Weekly Technical Analysis For April 15th to 19th, 2019
EUR/USD
Looking ahead, the US Retail Sales for March will be published on Thursday. The consensus forecast is that the report will show retail sales rose 0.9% last month from a fall of -0.2% in February. Excluding the automobile sector, sales are expected to increase by 0.7%, after a -0.2% fall a month earlier.
Besides the retail sales report, this week's calendar also features U.S. data on building permits, housing starts, industrial production, as well as surveys on manufacturing conditions in the Philadelphia and New York regions.
In the Eurozone, Focus on CPI inflation figures for March on Wednesday. The consensus forecast is that the report will show consumer prices stayed 1.4%, but remains short of the European Central Bank's target of 2%.
The euro was higher against the US dollar last week. If the EUR/USD pair stays above 1.1285 on a four hourly basis, the rise may gain more momentum and we will see the key resistance level at 1.1355. On the other hand, if the pair shows a downward movement below 1.1285, the daily support level we will be located at 1.1219.
Support: 1.1285 - 1.1219 - 1.1103
Resistance: 1.1355 - 1.1450 - 1.1554
GBP/USD
In the UK, Consumer Price Inflation for March will be published on Wednesday. Analysts expect annual CPI to rise to 2.0%, a higher than the 1.9% increase seen in February, while core inflation is forecast to rise to 1.9% from 1.8%.
In addition to the UK inflation report, traders will focus on monthly employment and retail sales data, due on Tuesday and Thursday, respectively, for further hints on the health of the economy. As long as the GBP/USD pair trades above 1.3055 on a four hourly basis, we might see an upward movement. At this point, the key resistance level can be seen at 1.1352. On the other hand, if the pair drops below 1.3055, the next daily support level will be at 1.2994.
Support: 1.3055 - 1.2994 - 1.2931
Resistance: 1.3152 - 1.3217 - 1.3291
USD/JPY
The USD/JPY pair showed an upward movement and close last week above the key level of 111.85. As long as the pair sustains above 111.85 on a four hourly basis, the rise may continue and we will face 112.36 as a daily resistance level. On the other hand, if the price moves down below 111.85, the daily support level can be seen at 111.18.
Support: 111.85 - 111.18 - 110.35
Resistance: 112.36 - 112.98 - 112.97
GOLD
The Gold Price was under selling pressure last week. We will focus on the daily level of 1291. As long as the yellow metal price stays below 1291, on a daily basis, the bearish action may continue and we will see 1278 as a support level. On the other hand, if the price rises above 1291, the next resistance level will be found at 1305.
Support: 1278 - 1266 - 1251
Resistance: 1291 - 1305 - 1316
CRUDE OIL
The Crude Oil Price showed a downward movement below the 64.07 key level. As long as the price stays below 64.07 on a four hourly basis, the fall may continue and we will see support level at 62.80. On the other hand, if the price moves up above 64.07, we will face 65.31 as next daily resistance level.
Support: 62.80 - 61.57 - 60.38
Resistance: 64.07 - 65.31 - 67.15
DAX30
The DAX30 Index rose above the daily support level of 11947 last Friday. In the event that the upward movement continues, the key resistance level can be seen at 12173. On the other hand, if the index drops below 11947, the next support level will be at 11775.
Support: 11947 - 11775 - 11547
Resistance: 12173 - 12373 - 12565
DOW30:
The DOW30 futures index is currently trading above the key support level of 26335. If the index stays above that level on a four hourly basis, the rise may continue. In this case, we will see the major resistance level at 26596. On the other hand, If the price falls below 26335, the next support level is holding at 26062.
Support: 26335 - 26062 - 25821
Resistance: 26596