Weekly Technical Analysis For August 29th to September 2nd, 2022

Get Ready For US Nonfarm Payrolls This Week

EUR/USD: Last week, the US currency edged higher after GDP data showed the U.S. economy contracted at a more moderate pace than initially thought in the second quarter.

Fed officials on Thursday were noncommittal about the size of the rate hike they will approve at their Sept. 20-21 meeting, but continued hammering the point they will drive rates up and keep them there until inflation has been tamed

In the Jackson Hole meeting, Federal Reserve Chair Jerome Powell adopted a hawkish tone to battling inflation, but did not settle the debate on how large a rate increase is likely at the U.S. central bank’s September meeting.

In the upcoming week, the US Jobs Report will be announced on Friday. The Non Farm Payrolls are expected to the US economy to have added 285,000 jobs in August. The unemployment rate is expected to hold steady at a five-decade low of 3.5%. 

Moreover, the economic calendar features data on private sector hiring, JOLTS job openings, initial jobless claims, and ISM data on manufacturing sector activity

Moreover, focus on The Eurozone CPI figures for August on Wednesday with annual inflation expected to accelerate to 9.0% from 8.9%

As long as the EURUSD pair trades below 1.0083, on a four-hourly basis, the selling pressure will continue. On the other hand, if the price goes beyond 1.0083, the resistance level can be seen at 1.0351

Support: 0.9914

Resistance: 1.0083- 1.0351 -1.0496

GBP/USD: As long as the GBPUSD pair stays below 1.1837 on a four-hourly basis, we will see a 1.1609 main support level. Otherwise, if the price goes beyond 1.1837. the next level will be at 1.2010

Support: 1.1609

Resistance: 1.1837 - 1.2010 - 1.2159

EUG/GBP: As long as the EURGBP pair stays below 0.8488 on a daily basis, we will follow the support level at 0.8415. On the other hand, if the price goes beyond 0.8488, the resistance level will be at 0.8415.

Support: 0.8415

Resistance: 0.8488 - 0.8535 - 0.8626

GOLD: As long as the GOLD price stays below 1745 on a four-hourly basis, we will see the daily support level at 1736. On the upside, if the price goes beyond 1745, the next resistance level will be at 1763.

Support: 1736 - 1718

Resistance: 1745 - 1763 - 1785

28 Aug 22 (Sun)

07:16 pm