Spreads
Spreads
Spreads
Spreads
Spreads
Gold (XAUUSD)
Gold saw a significant boost after the Fed rate decision but ended the week on a lower note due to the US Jobs reports. Despite that, it remained within the support and resistance range. The precious metal closed the week at $2,016.
On the weekly timeframe, we can see that the Stochastic Indicator is lower after exiting the overbought level. The gold price is currently moving above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at $2,048 and $2,071 with the support levels at $1,988 and $1,944.
Meanwhile, on the daily timeframe, the Stochastic Indicator is moving lower after reaching the overbought level. The price is now moving above the 20, 50, and 200-period moving averages.
Our daily resistance levels are at $2,040 and $2,079, with the support levels at $1,993 and $1,969.
Conclusion: High-impact CPI and PPI news are expected this week, which will provide insight into the inflation situation in the US. As a result, we anticipate gold to rise this week and potentially reach our resistance level of $2,040.
EURUSD
The EURUSD remained steady last week and traded within our support and resistance levels. By the end of the week, the EURUSD closed at 1.1017.
On the weekly timeframe, the Stochastic Indicator is moving higher around the overbought level. The price is still trading below the 200-period moving average, but above the 20 and 50-period moving averages.
Our weekly resistance levels are at 1.1119 and 1.1236, with support levels at 1.0894 and 1.0759.
On the daily timeframe, the Stochastic Indicator is moving in the middle. The price is now moving above the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 1.1067 and 1.1160, while the support levels are at 1.0955 and 1.0853.
Conclusion: During this week, there will be high-impact news with the CPI and PPI releases, which will provide insight into the inflation condition in the US. Based on this, it is anticipated that the EURUSD could rise and possibly reach our resistance level of 1.1119.
DJ30
The DJ30 experienced a dip last week due to some earnings reports from regional banks. The index closed the week lower at 33670.
On the weekly timeframe, we can see that the Stochastic Indicator is still moving inside the overbought level. The price is now moving above the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 34785 and 35481, with support levels at 33368 and 32696.
In the daily timeframe, we can see that the stochastic indicator is moving lower near the oversold level. The price is moving back ABOVE the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 34278 and 34622, with support levels at 33641 and 33274.
Conclusion: This week will feature the release of US inflation data. It’s expected that the DJ30 will increase as a result, with the potential to reach our resistance level of 34,278.
USOUSD
USOUSD (Oil) experienced a downward trend last week and successfully breached our support levels as anticipated. It closed the week at 71.34.
On the weekly timeframe, the Stochastic Indicator exited the overbought level. The price is now moving BELOW the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 77.66 and 82.52, with support levels at 69.35 and 63.98.
On the daily timeframe, the Stochastic Indicator is moving just around the oversold level. Price is now moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 72.79 and 76.59, while support levels are at 67.63 and 64.23.
Conclusion: Oil is heading towards its third consecutive weekly loss due to economic concerns, leading to a significant plunge in demand from both the US and China. Despite a slight increase early in the week, we anticipate that there will be a further decline in USOUSD, and will reach our next level of support below 70.
NAS100
Despite a slowdown in the first four days of the week, the NAS100 saw a slight rise on Friday resulting in a steady performance overall. The week concluded with the NAS100 closing at 13,246.
On the weekly timeframe, we can see that the Stochastic Indicator is still moving inside the overbought level. The price is now moving above the 20, 50 and 200-period moving averages.
Our weekly resistance levels are at 13580 and 14279, with support levels at 12595 and 11896.
In the daily timeframe, we can see that the stochastic indicator is moving in the middle. The price is now moving ABOVE the 20, 50 and 200-period moving averages.
Our daily resistance levels are currently at 13314 and 13668, while support levels are at 12844 and 12577.
Conclusion: With the release of US inflation data such as CPI and PPI, we anticipate NAS100 to experience an upward trend, potentially reaching our resistance level of 13,580.
GBPUSD
The GBPUSD experienced a rise last week with its initial movement impacted by the Fed and the US jobs reports. The pair ended the week at 1.2630.
On the weekly timeframe, the Stochastic Indicator is moving on the edge of the overbought level. The price is moving above the 20 and 50-period moving averages and below the 200-period moving average.
Our weekly resistance levels are at 1.2661 and 1.2829, while support levels are at 1.2393 and 1.2224.
On the daily timeframe, our stochastic indicator is moving higher targeting the overbought level. The price is still above the 20, 50, and 200-period moving averages.
Our daily resistance levels are now at 1.2670 and 1.2772, while support levels are at 1.2567 and 1.2484.
Conclusion: This week, the Bank of England is set to release its rate statement. It will be interesting to see its decision following differing actions from other major central banks. It is expected that the GBPUSD will continue its upward trend and potentially reach our resistance level of 1.2661.
USD Index
Last week, USD Index moved lower affected by the Fed rate decision, but able to move slightly higher on Friday by the US Jobs reports. The USD Index closed the week slightly lower at 101.04.
On the weekly timeframe, we can see that the Stochastic Indicator is moving just above the oversold level. Price is still moving BELOW the 20 and 50-period moving averages but still above the 200-period moving average.
Our weekly resistance levels are at 102.13 and 103.69 with the support levels at 100.51 and 99.35.
On the daily timeframe, the Stochastic Indicator is moving lower targeting the oversold level. Price is now moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 101.71 and 102.81 with the support levels at 100.69 and 99.78.
Conclusion: The USD Index experienced a decline last week due to the monetary policy decision made by the Fed, though it did recover slightly on Friday after the release of US jobs reports. The index closed the week slightly lower at 101.04.
USDJPY
The USDJPY was impacted by the Fed’s monetary policy decision last week, resulting in a downward movement. The week concluded as the USDJPY closed at 134.81.
On the weekly timeframe, we can see that the Stochastic Indicator is still moving higher targeting the overbought level. The price is moving above the 20, 50 and 200-period moving average.
Our weekly resistance levels are at 136.79 and 139.15, with the support levels at 134.07 and 132.44.
On the daily timeframe, the stochastic indicator is moving lower targeting the oversold level. Price is moving above the 20, 50 and at 200-period moving averages.
Our daily resistance levels are now at 135.31 and 136.53, while the support levels are at 133.79 and 133.08.
Conclusion: This week, the release of US CPI and PPI is expected to cause high market volatility. As such, it’s anticipated that the USDJPY will continue its downward trend and potentially reach our support level of 134.07.
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