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Market Research & Info

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

27 April2017

powered by Land Prime

Japan rate decision: The Bank of Japan kept its monetary policy unchanged in March after the U.S. Federal Reserve hiked rates for the second time in three months. The central bank’s decision was in line with market forecast. Rising global protectionist sentiment and expectations for further U.S. rate hikes led Governor Haruhiko Kuroda to continue with the BOJ’s ultra-loose policy of a short-term interest rate target of minus 0.1 and a pledge to guide the 10-year government bond yield at around zero percent via aggressive asset purchases. Kuroda stated that the economy continues to improve modestly, expecting growth to continue in the coming months.
Eurozone rate decision: press conference at 12:30. The European Central Bank maintained its stimulus policy in March, intending to do so at least until the end of 2017. However, ECB President Mario Draghi said that the urgency for further easing has faded and deflation is no longer a threat. Germany, Europe’s largest economy called the ECB to reduce its 2.3 trillion euro bond-buying scheme since inflation and growth has strengthened. However Draghi still believes growth risks remain tilted to the downside.
US Durable Goods Orders: Orders for long-lasting goods increased more than expected in February, rising 1.7% after a 2.3% increase in the previous month. Economists expected a smaller gain of 1.1%. This was the sixth consecutive rise, indicating rising domestic demand that will broaden US economic growth in the coming months. Meanwhile, core orders excluding transportation equipment edged up 0.4% after a 0.2% increase in January.
US Unemployment Claims: The number of new job seekers rose in the week to April to 244,000, following 234,000 in the previous week. Analysts expected claims to reach 241,000. Nevertheless, the labor market is nearing full employment, with the unemployment rate at a near 10-year low of 4.5%. The rise in probably due to volatility around this time of the year due to the different timings of spring and Easter holidays. The four-week moving average of claims fell 4,250 to 243,000.

USD 
US Durable Goods Orders
USD
US Unemployment Claims
EUR
Eurozone rate decision
JPY 
Japan rate decision

  • EURUSD

Update: Yesterday's trading session was bearish. This would suggest more of the downside movement during the day. 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: The pair is traded in a very narrow range but we still above the level of 1.2600 so we remain bullish. 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: The pair is still traded above the level of 1264 so we remain the same until it is broken. 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: The pair is still traded above the level of 0.7475 to 0.7470 that indicates the bullishness of the pair. We remain bullish as long as the pair is traded above 0. 7470. 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
▪ 0.7470
--
We remain bullish as long as the pair is traded above the level of 0.7475
  • USDCAD

Update: The breakout of the level of 1.3600 is not confirmed yet so 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