Weekly Technical Analysis For March 15th to 19th, 2021

Get Ready For The Fed Rate Decision This Week

EUR/USD:

Last week, European Central Bank left key rates unchanged in March monetary policy meeting, as expected. ECB said based on a joint assessment of financing conditions and inflation outlook, ECB expects purchases under PEPP over the next quarter to be conducted at a significantly higher pace than during the first months of this year. 

In the US, Core Consumer Prices rose by just 0.1% month-on-month in February, unchanged from January’s release. On the year, prices rose 1.3%, slowing down slightly from the 1.4% rate recorded in January.

Looking ahead, focus on the Fed Monetary Policy Meeting this week. The Federal Reserve is expected to leave its benchmark interest rate unchanged. The meeting will give markets new guidance about monetary policy outlook. The U.S. central bank will also release new forecasts for economic growth

In the previous meeting, the Federal Reserve left its benchmark rate unchanged in the range of 0% to 0.25% and said it would keep rates within the current range until the economy has moved on from the Covid-19 crisis and is on track to meet the central bank's targets. Watch out this week's rate decision, the market will also respond to Chairman Jerome Powell’s comments at his press conference.

Moreover, US Retail Sales figures will be closely watched on Tuesday Economists predict that retail sales drop at -0.6% in February. On the other hand, Core retail sales, which exclude autos, are expected to have decreased by -0.1%.

The EURUSD pair closed the last week above the 1.1919 main support level. If the pair stays above 1.1919, on a four-hourly basis, we will see 1.1994 and 1.2046 as resistance levels. On the downside, if the price drops below 1.1919, we will follow the next support level at 1.1867

Support: 1.1919 - 1.1867 - 1.1819

Resistance : 1.1994 - 1.2046 - 1.2093

GBP/USD:

Focus on the BoE Rate Decision. The Bank of England looks likely to leave monetary policy unchanged after its meeting on Thursday.

The GBPUSD pair stayed above the main support level of 1.3883. As long as the price trades above 1.3883 on a four-hourly basis, we will see 1.4005 as the resistance level again. Otherwise, if the pair drops below 1.3883, we will follow the next support level at 1.3784.
 
Support: 1.3883 - 1.3784 - 1.3688 

Resistance: 1.4005 - 1.4329 

USD/JPY:

Pay attention to the BoJ Monetary Policy meeting in the upcoming week. The BOJ is expected to keep the policy on hold next week

The USDJPY pair reached the main resistance level of 109.09. However, as long as the price stays below 109.09 on a daily basis, the rise may pause and we will follow 108.79 and 108.52 as a support level. On the other hand, if the price goes beyond 109.09, the key resistance level can be found at 109.39

Support : 108.79 - 108.52 - 108.14 

Resistance : 109.09 - 109.39 - 109.72

GOLD:

We are closely watching the 1722 main support level in the Gold Price. As long as the price stays above 1722, on a daily basis, we will see the daily resistance levels at 1736 and 1745. On the downside, if the price breaks down below 1722, the next support level will be at 1711

Support: 1722 - 1711 - 1698

Resistance: 1736 - 1745 - 1763

14 Mar 21 (Sun)

06:14 pm


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