Weekly Technical Analysis For May 3rd to 7th, 2021

A Busy Week For Trading, Focus On US Nonfarm Payrolls

EUR/USD:

The US Dollar was under pressure as the U.S. Federal Reserve sticks to its dovish monetary policy.

Last week, the Fed kept its interest rate unchanged at 0.25% as it handed down its policy decision. Fed Chairman Jerome Powell played down speculation over a potential early tapering of asset buying, saying it was not time yet and that employment still had a long way towards recovery.

In the upcoming week, focus on the US Jobs Report on Friday. US Nonfarm Payrolls are expected to rise 978K in April from 916K. The Unemployment Rate is expected to drop to 5.7% from 6.0%. Average hourly earnings are expected to come out -0.4%, year on a year basis.

In addition to that, this week's calendar also features U.S. data on ISM Manufacturing PMI, Factory Orders, Crude Oil Inventories and Initial Jobless Claims.

US ISM Manufacturing PMI for April is expected to rise to 65.0 from 64.7. A better-than-expected realization may provide some support for the US Dollar.

If we look at the Eurozone, we will closely watch the Producer Price Index. On a year-on-year basis, the Eurozone PPI is expected to be 4.0%. 

Keep your eye on the 1.2046 main resistance level in the EURUSD pair. If the price stays below 1.2046, we will see the support level at 1.1994. On the upside, if the price goes beyond 1.2046, the daily resistance level can be found at 1.2093

Support: 1.1994 - 1.1919 - 1.1867

Resistance : 1.2046 - 1.2093 - 1.2169

GBP/USD:

Focus on the daily level of 1.3784 in the GBPUSD pair. If 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:

We will closely watch the main resistance level of 109.39 in the USDJPY pair. As long as the price stays below 109.39 on a daily basis, we will follow 109.09 and 108.79 as support levels. On the other hand, if the price goes beyond 109.39, the key resistance level can be found at 109.72.

Support : 109.09 - 108.79 - 108.52 

Resistance : 109.39 - 109.72 - 110.36

GOLD:

Gold Price closed last week above the 1763 main support level. 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

02 May 21 (Sun)

05:42 pm


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