Weekly Technical Analysis For November 1st to 5th, 2021

Weekly Technical Analysis For November 1st to 5th, 2021

Focus on Fed Rate Decisions And US Nonfarm Payrolls This Week

EUR/USD: Last week, US Gross domestic product increased at a 2.0% annualized rate last quarter, the Commerce Department said in its advance GDP estimate on Thursday. That was the slowest since the second quarter of 2020 when the economy suffered a historic contraction in the wake of stringent mandatory measures to contain the first wave of coronavirus cases

Moreover, The ECB left policy unchanged, as widely expected, holding fire before a set of crucial decisions in December on ending pandemic emergency stimulus and returning policy to a more normal setting 

The euro was propelled after comments by European Central Bank President Christine Lagarde were interpreted in some quarters as not going far enough in affirming the central bank dovish stance

Looking ahead, watch out for on the Fed Monetary Policy Meeting this week. The Federal Reserve is expected to leave its benchmark interest rate unchanged. The meeting will give markets new guidance about monetary policy outlook. 

All eyes will be on Powell’s comments and the press conference that follows is what his current view on inflation is, after the debates over whether it is transitory or persistent

The US Jobs Report will be announced on Friday. US Nonfarm Payrolls are expected to rise 413K in September from 194K in the previous month. The Unemployment Rate is expected to drop to 4.7% from 4.8%. Average hourly earnings are expected to come out 4.9%, 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.

We are closely watching the 1.1589 main resistance level in the EURUSD pair. As long as the pair trades below 1.1589, on a four-hourly basis, we will follow 1.1507 as the support level. On the upside, if the price rises above 1.1589, the next resistance level will be at 1.1658

Support: 1.1507 - 1.1421

Resistance : 1.1589- 1.1658 - 1.1744

GBP/USD: In the upcoming week, the Bank of England releases its November monetary policy decision, with many in the markets expecting a 15 basis points hike.

The GBPUSD pair closed last week above the main level of 1.3688. As long as the price stays above 1.3688 on a four-hourly basis, we will see 1.3784 as the resistance level. Otherwise, if the pair drops below 1.3688, we will follow the next support level at 1.3599  

Support: 1.3688 - 1.3599

Resistance: 1.3784 - 1.3883 - 1.4005

USD/CHF: Pay attention to the 0.9186 main resistance level in the USDCHF pair. As long as the pair stays below 0.9186 on a four hourly basis, we will see support level at 0.9130. On the other hand, If the pair drops below 0.9164, the next resistance level will be at 0.9322

Support: 0.9130 - 0.9064 - 0.9002

Resistance: 0.9186 - 0.9322 - 0.9437

GOLD: The GOLD price moved down below the 1785 key resistance level. As long as the price stays below 1785, on a four-hourly basis, we will see the daily support level at 1763. On the upside, if the price moves up above 1785, the next support level will be at 1805.

Support: 1763 - 1745 - 1736

Resistance: 1785 - 1805

31 Oct 21 (Sun)

06:50 pm


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