Weekly Technical Analysis For September 6th to 10th, 2021

Focus On US PPI Inflation And ECB Meeting

EUR/USD: Last Friday, US Labor Department reported that the economy added 235K jobs in August, falling far short of economists estimate of 750K. However, the unemployment rate fell to 5.2% from 5.4% in July and July job growth was revised sharply higher, pointing to underlying strength in the economy.

Comments by Federal Reserve officials will be in focus after the disappointing August employment report in upcoming week.

Looking ahead, we will closely watch the PPI inflation figures on Friday. PPI numbers are expected to have risen 0.6% last month and 8.2% over the prior year, according to estimates. US core inflation is projected to be 6.6% on a year-over-year basis.

In addition to the US data, the European Central Bank will announce its rate decision and forward guidance on Thursday. 

Inflation in the euro area has surged to a 10-year high of 3%. The ECB has indicated that any increase in inflation is likely to be temporary, but some hawkish officials have recently diverged from this view. 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 2.0% q-o-q growth. This would lead to an annual realization of 13.6%.

The EURUSD pair moved up above the 1.1867 main level. As long as the pair stays above 1.1867, on a four-hourly basis, we will follow 1.1919 as the main resistance level. On the downside, if the price drops back below 1.1867, the next support level will be at 1.1819

Support: 1.1867 - 1.1819 - 1.1744

Resistance : 1.1919 - 1.1994

GBP/USD: The GBPUSD pair closed last week below the 1.3883 key 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

USD/JPY: Keep you eye on the 109.72 main support level in the USDJPY pair. 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

GOLD: Focus on the 1829 major resistance level in the GOLD price. As long as the price stays below 1829, on a daily basis, we will see 1805 as key support level. Otherwise, if the price rises above 1829, the next daily resistance level can be found at 1854.

Support: 1805 - 1785 - 1763

Resistance: 1829 - 1854

05 Sep 21 (Sun)

09:20 pm


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