Weekly Market Analysis
This week, financial markets are eagerly awaiting the release of several key economic indicators:?
On Tuesday, the Manufacturing and Services Purchasing Managers’ Index will be released in Japan, the Eurozone, Britain, and the United States of America, in addition to the rates of change in employment and unemployment in Britain.?
Analysts are also awaiting the interest rate decision issued by the Central Bank of Canada on Wednesday, amid expectations that it will keep the interest rate unchanged. This is in addition to indicators of building permits, new home sales, and US crude oil inventories in the United States of America.?
Regarding Thursday, the markets are awaiting the interest decision issued by the European Central Bank amid expectations that it will keep the interest rate unchanged. This is in addition to indicators of durable goods orders, gross domestic product, initial jobless claims, and the Pending Home Sales Index in the United States of America.?
Finally, the Core Personal Consumption Expenditures and Michigan Consumer Confidence price indices will be released on Friday.?
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Technical Analysis:?
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EUR/USD:?
If the Euro against the dollar breaks the pivot point of 1.0546, it may potentially target and test the support levels of 1.0454, 1.0402, and 1.0309. Conversely, if it surpasses the pivot point, it is likely to test resistance levels of 1.0598, 1.0690, and 1.0742.?
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GBP/USD:?
If the Pound against the dollar breaks the pivot point of 1.2200, it has the potential to test the support levels of 1.2063, 1.1984, and 1.1847. However, if it exceeds the pivot point, it may test resistance levels of 1.2278, 1.2415, and 1.2493.?
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USD/JPY:?
If the pivot point of 149.17 is broken for the dollar against the yen, there is a possibility that it will target the support levels 148.52, 147.50, and 146.85. But if it exceeds the pivot point, it is likely to target the resistance levels 150.19, 150.84, and 151.86.?
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Gold:?
If the pivot point of 1974 is broken for gold, there is a possibility that it will target the support levels 1940, 1886, and 1852. But if it exceeds the pivot point, it is likely to target the resistance levels 2028, 2062, and 2116.?
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Brent Crude Oil:?
If the pivot point of 91.61 for crude oil is broken, there is a possibility that it will target the support levels of 89.43, 86.70, and 84.52. If it exceeds the pivot point, it is likely to target the resistance levels 94.34, 96.52, and 99.25.?
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US30:?
If the pivot point of 33,627 for the Dow is broken, there is a possibility that it will target the support levels 33,297, 32,924, and 32,594. If it exceeds the pivot point, it is likely to target the resistance levels 34,000, 34,330, and 34,703.?
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice.
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