Weekly Technical Analysis For August 30th to September 2nd, 2021

Keep Your Eye On US Nonfarm Payrolls This Week

EUR/USD: Federal Reserve Chair Jerome Powell said the central bank could begin reducing its monthly bond purchases this year, though it won’t be in a hurry to begin raising interest rates thereafter.

Powell cautioned that a move to begin winding down the bond-buying program should not be interpreted as a sign that rate hikes would soon follow.

Last week’s data showed that U.S. GDP grew 6.6% quarter-on-quarter, and the GDP price index grew 6.2% quarter-on-quarter, in the second quarter. Americans also filed a total of 353,000 initial jobless claims throughout the week.

the US Jobs Report will be announced on Friday. US Nonfarm Payrolls are expected to rise 728 in August from 943K in the previous month. The Unemployment Rate is expected to drop to 5.2% from 5.4%. Average hourly earnings are expected to come out 4.0%, year on a year basis.

In addition to that, this week's calendar also features U.S. data on Services PMI, ISM Non-Manufacturing PMI, as well as Factory Orders.

US ISM Non-Manufacturing PMI for August is expected to ease to 61.8 from 64.1. A better-than-expected realization may provide some support for the US Dollar.

Focus on the 1.1819 main level in the EURUSD pair. As long as the pair stays below 1.1819, on a four-hourly basis, we will follow 1.1744 as the 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

Resistance : 1.1819 - 1.1867 - 1.1919

GBP/USD: Pay attention to the 1.3784 daily resistance level in the GBPUSD pair. As long as the pair stays below 1.3784, on a daily basis, we will follow 1.3688 and 1.3599 as support levels. Otherwise, if the price rises above 1.3784, the next resistance level will be at 1.3883

Support: 1.3688 - 1.3599 - 1.3517

Resistance: 1.3784 - 1.3883 - 1.4005

USD/JPY: The USDJPY pair closed last week above the 109.72 main support level. As long as the pair stays above 109.72 on a daily basis, we will watch the resistance level at 110.36. On the other hand,  if the price drops below 109.72, the next support level will be placed at 109.39.

Support: 109.72 - 109.39 - 109.09

Resistance: 110.36 - 110.93 - 111.52

GOLD: The Gold price extended gains above the 1805 main support level. As long as the price stays above 1805, on a daily basis, we will see the daily resistance level at 1829. On the downside, if the price breaks down below 1805, the next support level will be at 1785.

Support: 1805 - 1785 - 1763

Resistance: 1829 - 1854 - 1873

29 Aug 21 (Sun)

05:24 pm


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