Spreads
Spreads
Spreads
Spreads
Spreads
Gold (XAUUSD)
Last week, gold moved lower as expected and was able to reach below our support levels. Gold closed the week back at $1,916.
On the weekly timeframe, we can see that the Stochastic Indicator exited the oversold area. This indicates that gold is starting to show signs of a bullish reversal. The gold price is now moving below the 20-period, but still above the 50, and 200-period moving averages.
Our weekly resistance levels are at $1,933 and $1,960, with support levels at $1,910 and $1,890.
On the daily timeframe, the Stochastic Indicator is moving higher and exiting the oversold area. The price is currently below the 20 and 50-period moving averages, but still above the 200-period moving average.
Our daily resistance levels are at $1,939 and $1,957, with support levels at $1,916 and $1,903.
Conclusion: Gold is expected to experience significant volatility this week, with the release of the FOMC Meeting Minutes and US Jobs Reports acting as key market influencers. The forecast suggests a potential rise in gold prices, potentially surpassing the resistance levels at $1,939.
EURUSD
Last week, EURUSD moved flat as the market showed swing high and low moves. EURUSD closed the week at 1.0909.
On the weekly timeframe, the Stochastic Indicator is moving strongly higher targeting the overbought area. The price is currently trading above the 20 and 50, but still below the 200-period moving averages.
Our weekly resistance levels are at 1.1028 and 1.1173, with support levels at 1.0830 and 1.0686.
On the daily timeframe, the Stochastic Indicator is moving slowly lower in the middle. The price is still moving above the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 1.0957 and 1.1059, while the support levels are at 1.0875 and 1.0839.
Conclusion: While no major news events are predicted from the EU this week, the release of the US Jobs Report is expected to cause substantial market volatility. The market sentiment currently leans towards the EUR, and it’s anticipated that EURUSD could maintain its upward trend, possibly surpassing the 1.1 mark.
DJ30
The DJ30 performed strongly for the majority of the previous week, although it ended the week on a lower note, closing at 34,401.
On the weekly timeframe, we can see that the Stochastic Indicator is moving higher targeting the overbought area. The price is currently moving higher than the 20, 50 and 200-period moving average.
Our weekly resistance levels are at 34,876 and 35,392, with support levels at 34,139 and 33,503.
On the daily timeframe, we can see that the stochastic indicator is moving higher targeting the overbought area. The price is now moving above the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 34,613 and 34,945, with support levels at 34,114 and 33,686.
Conclusion: Anticipated high volatility is on the cards for the US stock market this week, with the release of the FOMC Meeting Minutes and Friday’s US Jobs Report. Given the current positive sentiment, we could expect the DJ30 to climb higher and potentially touch our resistance level at 34,876.
USOUSD
Last week, USOUSD (Oil) moved slightly higher and was able to reach our daily resistance level. USOUSD closed the week at 70.31.
On the weekly timeframe, we can see that the Stochastic Indicator is moving in the middle with no clear direction. The price is currently moving below the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at 72.98 and 77.66, with support levels at 66.86 and 63.98.
On the daily timeframe, the Stochastic Indicator is moving in a consolidation move for the past few days as it didn’t really touch the overbought or oversold area. The price is now moving below the 20, 50, and 200-period moving averages.
Our daily resistance levels are at 70.63 and 72.85, while support levels are at 67.63 and 65.65.
Conclusion: This week, we can anticipate increased volatility in USOUSD. We may observe a stronger upward movement with the potential to reach our resistance level at 72.85.
NAS100
The NAS100 rebounded last week following a correction, resulting in a higher closing at 15,166.
On the weekly timeframe, we can see that the Stochastic Indicator is still within the overbought range. The price is currently still moving above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at 15,311 and 15,681, with support levels at 14,657 and 14,367.
On the daily timeframe, the stochastic indicator is moving higher targeting the overbought area. The price is still moving above the 20, 50, and 200-period moving averages.
Our daily resistance levels are currently at 15,256 and 15,515, while support levels are at 14,866 and 14,451.
Conclusion: The US stock market, including NAS100, is expected to have significant volatility this week due to the release of the FOMC Meeting Minutes and the upcoming US Jobs Report on Friday. The current positive sentiment suggests that we could see the NAS100 rise further, potentially hitting our resistance level at 15,311.
GBPUSD
Last week, GBPUSD experienced a slower week with low volatility movement. GBPUSD closed the week at 1.2697.
On the weekly timeframe, the Stochastic Indicator is moving higher targeting the overbought area. The price is currently moving above the 20 and 50-period moving averages, and still below the 200-period moving average.
Our weekly resistance levels are at 1.2836 and 1.3021, while support levels are at 1.2627 and 1.2406.
On the daily timeframe, our stochastic indicator is moving strongly lower targeting the oversold area. The price is currently still moving above the 20, 50 and 200-period moving averages.
Our daily resistance levels are now at 1.2751 and 1.2878, while support levels are at 1.2678 and 1.2603.
Conclusion: This week, GBPUSD is expected to experience increased volatility due to the release of the FOMC Meeting Minutes and US Jobs reports. Given the current trend, we might see a continued upward movement in the pair, potentially touching our resistance level at 1.2836.
USD Index
Last week, the USD Index moved slightly higher and closed the week at 102.57.
On the weekly timeframe, we can see that the Stochastic Indicator is moving lower after targeting the oversold area. The price is currently below the 20 and 50, but still above the 200-period moving averages.
Our weekly resistance levels are at 103.00 and 104.59, with support levels at 101.68 and 100.53.
On the daily timeframe, the Stochastic Indicator is moving higher targeting the overbought area. The price is still moving below the 20, 50 and 200-period moving averages.
Our daily resistance levels are at 102.64 and 102.97, with support levels at 102.01 and 101.43.
Conclusion: This week, the USD Index is likely to experience extreme volatility due to the release of significant US data such as Manufacturing and Services PMI, FOMC Meeting Minutes, and the US Jobs report. Given these factors, we may see a potential upward trend in the USD Index, with the capability to reach our resistance levels at 102.64.
USDJPY
Last week, USDJPY experienced an upward trend, influenced by the strong demand for the US Dollar. The currency pair concluded the week at 144.29.
On the weekly timeframe, we can observe that the Stochastic Indicator is moving inside the overbought zone. The price is above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at 145.13 and 148.74, with support levels at 140.54 and 137.94.
On the daily timeframe, the stochastic indicator is moving inside the overbought zone. The price is still above the 20, 50, and 200-period moving averages.
Our daily resistance levels are currently at 144.02 and 145.44, while the support levels are at 143.22 and 142.30.
Conclusion: We expect USDJPY to see significant volatility this week, mirroring the movements of the US Dollar. With the market sentiment continuing to favour the USD, we project that USDJPY could rise further, potentially surpassing our resistance level at 144.02.
