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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

03 March2017

powered by Land Prime

US ISM Non-Manufacturing PMI: Friday, 15:00. US services sector expanded in January for the 85th consecutive month, registering 56.5 points compared to 56.6 in the previous month. Analysts expected a higher reading of 57 points. The employment index gained 2 percentage points in January to 54.7. The prices index edged up 2.9 percentage points 56.1 in December. US services sector is expected to reach 56.6 in February.

GBP
Services PMI
USD
ISM Non-Manufacturing PMI
Fed Chair Yellen Speaks
  • EURUSD

The pair is on its way to reach the upside of the wedge pattern shown on the chart. So it may act as a strong resistance level that the pair may find a strong wall that can push the prices downward to reach again the level of 1.0580 during the day. On the other hand, breaching the level of 1.0700 opens the door for further upward movement during the day.

Resistance levels: Support levels: Recommended:
▪ 1.0500
▪-1.0600
▪ 1.0700		 ▪ 1.0580
▪-1.0350
▪ 1.0522		 We remain bearish as long as the pair is traded below the upside of the wedge pattern
  • GBPUSD

The pair is still traded above yesterday's support around 1.2250. So we believe that as long as the pair is traded above it, we may go long targeting the level of 1.2350 during the day. On the other hand, breaching the level of 1.2250 opens the door for the pair for further bearish decline.

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

Finally, a strong decline has started since yesterday. The pair may continue going down to reach the level of 0.7520 as our final target.

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 0.7730
  • 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