Weekly Technical Analysis For December 27th to 31st, 2021

What To Watch For Trading This Week

EUR/USD: Last week, the US dollar was down versus the Euro, with investors towards riskier assets as fears of the omicron COVID-19 variant virulence continue to fade

Last Wednesday, U.S. data released and it showed that the GDP grew 2.3% quarter-on-quarter in the third quarter of 2021. 

US Existing home sales were at 6.46 million for November and the Conference Board Consumer Confidence index was at 115.8 for December.

Additionally, the US personal consumption expenditures price gauge, which the Federal Reserve uses for its 2% inflation target, increased 0.6% from a month earlier and 5.7% from November 2020, the highest reading since 1982.

Looking ahead, this week's calendar features U.S. data on Crude oil inventories report, Pending Home Sales, and Chicago PMI as well as Initial Jobless Claims

The number of Americans filing new claims for jobless benefits is expected to be 205K this week.

US Pending home sales will be followed by the market. It is expected to ease to 0.6% m/m in November from a 7.5% rise in October. An increase in pending home sales is good news for the US housing market.

US Chicago PMI for December is expected to ease slightly to 61.5 from 61.8. A better-than-expected realization may provide some support for the US Dollar

Liquidity over the New Years' holiday is expected to be particularly thin so please take the necessary precautions to ensure you are not affected by increased volatility and intermittent pricing.

The EURUSD pair rose above 1.1307 main level. As long as the pair trades above  1.1307, on a four-hourly basis, we will face 1.1365 as the resistance level. On the upside, if the price drops below 1.1307, the next support level will be at 1.1237

Support: 1.1307 - 1.1237

Resistance: 1.1365 - 1.1421

GBP/USD: Keep your eye on the 1.3392 main support level in the GBPUSD pair. As long as the pair stays above 1.3392, on a four hourly basis, we will follow 1.3517 and 1.3599 resistance levels. Otherwise, if the price drops below 1.3392, the next resistance level will be at 1.3313.

Support: 1.3392 - 1.3313 - 1.3231

Resistance: 1.3517 - 1.3599 - 1.3688

EUR/JPY: The EURJPY pair closed last week below 129.33 main resistance level. As long as the currency stays below 129.33 on a daily basis, we will watch the support level at 128.39. On the other hand, If the pair rises above 129.33, the next resistance level is holding at 130.23.

Support: 128.39 - 127.52 - 126.69

Resistance: 129.33 - 130.23 - 131.26

GOLD: The Gold Price moved up above the 1805 major support level. As long as the price stays above 1805 on a four-hourly basis, we will see the daily resistance level at 1829. On the downside, if the price breaks down below 1805, the next support level will be at 1785

Support: 1805 - 1785 - 1763

Resistance: 1829 - 1854

27 Dec 21 (Mon)

06:28 am

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