Weekly Technical Analysis For November 2nd to 6th, 2017
EUR/USD: Last week, The US trade balance, GDP and jobless claims were better than expected. Trump’s tax announcement also behind us. Now, Investors will focus on next week’s the US Non-Farm Payrolls. Jobs report expected to reflect the loss of job growth. The expectation is 100k jobs created in September and it was at 156k a month ago. Unemployment Rate is expected to remain flat at 4.4% compared to a month ago. Average hourly earnings will be another release to be followed closely at the same time and are expected to rise 0.2% from 0.1% a previous month. An upbeat employment report will point to an improving economy and support the case for higher interest rates in the coming months.
Investors will also keep an eye on Yellen and Draghi Speeches next week. The Federal Reserve has revitalized rate expectations. Any hints on the timing of the next rate hike from Federal Reserve Chair Janet Yellen will be significant.
The EUR/USD pair dropped the key support level of 1.1720 and then found buyers from that level and closed last week just above the 1.1812 main level. As long as the price remains above 1.1812, on a daily basis, the Euro may gain more value versus the dollar. At this point, we will face 1.1884 and 1.1968 as resistance levels. On the other hand, If the pair falls below 1.1812 again, the next support level will be at 1.1769.
Support: 1.1812 - 1.1769 – 1.1720
Resistance: 1.1884 – 1.1968 – 1.2053
GBP/USD: The GBP/USD pair tested the daily support level of 1.3370 last week. However, the price could not break down that level. As long as the price stays above 1.3370, on a daily basis, the Sterling may gain more value against the greenback. In this case, we will face resistance level at 1.3433 and 1.3485. On the other hand, If the pair drops below 1.3370, the next support level will be at 1.3305.
Support: 1.3370 – 1.3305 – 1.3242
Resistance: 1.3433 – 1.3487 – 1.3555
USD/JPY: The USD/JPY pair closed last week at the 112.46 key support level. If the price able to break down 112.48 and remains below that level on a four-hourly basis, we might see a bearish action and next support levels will be at 112.08 and 111.66. Although, If the pair stays above 112.46, we will face 112.94 and 113.63 as resistance levels.
Support: 112.46 – 112.08 – 111.66
Resistance : 112.94 – 113.63 - 114.11
GOLD: The Gold price showed a bearish action and dropped to the 1276 daily support level just before the market closed last Friday. However, As long as the price stays above 1276, on a daily basis, the price may show us an upward reaction. In this case, we will face again 1283 and 1291 as resistance levels. On the other hand, if the price drops below 1276, the next support level will be at 1272.
Support: 1276 – 1272 - 1266
Resistance: 1283 – 1291 – 1307
CRUDE OIL: The Price of Crude Oil increased for four weeks and the price showed a profit taking action and closed last week the 51.75 key resistance level. As long as the price stays 51.75, on a four-hourly basis. The profit taking action may continue and we will follow support level at 50.30 and 48.48. Although, if the price goes beyond 51.75 and sustains above that level, an upward trend may continue.
Support: 50.30 –48.48 – 47.10
Resistance: 51.75