A Busy Week For Trading, Focus On FOMC Meeting Minutes
The US Dollar rose last week, posting its third straight weekly gain after data showed the US economy created more jobs than expected in March, suggesting it is on a steady path to recovery from the pandemic.
U.S. nonfarm payrolls surged 916,000 jobs last month, the largest gain since last August. Data for February was revised higher to show 468,000 jobs created instead of the previously reported 379,000.
Looking ahead, The minutes of the FOMC meeting due Thursday is expected to provide investors with an insight into the Fed’s thinking on monetary policy.
The Federal Reserve kept rates unchanged last Wednesday and signaled that near-zero rates would continue through 2023 to support the next phase of the economic recovery as the vaccine rollout gets underway.
We will be watching an appearance by Fed Chair Jerome Powell who is due to discuss the global economy on an IMF panel Thursday.
Moreover, The ECB is to release its latest meeting minutes on Thursday.
We will focus on the 1.1744 main support level in the EURUSD pair. If the pair stays above 1.1744, on a four-hourly basis, we will see 1.1819 as a resistance level. On the downside, if the price drops below 1.1744, we will follow the next support level at 1.1658.
Support: 1.1744 - 1.1658 - 1.1589
Resistance : 1.1819 - 1.1867 - 1.1919
The GBPUSD pair is moving up the 1.3883 main resistance level. However, as long as the pair stays below 1.3883, on a four-hourly basis, the rise may be limited, we will follow 1.3784 as a daily support level again. 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 showed a downward movement below the main resistance level of 110.93. As long as the price stays below 110.93, on a daily basis, we will follow 110.36 and 109.72 as a support level. On the other hand, if the price goes beyond 110.93, the key resistance level can be found at 111.52.
Support : 110.36 - 109.72 - 10939
Resistance : 110.93 - 111.52 - 112.16
Keep your eye on 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
05 Apr 21 (Mon)
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