 106.41 - 106.15 - 105.84 
 
Resistance : 106.72 - 106.98 - 107.22

GOLD: The Gold price was under selling pressure last Friday. As long as the price stays below 1736, on a four-hourly basis, the downward mıovement may continue, we will see 1722 and 1711 as support levels. Otherwise, if the price rises above 1736, the next daily resistance level can be found at 1745.

Support: 1722 - 1711 - 1698

Resistance: 1745 - 1763 - 1785

28 Feb 21 (Sun)

05:47 pm


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