Weekly Technical Analysis For January 17th to 21st, 2022

Weekly Technical Analysis For January 17th to 21st, 2022

What To Watch For Trading This Week 

EUR/USD: US Inflation is surging as COVID-19 and the recovery from the pandemic has caused bottlenecks in the supply chain. US Consumer prices jumped 7% year-on-year in December, the largest gain since June 1982, the government said on Wednesday.

The US producer price index for final demand increased 0.2% last month after surging 1.0% in November. Wholesale services prices rose 0.5%, accounting for the increase in the PPI. That followed a 0.9% jump in November.

Moreover, U.S. retail sales slumped in December by the most in 10 months, suggesting the fastest inflation in decades is taking a greater toll on consumers just as the nation confronts more coronavirus infections. The value of overall purchases decreased 1.9%, after a revised 0.2% gain a month earlier, US Commerce Department figures showed Friday.

In the upcoming week, US Housing Starts will be announced Wednesday and it is a critical indicator of economic strength in the US. The market expects housing to start to ease to 1.650 mln from 1.679 mln.

US Building Permits as another key indicator of demand in the housing market measure the change in the number of new building permits issued by the government. It is expected to come out at 1.650 mln in December.

The US Philadelphia Fed Manufacturing Index for December will be also closely followed by traders. The data is estimated to see an outcome of 18.5.

The minutes of the ECB meeting will be published on Thursday. ECB extended stimulus measures in the last meeting. We might get more information about ECB’s 2022 outlook. 

The EURUSD pair closed last week below the 1.1421 main level. As long as the pair stays below 1.1421 on a four-hourly basis, we will face 1.1365 as the support level. On the upside, if the price goes beyond 1.1421, the next resistance level will be at 1.1507.

Support: 1.1365 - 1.1307 - 1.1237

Resistance: 1.1421 - 1.1507

GBP/USD: Pay attention to the 1.3688 main support level in the GBPUSD pair. As long as the pair stays above 1.3688, on a four-hourly basis, we will follow the 1.3784 resistance level. Otherwise, if the price drops below 1.3688, the next support level will be at 1.3599.

Support: 1.3688 – 1.3599 – 1.3517

Resistance: 1.3784 – 1.3883– 1.4005

EUR/JPY: Keep your eye on the 130.23 key 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: The Gold price closed last week below the 1829 main resistance level. 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

16 Jan 22 (Sun)

08:12 pm


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