Weekly Technical Analysis For March 29th to April 2nd, 2021

All Eyes Will Be On US Nonfarm Payrolls This Week

EUR/USD:

The US Dollar hit its highest since November against most major currencies last week, buoyed by hopes of over-improving U.S. economic data and the availability of coronavirus vaccines, while the euro recovered from heavy losses a day before.

Last week, U.S. jobless claims fell to a one-year low. ABD President Joe Biden said he will double his vaccination rollout plan after reaching his previous goal of 100 million shots 42 days ahead of schedule, both of which support optimism in the US Dollar

In the upcoming week, keep your eye on the US Jobs Report on Friday. US Nonfarm Payrolls are expected to rise 182K in March from 21K. The Unemployment Rate is expected to stay at 6.2%. Average hourly earnings are expected to come out 4.5%, year on a year basis.

In addition to that, this week's calendar also features U.S. data on Pending Home Sales, CB Consumer Confidence, Initial Jobless Claims, and ISM Manufacturing PMI.

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 1.3%. 

German Unemployment Rate will be also closely followed by the market on Wednesday. The market expects the unemployment rate to be at 6.0% in March, the same as a month ago.

The EURUSD pair moved down below 1.1819 main resistance level. As long as the price stays below 1.1819, on a four-hourly basis, the fall may continue and we will follow 1.1744 and 1.1658 as the main support level. On the upside, if the price rises above 1.1819, the next resistance level will be at 1.1867

Support: 1.1744 - 1.1658 - 1.1589

Resistance : 1.1819 - 1.1867 - 1.1919 

GBP/USD:

Focus on the U.K. Gross Domestic Product (GDP) on Wednesday. The UK GDP is expected to come out -7.8%, the same as the previous number, year-on-year. 

The GBPUSD pair moved up above the daily support level of 1.3784. As long as the price stays above 1.3784 on a four-hourly basis, we will see 1.3883 as the resistance level. Otherwise, if the pair drops below 1.3784, we will follow the next support level at 1.3688

Support: 1.3784 - 1.3688 - 1.3599

Resistance: 1.3883 - 1.4005 - 1.4329

USD/JPY:

The USDJPY pair closed last week below the 109.72 major resistance level. As long as the pair stays below 109.72 on a daily basis, we will watch the support levels at 109.39 and 109.09. On the other hand,  if the price goes beyond 109.72, the next resistance level will be placed at 110.36

Support: 109.39 - 109.09 - 108.79

Resistance: 109.72 - 110.36 - 110.93

GOLD:

The Gold price closed last week below the 1736 key resistance level. If the price stays below 1736, on a four-hourly basis, 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: 1736 - 1745 - 1763

28 Mar 21 (Sun)

06:31 pm


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