Weekly Technical Analysis For October 4th to 8th, 2021

Get Ready For US Nonfarm Payrolls This Week

EUR/USD: The US dollar began the last quarter of 2021 near its highest levels of the year and its best week since June, as currency markets braced for U.S. interest rates to rise before those of major peers.

The expectations are raising for a tapering of Federal Reserve stimulus from November and a possible interest rate hike in late 2022. 

Last week, the final revision of U.S. growth for the second quarter returned a surprise 0.1% increase over the prior reading of 6.6%. 

Moreover, US Personal income increased $35.5 billion (0.2 percent) in August according to estimates released last week by the Bureau of Economic Analysis. The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent. 

In the upcoming week, the US Jobs Report will be announced on Friday. US Nonfarm Payrolls are expected to rise 460K in September from 235K in the previous month. The Unemployment Rate is expected to drop to 5.1% from 5.2%. Average hourly earnings are expected to come out 4.6%, 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 60.0 from 61.7. A better-than-expected realization may provide some support for the US Dollar.

The EURUSD pair closed last week above the 1.1589 main support level. As long as the EURUSD pair stays above  1.1589, on a four-hourly basis, we will follow 1.1659 as the resistance level. On the downside, if the price drops below 1.1589, the next support level will be at 1.1507.

Support: 1.1589 - 1.1507– 1.1421

Resistance: 1.1658– 1.1744 - 1.1819

GBP/USD: Keep your eyes on the 1.3517 main support level in the GBPUSD pair. As long as the pair stays above 1.3517, on a daily basis, we will follow 1.3599 and 1.3688 resistance levels. Otherwise, if the price drops below 1.3517, the next resistance level will be at 1.3392.

Support: 1.3517 - 1.3392

Resistance: 1.3599 - 1.3688 - 1.3784

USD/JPY: Focus on the main resistance level of 111.52 in the USDJPY pair. As long as the price stays below 111.52, on a daily basis, we will follow 110.93 and 110.36 as support levels. On the other hand, if the price goes beyond 111.52, the key resistance level can be found at 112.16

Support : 110.93 - 110.36 - 109.72

Resistance : 111.52 - 112.16

GOLD: The GOLD price closed last week just below the 1763 key resistance level. As long as the price stays below 1763, on a four-hourly basis, we will see the daily support level at 1745. On the upside, if the price moves up above 1763, the next support level will be at 1785.

Support: 1745 - 1736

Resistance: 1763 - 1785 - 1805

03 Oct 21 (Sun)

07:32 pm


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