• EURUSD

    Spreads

  • GBPUSD

    Spreads

  • XAUUSD

    Spreads

  • CL-OIL

    Spreads

  • Cocoa-C

    Spreads

  • View more
 

Weekly Technical Analysis | 15 May 2023

  

Gold (XAUUSD)

Last week, gold experienced significant fluctuations yet remained within our weekly support and resistance levels. This movement was influenced by the varied responses to CPI and PPI data, which served as inflation indicators. The week concluded with gold valued at $2,010.

On the weekly timeframe, we can see that the Stochastic Indicator is lower in the middle, showing Gold is still in a neutral trend. 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 targeting the oversold level. The price is now 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: This week, US retail sales data and various international figures will be released, though their impact is not expected to match last week’s movements. We anticipate gold’s value to decrease, potentially reaching our daily support level of $1,993.

EURUSD

The previous week saw a decline in EURUSD following a sequence of robust movements, resulting in the breach of our support levels. The week concluded with EURUSD at 1.0849.

On the weekly timeframe, the Stochastic Indicator is moving lower after exiting 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 1.0922 and 1.1097, with support levels at 1.0759 and 1.0635.

On the daily timeframe, the Stochastic Indicator is moving lower, entering the oversold level. The price is now below the 20 and 50, but still above the 200-period moving averages. 

Our daily resistance levels are at 1.0913 and 1.1067, while the support levels are at 1.0759 and 1.0643.

Conclusion: This week, the primary data release will be the US retail sales, which could influence EURUSD. It is anticipated that the pair may trend downward, potentially reaching our support level of 1.0759.

DJ30

Last week, the DJ30 moved lower and was able to break our support levels. The DJ30 closed the week lower at 33253.

On the weekly timeframe, we can see that the Stochastic Indicator is moving lower after exiting the overbought level. The price is now moving around the 20 and 50, but still above the 200-period moving averages.

Our weekly resistance levels are at 33790 and 34876, with support levels at 32696 and 31894.

In the daily timeframe, we can see that the stochastic indicator is moving lower in the middle. The price is moving below the 20 and 50, but still above the 200-period moving averages.

Our daily resistance levels are at 33695 and 34134, with support levels at 33077 and 32620.

Conclusion: Following a few unstable weeks driven by earnings reports, the sole major event this week will be the US retail sales data. It is anticipated that the DJ30 may decline, potentially reaching our support level of 32696.

USOUSD

The SOUSD (Oil) experienced a gradual yet minor decline last week, remaining within our established support and resistance levels. The week concluded with USOUSD at 70.06.

On the weekly timeframe, the Stochastic Indicator is moving lower in the middle. The price is now 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 lower after exiting the overbought 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 on track for its fourth consecutive weekly decline due to ongoing concerns about economic stability. This significant decrease is fueled by apprehensions of a faltering U.S. economy and decelerating Chinese demand. We could witness a further slight drop, potentially reaching our next support level below 70.

NAS100

In the previous week, the NAS100 experienced a minor increase, surpassing our daily resistance level. The week concluded with the NAS100 at 13316.

On the weekly timeframe, we can see that the Stochastic Indicator is still moving inside the overbought level. The price is now 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 to the overbought level. The price is now moving ABOVE the 20, 50 and 200-period moving averages.

Our daily resistance levels are currently at 13421 and 13668, while support levels are at 13139 and 12844.

Conclusion: We anticipate that the NAS100 may trend downward this week, potentially returning to our daily support level of 13139.

GBPUSD

The previous week saw a decline in GBPUSD following a streak of increased weekly activity. The currency pair concluded the week at 1.2447.

On the weekly timeframe, the Stochastic Indicator is trying to exit 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 lower targeting the oversold level. The price is now moving below the 20, but still above the 50 and 200-period moving averages. 

Our daily resistance levels are now at 1.2544 and 1.2670, while support levels are at 1.2383 and 1.2272.

Conclusion: This week, the UK Claimant Count Change will be released early on and may serve as a market influencer, along with the US retail sales data. We anticipate that GBPUSD may experience a minor decline, potentially reaching our support level of 1.2383.

USD Index

The USD Index experienced an uptick last week, driven by the inflation data in PPI towards the conclusion of the week. This led to the USD Index finishing the week at an increased value of 102.52.

On the weekly timeframe, we can see that the Stochastic Indicator is moving higher in the middle. 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 103.69 and 104.15 with the support levels at 101.78 and 100.51.

On the daily timeframe, the Stochastic Indicator is moving higher targeting the overbought level. Price is now above the 20 and 50, but still above the 200-period moving averages.

Our daily resistance levels are at 102.81 and 103.64 with the support levels at 101.81 and 100.69.

Conclusion: This week, the USDX may experience a modest increase in volatility due to the release of US retail sales data. We expect that the USD Index could potentially rise further, reaching our resistance level of 102.81.

USDJPY

USDJPY experienced a minor increase last week, influenced by a robust movement on the final day of the week. The week concluded with USDJPY at 135.72.

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 136.79 and 139.15, with the support levels at 134.07 and 132.44.

On the daily timeframe, the stochastic indicator is moving higher in the middle. Price is moving above the 20, 50 and 200-period moving averages.

Our daily resistance levels are now 136.53 and 137.49, while the support levels are 135.20 and 134.18.

Conclusion: This week, the release of US retail sales data could potentially impact the market. We anticipate that USDJPY may continue its upward trajectory, aiming to reach our resistance level at 136.53.

Share