Weekly Technical Analysis For January 14th to 18th, 2019

Weekly Market News For January 14th to 18th, 2019

EUR/USD:

In the upcoming week, the Fed Chair Powell will testify on the economic outlook before the Joint Economic Committee of Congress, in Washington DC. The testimony will be monitored closely in order to see a clear direction of the Fed’s 2019 Outlook.

Looking ahead among next week's US data, Producer Price Index, Retail Sales, NY Empire State and Philadelphia Fed Manufacturing Index as well as the Crude Oil Inventories, will be closely followed by traders.

The US Retail Sales are expected to be declared at the same level 0.2% compared to the October number's 0.2%. However, Core Retail Sales excluding auto and gas are expected to ease to 0.1% m/m from 0.2% growth in the previous number. A lower than expected reading should be taken as negative for the greenback.

Moreover, The Eurozone CPI inflation will also be closely followed by traders. On the year-on-year basis, the CPI is estimated to stay to 1.6% from 1.6%. A higher than expected reading will support the Euro.

The EURUSD pair closed last week above the key support level of 1.1446. As long as the price stays above 1.1446, on a four hourly basis, the bearish action may be limited and we will see 1.1530 and 1.1607 as resistance level. Although, if the price moves down below 1.1446, the next support level can be found at 1.1367.

Support: 1.1446 - 1.1367 - 1.1262

Resistance: 1.1530 - 1.1607 - 1.1721

 

GBP/USD:

The GBPUSD pair upward movement was limited at the key level of 1.2844 last week. In the event that the fall continues, we will face 1.2711 and 1.2623 as support levels. On the other hand, If the pair goes above 1.2844, the next resistance level will be at 1.2961.

Support: 1.2711 - 1.2623 - 1.2493

Resistance: 1.2844 - 1.2961 - 1.3051

 

USD/JPY:

The USDJPY pair is trading below the main support level of 108.56. As long as the price trades below 108.56, we will see 107.65 again. Moreover, In order for the bullish action to continue, it needs to break out 108.56. Although, if the price goes beyond 108.56, the next resistance level can be found at 109.35.

Support: 107.65 - 106.46 - 105.04

Resistance: 108.56 - 109.35 - 109.90

 

GOLD:

The Yellow Metal price is trading below the key level of 1291. If the price is able to stay below the 1291 key level, we will follow 1283 and 1276. However, if the price goes beyond 1291, the next daily resistance level will be at 1307.

Support: 1283 - 1276 - 1272

Resistance: 1291 - 1307 - 1319

13 Jan 19 (Sun)

09:39 pm