All Eyes Will Be On Powell And Yellen Testimony This Week
Last week, the Federal Reserve kept rates on hold and projected no hikes through 2023. The Federal Open Market Committee left its benchmark rate unchanged in the range of 0% to 0.25% and said it would continue its $120 billion monthly bond purchases.
In the upcoming week, the Federal Reserve Chair Powell Powell and US Treasury Secretary Yellen testify before the House Financial Services Committee on Tuesday and the Senate Banking Committee on Wednesday where they will discuss the health of the U.S. economy and the importance of fiscal and monetary stimulus in the recovery from the pandemic.
Besides the Fed Chair Powell Testifies, this week's calendar also features U.S. data U.S. Gross Domestic Product Existing Home Sales, New Home Sales Durable Goods Orders, and Core PCE Price Index
Focus on the US GDP Growth on Thursday. The US fourth-quarter gross domestic product is expected to come to 4.1%.
Core Durable Goods Orders, excluding transportation, are expected to ease to 0.6% in February from 1.3% the previous month. A better-than-expected result will support DXY and bond yields in the US.
The EURUSD pair closed last week below the 1.1919 main resistance level. If the EURUSD pair stays below 1.1919, on a four-hourly basis, the selling pressure may continue and we will follow 1.1867 and 1.1819 as a support level. Otherwise, if the price rises above 1.1919, the next resistance level will be at 1.1994.
Support: 1.1867 - 1.1819 - 1.1744
Resistance : 1.1919 - 1.1994 - 1.2046
The Bank of England (BOE) handed down its decision yesterday. It also warned that the outlook for U.K. recovery from COVID-19 remained unclear, which disappointed expectations that BOE would signal a more confident outlook.
The GBPUSD pair dropped below the 1.3883 main resistance level. As long as the pair stays below 1.3883, on a four-hourly basis, we will follow 1.3784 as a daily support level. Otherwise, if the price rises above 1.3883, the next daily resistance level will be at 1.4005
Support: 1.3784 - 1.3688 - 1.3599
Resistance: 1.3883 - 1.4005.
The USDJPY pair stayed strong above the 108.79 support level. If the price stays above 108.79 on a four-hourly basis, the rise may continue and we will face 109.09 and 109.39 the main resistance levels. Otherwise, if the price drops below 108.79, we will follow the next support level at 108.52
Support : 108.79 - 108.52 - 108.14
Resistance: 109.09 - 109.39 - 109.72
The Gold price closed last week below the 1745 key resistance level. As long as the price stays below 1745, on a daily basis, we will see 1736 and 1722 as support levels. Otherwise, if the price rises above 1745, the next daily resistance level can be found at 1763.
Support: 1736 - 1722 - 1711
Resistance: 1745 - 1763 - 1785
21 Mar 21 (Sun)
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