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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

02 March 2017

powered by Land Prime

 

 

Canadian GDP: Thursday, 13:30. The Canadian economy expanded by 0.4% in November, following a 0.3% contraction in the previous month. The main growth contributors were mining, oil and gas, manufacturing and construction. Manufacturing expanded by 0.9% while the service sector gained 0.2%. the reading was broadly in line with market forecast. Economists expect growth in the fourth quarter will exceed the central banks’ projections, but a significant amount of economic slack will still remain. Analysts expect a growth rate of 0.3% in December.

US Unemployment Claims: Thursday, 13:30. The number of Americans filing new claims for unemployment benefits increased slightly more than expected for the week ended Feb. 18, rising 244,000 from 238,000 in the prior week. However, the four-week average of claims fell 4,000 to 241,000, the lowest level since 1973, indicating strong labor market conditions. This was the 103th straight week that claims remained below 300,000. Economists expected new claims rising to 242,000. The number of claims is expected to inch up to 245,000 this week.

GBP 
Construction PMI
CAD
GDP m/m
USD
Unemployment Claims
  • 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 below the level of 1.0522.
  • GBPUSD

The pair is traded above a strong support level around 1.2250 so we believe that as long as the pair is traded above it, it is highly recommended to go long targeting the level of 1.2340 during the day. If the pair breaks through the level of 1.2250 then the way would be open for the pair to reach the level of 1.2200.

Resistance levels: Support levels: Recommended:
1.2450
-1.2700 
--
1.2370
▪ 1.2300
1.2250
We remain bullish as long as the pair is traded above the level of 1.2250
  • GOLD

There is a strong downtrend shown on the chart. The Gold is traded right below it and it may continue going down to reach the level of 1220 during the day as long as it is traded below the downtrend line.

Resistance levels: Support levels: Recommended:
1260
1280
 1300
1244
1242
1235
We remain bearish as long as the pair is traded below the downtrend line.
  • AUDUSD

As could be seen on the chart that we still have the pair traded below the level of 0.7730 (that is a strong resistance level) so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 0.7600 during the day.

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

The pair is traded below a strong resistance level around 140.50 so we believe that as long as the pair is traded below it, it is highly recommended to go short targeting the level of 139 followed by 138.60 during the day. On the other hand, breaching the level of 140.50 opens the door for the pair to reach the level of 142. There is also a downward price channel that supports our view.

Resistance levels: Support levels: Recommended:
140.50
141
--

139
 138.60
--

We remain bearish as long as the pair is traded below the level of 140.50