Weekly Supply & Demand Analysis For Jan 8 – Jan 12

Hello traders and happy new year with lot of green pips 🙂

I hope you enjoyed the holidays with your loved ones.

Last week marked the beginning of the New Year, and the major news event was the US jobs report (Non-farm Payrolls). There was also some news from the political scene, with a first flicker of breakthrough light coming from the Korean Peninsula. With the hotline between North and South being restored and talks scheduled to hold between the two sides for the first time in close to two years on Tuesday January 9, there is some hope that some progress will be made in addressing some of the key concerns concerning the North’s nuclear program.

The week also some declaration from some of the board members of the US Fed Reserve, with Philadelphia Fed President Patrick Harker coming out to throw his weight behind more rate hikes. Anti-government protests in Iran were also a key talking point, as oil prices continue to edge higher into the mid 60-dollar range.

Here are the supply & demand levels for this week

 

Eur Usd

At a closing price of 1.20301, the EUR/USD closed last week at 6-month highs. So far, the resistance of 1.2090 has held firm. Price action for the week ended January 5, 2018 peaked at 1.2090 and had session lows of 1.2010. Despite disappointing US jobs numbers, the Euro still lost some ground against the US Dollar as some members of the US Federal Reserve Board continued to hint at the possibility of multiple interest rates hikes in 2018, though at a gradual pace.

The U.S. Non-farm payrolls report showed that 148,000 jobs were added in December 2017, but this figure fell short of forecasts which had projected job gains of about 190,000. A revision of the employment data for the two previous months also showed the actual number of jobs added to the US economy as 9,000 less than previously reported. Looking ahead, some key news releases will hit the markets: the inflation data (PPI and CPI) as well as the Retail/Core Retail Sales reports. The outcome of the inflation data, which economists have predicted will fall by 0.2% month-month on both the producer and consumer side, will add to the discussion on the direction of interest rates in the US.

EUR/USD Daily Chart:

Next fresh supply on EUR/USD Dailly chart:

  1. 1.21877 – 1.21877

Next fresh demand zones on EUR/USD Dailly chart:

  1. 1.19015-1.18170
  2. 1.17578 – 1.17129
  3. 1.16130 – 1.15555
  4. 1.15560 – 1.14780 (Tested once, could hold more)
  5. 1.12230 – 1.11730

EUR/USD 4H Chart

Next fresh supply zone on the 4h EUR/USD:

  1. 1.20930-1.20930 – Tested twice.

Next fresh demand zone on the 4h EUR/USD :

  1. 1.20245-1.19930 Tested once
  2. 1.19595-1.19345
  3. 1.19125-1.18845
  4. 1.16755-1.16380
  5. 1.15260 – 1.14775

EUR/USD 1H Chart

Next fresh supply zone on the 1h EUR/USD chart seems to be:

  1. Same as 4h

Fresh 1h demand levels on on the 1h EUR/USD chart:

  1. Same as 4h

 

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