Weekly Technical Analysis For June 7th to 11th, 2021

A Busy Week Ahead, Focus On US CPI Inflation And ECB Meeting

EUR/USD: Last Friday’s data showed that US Nonfarm payrolls increased by 559K last month after a revised 278K gain in April. The jobless rate dropped to 5.8% from 6.1%.US Dollar was under pressure after the disappointing payrolls print.

U.S. Treasury Secretary Yellen urged other countries to keep up spending to support their economies even as the COVID-19 pandemic wanes, and said U.S. inflation this year would be elevated but transitory.

Looking ahead, we will closely watch the CPI inflation figures on Thursday. Consumer prices are expected to have risen 0.4% last month and 4.7% over the prior year, according to estimates. Excluding the cost of food and fuel, core inflation is projected to be 3.4% on a year-over-year basis.

Focus on negotiations between Democrats and Republicans in Washington over President Joe Biden's proposed $1.7 trillion infrastructure deal.

In addition to the US data, the European Central Bank will announce its rate decision and forward guidance on Thursday. ECB will also release its updated growth forecasts for 2021 and 2022. We might see a high volatility in Euro after the monetary policy meeting.

The Eurozone GDP will be published Tuesday and it is expected to come out at -0.6% q-o-q growth. This would lead to an annual realization of -1.8%. 

Keep your eye on 1.2169 main resistance level in the EURUSD pair. As long as the price stays below 1.2169, we will see the support levels at 1.2093 and 1.2046 . On the upside, if the price goes beyond 1.2169, the daily resistance level can be found at 1.2214.

Support : 1.2093 - 1.2046 - 1.1944

Resistance 1.2169 - 1.2214 - 1.2269

GBP/USD: Pay attention to the main support level of 1.4130 in the GBPUSD. As long as the price is trading above 1.4130, we will see 1.4277 as the resistance level. Otherwise, if the pair drops below 1.4130, we will follow the next support level at 1.3999
 
Support: 1.4130 - 1.3999 - 1.3880

Resistance: 1.4277 - 1.4408

USD/JPY: The USDJPY pair closed last week below the 109.72 daily 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 moved down below the 1904 major resistance level. As long as the price stays below 1904, on a four hourly basis, we will face 1873 as a key support level. Otherwise, if the price rises above 1904, the next daily resistance level can be found at 1932

Support: 1873 - 1854 - 1829

Resistance:  1904 - 1932 - 1964

06 Jun 21 (Sun)

05:10 pm


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