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Land Prime analyst Shadi Abdo

  • Member of The Egyptian Society of Technical Analyst
  • Head of Education department, Market Strategist, Chief Technical Analyst of Global Leading Forex Brokerage companies
  • Trained over 5000 professional trainers more than 10 years
  • BSc in Economics from Mansoura University

26 April 2017

powered by Land Prime

US Crude Oil Inventories: crude stocks fell 1 million barrels in the week to April 14 as refineries boosted output, but gasoline supplies increased unexpectedly. Analysts expected a bigger draw of 1.5 million barrels. Gasoline stocks edged up by 1.5 million barrels. Despite the decline in Crude stocks, inventories remained stubbornly high.

USD
US Crude Oil Inventories

  • EURUSD

Update: We remain the same. Above the current price of the pair we can find two strong resistance levels which are: The upside of the ascending channel and the downtrend line (that acts as a resistance level in our case). It is a good catch if the pair manages to go up again to reach those two levels then if it shows some negative factors, we may go short targeting the level of 1.0800. There are no exact prices to enter the market in this scenario. But rather we have areas that are very bearish (two levels mentioned above). We believe that these levels can take traders' attention so let's keep an eye on them and see what will happen?

Resistance levels: Support levels: Recommended:
▪ 1.0900
▪-1.0950
▪ --		 ▪ 1.0800
▪-1.0700
▪ 1.0680		 We remain bearish as long as the pair is traded below the upside of the ascending channel
  • GBPUSD

Update: We remain the same. The pair completed forming an inverted head and shoulders formation. This pattern has generated a buy signal after the breakout of its neck-line. But again, it is on its way down to test the broken level (neck-line) that could be found around (1.2700 – 1.2600). An ascending channel is under progress that its second peak is being formed right below the potential upside of the channel.  We will be waiting for the pair to successfully test the neckline.

Resistance levels: Support levels: Recommended:
▪ 1.2800
▪-1.3000
▪ --		 ▪ 1.2700
▪1.2600
▪ --		 We remain bullish as long as the pair is traded above the level of 1.2600
  • GOLD

Update: A four-hour candle break below the level of 1264 is needed to confirm the breakout. The pair is traded near to the upside of the ascending channel shown on the chart. It is also traded above a strong support level around 1264 so we believe that if the level of 1264 is broken, the way would be open for the pair to reach the level of 1250 followed by 1245.

Resistance levels: Support levels: Recommended:
▪ 1292
▪ 1300
▪ 1315		 ▪ 1264
▪ 1250
▪ 1245		 Waiting for the pair to break through the level of 1264
  • AUDUSD

Update: Yesterday's target was hit. Today, the pair again is facing a strong support level around 0.7475 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 0.7550 during the day.

Resistance levels: Support levels: Recommended:
▪ 0.7600
▪ 0.7550
▪--		 ▪ 0.7475
▪
▪ --		 We remain bullish as long as the pair is traded below the level of 0.7475
  • USDCAD

Update: We remain the same. Below a strong resistance level the pair is traded! 1.3600 that is our key level for today. If the pair shows some negative factor below this level, we may go short targeting the level of 1.3500 followed by 1.3450 during the day.

Resistance levels: Support levels: Recommended:
▪ 1.3600
▪ 1.3550
▪ --

▪ 1.3500
▪ 1.3450
▪ --

 We remain bearish as long as the pair is traded below the level of 1.3600