Weekly Technical Analysis For January 3rd to 7th, 2022

All Eyes Will Be On US Nonfarm Payrolls This Week

EUR/USD: Last week, U.S. data released on Thursday showed that initial jobless claims fell to 198,000 last week, with the job market seemingly undented by the spread of the omicron COVID-19 variant. 

The data also said that the Chicago PMI was a higher-than-expected 63.1 for December.

Global COVID-19 infections hit a record high over the past seven days but, comforted by data suggesting the virus may turn out to be milder than in previous waves, many governments have resisted imposing widespread new lockdowns.

In the upcoming week, the US Jobs Report will be announced on Friday. US Nonfarm Payrolls are expected to rise 400K in December from 210K in the previous month. The Unemployment Rate is expected to drop to 4.1% from 4.2%. Average hourly earnings are expected to come out 4.1%, year on a year basis.

Additionally, this week's calendar also features U.S. data on Services PMI, ISM Non-Manufacturing PMI, as well as Factory Orders

In the eurozone area, we will closely monitor inflation data for December. Consumer price inflation is expected to come out at 4.7%, stay well above the ECB’s 2% target.

The EURUSD pair moved up above 1.1365 main level. As long as the pair trades above  1.1365, on a four-hourly basis, we will face 1.1421 as the resistance level. On the upside, if the price drops below 1.1365, the next support level will be at 1.1307

Support: 1.1365 - 1.1307 - 1.1237

Resistance: 1.1421 - 1.1507

GBP/USD: Focus 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

EUR/JPY: Pay attention to the 130.23 main support level in the EURJPY pair. As long as the price stays above 130.23 on a daily basis, we will follow the key resistance level at 131.26. On the downside, if the pair drops below 130.23, the next major support level will be at 129.33.

Support: 130.23 - 129.33 - 128.39

Resistance:  131.26 - 132.07 - 132.96

GOLD: We will closely watch the 1829 main resistance level in the GOLD price. As long as the price stays below 1829, on a four-hourly basis, we will see the daily support level at 1805. On the upside, if the price moves up above 1829, the next support level will be at 1854.

Support: 1805 - 1785 - 1763

Resistance: 1829 - 1854

02 Jan 22 (Sun)

06:57 pm


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