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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

28 February 2017

powered by Land Prime

 

 

US GDP data:   The U.S. economy expanded more rapidly than initially thought in the third quarter, registering its best performance in two years, with a 3.2% annual rate contrary to the 2.9% rate pace reported earlier. Growth was the strongest since the third quarter of 2014 following 1.4% growth rate in the second quarter. Complementary data ranging from housing to retail sales and manufacturing suggest the economy maintained its momentum early in the fourth quarter. For example, consumer spending edged up 2.8% instead of the 2.1% previously estimated. Business spending increased to restock contributing 0.49% to GDP growth. US GDP growth is expected to reach 2.1% in the fourth quarter.

 

US CB Consumer Confidence:   The Consumer Confidence declined from a 15-year high of 113.7 in December to 111.8 in January. Economists expected the index to reach 112.6 in January. The lower than expected reading was due to a less optimistic business outlook, employment, and especially expected wage growth. However, consumers remain confident that the economy will continue to expand in the coming months. Consumer moral is expected to register 111.1 in January.

USD 
GDP Data
CB Consumer confidence
  • EURUSD

The pair is traded above a strong support level around 1.0522 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.0670 during the day. On the other hand, breaching the level of 1.0522 during the day opens the door for the pair for further downward movement that it may reach the level of 1.0450.

Resistance levels: Support levels: Recommended:
▪ 1.0500
▪-1.0600
▪ --		 ▪ 1.0450
▪ 1.0350
▪ 1.0522		 We remain bullish as long as the pair is traded above the level of 1.0522
  • GBPUSD

Yesterday's scenario. The pair is traded above a strong support level around 1.2370 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.2650 during the day. If the pair breaks through the level of 1.2370 then the way would be open for the pair to reach the level of 1.2400.

Resistance levels: Support levels: Recommended:
▪ 1.2650
▪-1.2700
▪ --		 ▪ 1.2370
▪ 1.2300
▪ --		 We remain bullish as long as the pair is traded above the level of 1.2370
  • GOLD

Yesterday's scenario The technical condition of the Gold is somehow critical. As could be seen on the chart that the Gold has formed what we can call an inverted head and shoulders pattern (that is in our case is a continuation pattern) and its neck-line has been broken. In accordance to this movement, the way has been opened for the Gold to gain value against the American dollar that it had reached the level of $1260. It may find a resistance level around 1280 followed by 1300. We also can find a good entry around the level of 1244 (a strong support level).

Resistance levels: Support levels: Recommended:
▪ 1260
▪ 1225
▪ 1300		 ▪ 1244
▪ 1240
▪ --		 We remain bearish as long as the pair is traded below the level of 1244
  • AUDUSD

Yesterday's scenario The pair is going to be traded near to very strong resistance levels around 0.7770 – 0.7730 so if the pair shows some negative factors below them, we may go short targeting the level of 0.7600 during the day.

Resistance levels: Support levels: Recommended:
▪ 0.7700
▪0.7730
▪--		 ▪ 0.7600
▪0.7530
▪ --		 We remain bearish as long as the pair is traded below the level of 0.7770
  • GBPJPY

Yesterday's scenario The pair managed to form a symmetrical triangle (that is a price pattern) the downside of the pattern has been broken so the pair may continue going down to reach the level of 136.80 as its first target. The continuation of trading below the broken side of the pattern confirms the bearish signal.

Resistance levels: Support levels: Recommended:
▪ 140
▪ 141
▪ --

▪ 138.50
▪ 136.85
▪ --

 We remain bearish as long as the pair is traded below the downside of the pattern.