Weekly Technical Analysis For April 26th to 30th, 2021

Pay Attention To The Fed Rate Decision This Week

EUR/USD:

Last week, ECB leaves key rates unchanged in April monetary policy meeting, as expected. ECB said significantly faster pace of PEPP bond-buying during the first months of the year. 

ECB Lagarde added pandemic continues to constrain activity. The near-term outlook remains clouded by uncertainty. Vaccine underpins the expectation of a firm rebound in economic activity. Inflation has picked up on idiosyncratic events but underlying pressure remains low.

The US Dollar was down last week, remaining near multi-week lows as falling gains in U.S. Treasury yields diminished the safe-haven U.S. currency interest-rate advantage.

Looking ahead, keep your eyes 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. 

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.

Focus on the US GDP Growth on Thursday. The US fourth-quarter gross domestic product is expected to increase to 6.5% from 4.3%

Besides the US GDP numbers,  this week's calendar also features U.S. data on PCE Inflation Data, CB Consumer Confidence, and Core Durable Goods Orders

The Fed’s preferred measure of inflation, the core PCE index, which calculates spending minus volatile food and energy costs, arrives along with personal spending and income numbers from the Commerce Department Wednesday. The core PCE is expected to rise to 1.8%, year on a year basis.

The EURUSD pair closed last week above the 1.2093 key support level. As long as the pair stays above 1.2093, on a four-hourly basis, we will follow 1.2169 as a resistance level. On the downside, if the price drops below 1.2093, we will follow the next support level at 1.2046.

Support : 1.2093 - 1.2046 - 1.1944

Resistance 1.2169 - 1.2214 - 1.2269

GBP/USD:

The GBPUSD pair moved down 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 - 1.4239

USD/JPY:

The USDJPY pair closed last week above the 107.82 main support level. As long as the price stays above 107.82 on a daily basis, we will follow 108.14 and 108.52 the main resistance levels. Otherwise, if the price drops below 107.82, we will follow the next support level at 107.52.

Support : 107.82 - 107.52 - 107.22

Resistance: 108.14 - 108.52 - 108.79

GOLD:  

We are closely watching the 1763 main support level in the Gold Price. If the price stays above 1763, on a four-hourly basis, we will see the daily resistance levels at 1785 and 1805. On the downside, if the price breaks down below 1763, the next support level will be at 1745.

Support: 1763 - 1745 - 1736

Resistance: 1785 - 1805 - 1829

25 Apr 21 (Sun)

05:04 pm


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