Weekly Technical Analysis For September 13th to 17h, 2021

Get Ready For US CPI Inflation This Week 

EUR/USD: Last week, the European central bank kept its interest rate unchanged at 0%, it indicated it would slow the pace of purchases under its Pandemic Emergency Purchase Program in the fourth quarter of 2021.

The US dollar was supported last week by cautious risk sentiment stemming in part from worries about the Delta variant.

U.S. producer prices rising by 8.3 percent in August, their most in over a decade, as inflationary pressure grew unrelentingly in an economy trying to break out of the shackles of the coronavirus pandemic.

Looking ahead, the U.S. consumer price index will release Tuesday.

Consumer prices are expected to have risen 0.4% last month and 5.3% over the prior year, according to estimates. Excluding the cost of food and fuel, core inflation is projected to be 4.2% on a year-over-year basis.

The Fed’s stimulus program and other monetary accommodation have been blamed for aggravating price pressures in the United States.

The US Commerce Department will report August retail sales numbers on Thursday. Economists predict that retail sales fall by -1.0% last month. On the other hand, Core retail sales, which exclude autos, are expected to have decreased by -0.1%.

In the EU area, focus on the Eurozone Consumer Price Index on Friday. On a year-on-year basis, the Eurozone CPI is expected to rise to 3.0% from 2.2%. A higher-than-expected reading will be positive for the single currency.

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: The GBPUSD pair closed last week above the daily level of 1.3784. As long as 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: The USDJPY pair moved up 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 closed last week above the 1785 major support level. As long as the price stays above 1785 on a four-hourly basis, we will see the daily resistance level at 1805. On the downside, if the price breaks down below 1785, the next support level will be at 1763

Support: 1785 - 1763 - 1745

Resistance: 1805 - 1829 - 1854

12 Sep 21 (Sun)

06:43 pm

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