U.S. GDP, Durable Goods Orders In Focus This Week

Weekly Technical Analysis For June 22nd to 26th, 2020

The euro was under pressure last Friday after EU Leaders ended Economic Summit without consensus on a recovery plan. EUR/USD showed a downward movement and dropped to the 1.1165 main support level

On the other hand, safe havens, gold and yen showed an upward movement last week with worries about a second COVID-19 wave and diplomatic tensions in Asia.

In the upcoming week, watch out for the US GDP on Thursday. The US first-quarter gross domestic product is expected to come out at -5.0%, the same as the previous estimate.

Besides the US GDP numbers, this week's calendar also features U.S. data on Core Durable Goods Orders, PCE Price Index, New Home Sales, Existing Home Sales as well as Services PMI.

US durable goods orders excluding transportation are expected to be at 2.1% in May.

The Fed’s preferred measure of inflation, the core PCE index, which calculates spending minus volatile food and energy costs, arrives along with personal spending and income numbers from the Commerce Department on Friday. The May core PCE is expected to come out at 0.9%, year on year basis.

In addition to that, we will closely watch Manufacturing and Service PMI Numbers on Tuesday in Eurozone.

EUR/USD: The euro extended losses against the US dollar on Friday and dropped towards the daily support level of 1.1165. As long as the price stays above 1.1165 on a daily basis, the downward movement may pause and we will see 1.1237 as the key resistance level. In contrast, if the pair breaks down below 1.1165, the next support level can be found at 1.1114.

Support: 1.1165 - 1.1114 - 1.1052
Resistance: 1.1237 - 1.1307 - 1.1365

USD/JPY: Japanese yen rose versus the US dollar last week with worries about a second Covid-19 wave and diplomatic tensions in Asia.

Focus on the 106.72 daily support level. As long as the pair stays above 106.72, on a daily basis, the downward movement might be limited and we will watch the resistance levels at 106.98 and 107.22. On the other hand, if the price drops below 106.72, the next support level can be seen at 106.41.

Support : 106.72 - 106.41 - 106.15
Resistance: 106.98 - 107.22 - 107.52

Gold: The Gold price showed a downward movement and dropped below the 1745 major level. If the price stays below 1745, on a daily basis, the fall may continue and we will follow 1736 as a key support level. Otherwise, if the price rises above 1745, the next resistance level can be found at 1763.

Support: 1736 - 1722 - 1711
Resistance: 1763

Silver: The Silver price is showing an upward movement above the 17.63 daily support level. If the rise continues above 17.63, we will see resistance level at 18.16. On the downside, if the price falls below 17.63, the next support level can be seen at 17.11.

Support: 17.63 - 17.11 - 16.80
Resistance: 18.16 - 18.61 - 19.04

AUD/USD: The AUD/USD pair showed an upward movement above the 0.6848 daily support level. As long as the price stays above 0.6848, on a daily basis, the resistance level can be seen at 0.6909. Otherwise, if the price drops below 0.6848, the next support level will be at 0.6798.

Support: 0.6848 - 0.6798 - 0.6729
Resistance: 0.6909 - 0.6965 - 0.7020

DAX30: The DAX Futures index moved up above the 12254 daily support level. If the index stays above 12254, on a daily basis, the rise may continue and we will see 12350 as a resistance level. On the other hand, if the index drops below 12254, the next support level is holding at 12153.

Support: 12254 - 12153 - 12027
Resistance: 12350 - 12486 - 12642

BTC/USD: The BTC/USD pair showed an upward movement above the main level of 9321. If the Bitcoin Price sustains above 9321 on a four hourly basis, we will follow the daily resistance level at 9508. Otherwise, if the price moves down below 9321, the support level can be seen at 9100.

Support: 9321 - 9100 - 8862
Resistance: 9508 - 9696 - 9894