Weekly Technical Analysis For September 27th to October 1st, 2021

Weekly Technical Analysis For September 27th to October 1st, 2021

Heads Up: The US GDP Growth Will Be Published This Week

EUR/USD: The Federal Reserve said on Wednesday it will likely begin reducing its monthly bond purchases as soon as November and signaled interest rate increases may follow more quickly than expected as the U.S. central bank turn from pandemic crisis policies gains momentum

FOCM Meeting showed that maintaining bond buying of $120 billion per month. Inflation levels are elevated on transitory factors. The economy has made progress toward the tapering threshold. Raised individual counterparty reverse repo limit to $160 billion from $80 billion.

This week’s calendar features U.S. data on GDP growth, Pending Home Sales, Durable Good Orders, and PCE inflation. 

US GDP number will be published on Thursday. Economists predict that GDP growth is still strong at 6.6% annualized. This would mark the recovery of all the lost output caused by the pandemic.

Core Durable Goods Orders, excluding transportation, are expected to ease to 0.5% in August from 0.8% the previous month.

The US will publish updates on consumer spending and the Federal Reserve’s preferred inflation gauge on Friday, which will give fresh insight into the strength of the economy. 

The Core PCE price index is expected to rise by 0.2% in August. Year on year, economists forecast a 3.5% rise

The EURUSD pair moved down below the 1.1744 main resistance level. As long as the EURUSD pair stays below 1.1744, on a four-hourly basis, we will follow 1.1658 as the support level. On the upside, if the price rises above 1.1744, the next resistance level will be at 1.1819.

Support: 1.1658 - 1.1658 - 1.1589

Resistance : 1.1744 - 1.1819 - 1.1867

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

Support: 1.3599 - 1.3517

Resistance: 1.3688 - 1.3784 - 1.3883

USD/JPY: The USDJPY pair moved up above the 110.36 major level. As long as the pair stays above 110.36 on a daily basis, we will watch the resistance level at 110.93. On the other hand,  if the price drops below 110.36, the next support level will be placed at 109.72

Support: 110.36 - 109.72- 109.39

Resistance: 110.93 - 111.52

GOLD: The GOLD price closed last week above the 1745 main support level. As long as the price stays above 1745, on a four-hourly basis, we will see the daily resistance levels at 1763 and 1785. On the downside, if the price breaks down below 1745, the next support level will be at 1736.

Support: 1745 - 1736

Resistance: 1763 - 1785 - 1805

26 Sep 21 (Sun)

08:05 pm


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